In 2013, thermoset materials accounted for 77.1% of the total market turnover. In addition, due to its excellent performance, thermoplastics are expected to achieve a maximum growth rate of 14.4% during the forecast period (2014-2020).
The aviation industry has become the dominant player in the application of this material, which accounted for 23.5% of the total market volume in 2013. The rise in demand may be due to the growing popularity of the entire commercial aviation industry in Europe.
In addition, from 2014 to 2020, the automotive industry is expected to grow at a compound annual growth rate of 19.5%, which will be the fastest growing segment. In addition, the way to improve fuel efficiency by reducing the overall weight of the car (especially in the US and Europe) is expected to drive demand for carbon fiber composites in the automotive industry.
North America is the main regional market for this material application, which accounted for 36.8% of the total market volume in 2013.
During the forecast period, the aviation and defense sectors will further promote the development of carbon fiber composites in the automotive and aerospace industries due to strict environmental regulations and market demand for low fuel consumption vehicles.
From 2014 to 2020, Europe is expected to achieve the fastest growth, reaching 16.4%, while Japan, China and Taiwan will become the mainstay of CFRP consumption in the Asia-Pacific region, and the rest of the world will account for more than 90% of the regional market.
The global carbon fiber reinforced plastics market is highly concentrated, and the top four companies in the market account for more than 60% of the market. The main players in the market include Toho, Toray, Group and Mitsubishi Rayon, and Zoltek Cytec Industries SGL-Group.
Other companies operating in the global market include Hexcel, Formosa Plastics, Cytec Industries, Hyosung Group, and AKSACA.
