Grand View Research, Inc: Global Reinforced Plastics Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2015 To 2022
Global reinforced plastics market has seen an overall steady growth in fiber demand since the global economic recession in 2009 and is expected to witness continuous growth over the next seven years. The demand forecast for carbon fiber is expected to dominate the fiber and composites market in automobile industry. Carbon fibers have been further categorized into thermosetting and thermoplastic CFRP. Aerospace & military was the major application segment of CFRP and is expected to witness a significant growth in the forecast period owing to light weight, high durability and improved resistance to temperature & chemicals. The product also finds application in sports & leisure wind turbine, and automotive. Surging automobiles demand and increasing disposable income is expected to drive reinforced plastics market growth over the forecast period.