The world market for CFRP composites will reach US$26.84 bln in 2014, as per Visiongain. Vast opportunities exist where the unique properties of CFRP can be applied in many industries. Furthermore, if innovation is able to produce a new low cost grade of carbon fibre; this could lead to much larger market penetration. The superior performance per weight of CFRP, and improvements made in the production of CFRP materials has changed the preferences of consumers and manufacturers. As the demands for renewable sources of energy rises, government regulations promote the use of carbon fibre, and innovation increases penetration of CFRP composites in end-user applications and in emerging market economies, demand for CFRP composites will rise. Rising oil prices will drive the need for fuel efficient vehicles and aircraft, the growth of electric and hybrid vehicles will increase CFRP composites usage in the automotive industry, and the development of the wind power market and, offshore drilling and deeper oil and gas exploration will increase the penetration of carbon fibre in the energy industry.
As per Transparency Market Research, the main drivers for the fiber reinforced composites are its strength-to-weight ratio and its resistance to wide range of chemicals. Building & construction and automotives market have been driving the composites market in past few years. Aerospace market is anticipated to be best outlets for FRCs and is likely to provide numerous opportunities in near future. In addition, demand for FRCs is expected to grow in electronics and marine markets in upcoming years. However, costs associated with these composites due to high fibers cost could be restraining factor for FRCs market in near future. The fiber reinforced composites are divided into two types: carbon fiber reinforced composites and glass fiber reinforced composites. The demand for FRCs is higher due to their characteristics such as durability, versatility, weight reduction and cost effectiveness. European countries and the U.S. are the leading regions for the demand of FRCs, while developing regions such as the Middle East and Africa are in the early stages of developments. There is huge potential in Asian countries, particularly India and China, are likely to encourage further growth in the fiber reinforced composites market. Composites are the materials in which a homogeneous matrix component is reinforced by a stiffer and stronger element that is generally fibrous but may have a particulate or other shape. Fiber Reinforced Composites (FRC) consist of three parts, viz., fibers as dispersed phase; matrix as continuous and interphase region as interface. Fiber reinforced polymer (FRPs) are the most common form of FRCs wherein the matrix is a polymer. FRCs finds applications in aerospace, automotives, electronics, building & construction, marine, sports & leisure and military applications among others.
As per Lucintel, composite materials market grew in 2013 by 1.7% to reach US$7 bln in value and 4.7 bln lb (2,132 metric tons) in annual shipments. The US gross domestic product (GDP) grew by 2.4% in 2013, which will help the US composites market restore confidence again amongst composites part fabricators. Demand in the U.S. composites market is expected to reach US$10.3 bln by 2019, at a compound annual growth rate (CAGR) of 6.6%. Strong growth in the transportation, aerospace and construction sectors is expected to drive this trend review by Dr. Sanjay Mazumdar, CEO of Lucintel as per compositesworld.com:
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