- The worldwide carbon fiber reinforced plastic market is estimated to attain around USD 21 billion by 2020. Increased demand for light weight and high performance substances in aerospace and automotives sectors is predicted to be a significant element, driving the carbon fiber reinforced plastic market. Strict policies in relation to vehicular ejections and high costs of fuels have propelled the use of carbon fiber reinforced plastic (CFRP) in the automotives sector.
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This is true, specifically with regard to Europe and North America and has, in turn driven increased demand for the carbon fiber reinforced plastic market. The various advantages of CFRP augur well for the market and steer it further. CFRP offers considerable weight decrease in applications with respect to windmills. It is light weight as well. The carbon fiber reinforced plastic market is anticipated to observe further expansion in the years to come.
This is on account of the high strength and rigidity features of CFRP. High price of CFRP is estimated to be a significant obstacle for the members of the carbon fiber reinforced plastic market. The market is fragmented on the basis of products, raw materials, applications and geographies. The products market consists of thermoplastic CFRP and thermosetting CFRP. The market, on the basis of raw materials, can be sliced further into petroleum pitch and polyacrylonitrile.
The applications carbon fiber reinforced plastic market includes aerospace, automotives, wind turbines, construction, pressure vessels and leisure/sports and molding and composite. The four geographies under the market are Europe, rest of the world, Asia Pacific and North America.
Information Source: Grand View Research
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