Global CFRP Composites Market Worth $29.08bn in 2015

Date: 2016-09-19

The consumption of carbon fibre reinforced composites has increased significantly in recent years and is expected to grow at a more rapid pace during the coming decade. 
The CFRP composites markethas been dominated by North America, accounting for over a third of the global market. However, we expect the European and Asian regions to expand more rapidly, where growth rates perform above the global trend. 

Moreover, we predict strong growth of CFRP consumption in automotive, energy and aerospace applications as a result of the higher demand for fuel efficient vehicles and aircrafts. The amount of electric and hybrid vehicles manufactured has also increased considerably in recent years and this has led to higher usage of CFRP composites in the automotive and fuel cells sectors. Furthermore, the development of the wind power market, offshore drilling and deeper oil gas exploration have contributed to the growth of the CFRP market in energy sector.

For 2015, we forecast theglobal CFRP composites marketto be worth 29.08bn. We also estimate the global consumption of CFRP to reach 78.39 million tonnes this year. The main growth restrainers are high prices of raw materials and lack of manufacturing knowledge as there are a number of manufacturers that still do not trust this material.

In the long-term we anticipate the costs of carbon fibre materials and production to decline, which will see increases in the number of new applications and production volume that will help drive the market through to 2025.

Additionally, we predict the superior performance per weight of CFRP and environmental regulations to lower CO2 emissions in the EU and the US will continue driving the demand for CFRP composites in the coming years.

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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 510-400-8520

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