Carbon Fiber Market and CF Reinforced Plastic to See 9.9% CAGR to 2020

Jan 21, 2016, 03:00 ET from RnR Market Research

PUNE, India, January 21, 2016 /PRNewswire/ --

The worldwide carbon fiber (CF) and carbon fiber reinforced plastic (CFRP) market is projected to reach USD 35.75 billion by 2020, registering a CAGR of 9.9% between 2015 and 2020. The major drivers fueling the growth of the CFRP market are increasing use of carbon fiber composites in Boeing and Airbus aircrafts and the demand for lightweight vehicles so as to achieve fuel efficiency and production of electricity from renewables.

Complete report on global carbon fiber (CF) and carbon fiber reinforced plastic (CFRP) market spread across 182 pages, profiling 11 companies and supported with 94 tables and 57 figures is now available at .

Carbon fiber composites are being used to manufacture cars of reduced weight for good performance and luxury with economical pricing. Many of the key market players are responding to the needs and expectations of the vehicle original equipment manufacturers (OEMs), system suppliers, and customers. The key driver for the growth of the market for carbon fiber composites is the increasing need for lighter, safer, cleaner, and more cost-effective vehicles. Most common automotive components where carbon fiber composites are used are exterior body parts, hoods, bonnets, and test plates. Additionally, many car companies such as BMW (Germany), Audi (Germany), and GM (U.S.) have entered in high level agreements with carbon fiber composite manufacturers to support low-cost carbon fiber composites manufacturing.

North America is the fastest-growing market for CFRP, in terms of value and volume. High economic growth rate, growing manufacturing industries, increasing carbon fiber composites patents, new product developments, capacity expansions, and new plant establishments by various leading players are few factors leading to the growth of the market for CFRP in this region.

The U.S. dominates the market for CFRP in North America. Its consumption of carbon fiber composites has grown exceptionally and is expected to witness further growth in the near future. The number of joint ventures and collaborations between carbon fiber manufacturers and OEMs helped to further expand the CFRP business in the aerospace & defense, automotive, and other industries.

The report also provides company profiles and competitive strategies adopted by the major market players. Various key players profiled in the report such as Toray Industries Inc. (Japan), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), SGL-Group (Germany), Formosa Plastics Corporation (Taiwan), Hexcel Corporation (U.S.), Hyosung (South Korea), Tencate (Netherlands), Dow-Aksa (Turkey), Cytec Industries Inc. (U.S.), Taekwang Industrial Co. ltd. (Korea). Order a copy of Carbon Fiber (CF) and Carbon Fiber Reinforced Plastic (CFRP) Market by Raw Material & Tow Size, CFRP Market by Resin Type, by Manufacturing Process, by Application, and by Region - Trends and Forecasts to 2020 research report available at .

This report segments the CF and CFRP market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers &acquisitions.

On a related note, another research report on Pultrusion Market Global Trends and Forecasts to 2020 says, the market is estimated at USD 1,619.5 Million in 2015 and is projected to reach USD 2,045.2 Million by 2020, at a CAGR of 4.8% from 2015 to 2020. The report includes company profiles of major players, recent activities in the market, new product launches, mergers & acquisitions, collaborations and partnerships, and SWOT analysis. Companies like Strong well Corporation, Exel Composites, Bedford Reinforced Plastics, Jiangsu Jiuding New Material Co., Faigle Kunstsoffe GmbH, Diversified Structural Composites, Creative Pultrusions and others have been profiled in this 153 pages research available at .

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SOURCE RnR Market Research