According to the latest market research report, the global market value of carbon fiber reinforced plastics is expected to reach US$20.92 billion by 2020. The growing demand for high-performance and lightweight materials in the automotive and aerospace industries is driving the global carbon fiber reinforced plastics (CFRP) market. A key factor in development.
In addition, strict regulations on vehicle emissions and fuel prices (especially in Europe and the United States) have led to the application of CFRP materials in the automotive industry. CFRP is a lightweight material that significantly reduces the weight of the product, making it one of the ideal materials for improving energy efficiency.
The excellent properties of CFRP carbon fiber reinforced composites, including high rigidity and high strength properties, have contributed to the growing trend in the material market. However, the high cost of CFRP materials will continue to be a major challenge factor affecting its development.
Polyacrylonitrile (PAN) and petroleum asphalt are key raw materials for the manufacture of carbon fiber composites. Carbon fiber composites made from PAN are the leading raw materials, accounting for 90% of the total market volume in 2013.
From 2014 to 2020, PAN is expected to have a maximum growth rate of 14.4%, due to its superior performance.