Carbon Fiber Reinforced Plastic (CFRP) Market By Raw Material (PAN and Pitch), By Product (Thermoset and Thermoplastic), By Application (Automotive, Aerospace, Wind Turbine, Sports/Leisure, Molding & Compound) Expected To Reach USD 20.92 Billion By 2020
The global carbon fiber reinforced plastic market is expected to reach USD 20.92 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for high performance, light weight materials in automotive and aerospace industries is expected to remain a key driving factor for the global carbon fiber reinforced plastics (CFRP) market. Stringent regulations pertaining to vehicular emissions and high fuel prices have prompted CFRP adoption in automotive industry particularly in the U.S. and Europe. CRFP is a light weight material and provides significant weight reduction in windmill applications; thereby it’s improving energy efficiency. The market is poised for growth owing to several benefits offered by CFRP, including rigidity and high strength. High-cost of CFRP is expected to remain a key challenge for market participants over the forecast period. Polyacrylonitrile (PAN) and petroleum pitch are the key raw materials used for manufacturing CFRP. PAN-based CFRP emerged as the leading raw material and accounted for over 90% of total market volume in 2013. PAN is also expected to witness the highest growth of 14.4% from 2014 to 2020. The growth may be attributed to superior properties offered by PAN-based CFRP. View summary of this analysis/carbon-fiber-market
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