The global carbon-fibre reinforced plastic (CFRP) market is expected to reach $23.55bn (€20.9bn) within the next six years, according to a new report by US-based business consulting firm Grand View Research.

The study noted that new regulations in the US and Europe to improve the fuel efficiency of vehicles had led manufacturers to reduce the overall weight of vehicles by using lightweight, high-performance materials, which in turn had seen an increased use of carbon fibre reinforced plastic.

The aerospace and defence industry were the leading segment of the market, accounting for 30% of total volume in 2014.

The automotive sector is expected to witness the highest growth of 14.8% from 2015 to 2022.

Thermosetting CFRP emerged as the leading product segment, with demand share exceeding 75% in 2014. However, thermoplastic CFRP was expected to witness the highest growth due to its high viscosity, short process time and recyclability, the research team suggested.

Europe was expected to see the highest market growth of 13.2% during the forecast period.

(Plastics News)