Asia-Pacific manufactured almost 40% of the total global demand in 2013. It is estimated that Japan, and China were the biggest manufacturers of carbon fiber in this region, followed by Taiwan and South Korea in 2013. In order to meet the growing demand from CFRP application industries from European region, the leading manufacturer from Asia-pacific region are rapidly continuing to increase their production capacities in Asia, mainly in China.

While North America still holds the top share of 36.83% in the global carbon fiber reinforced plastic market due to increased demand from the aerospace and defense industries, Europe is the fastest growing market due to the increasing use of CFRP in automotive and wind energy. The region is projected to grow at a CAGR of 13.4%, from 2014 to 2019, with growing oil prices boosting the need for fuel efficient vehicles and aircrafts. Although the development of electric and hybrid vehicles will raise the usage of CFRP composites in the automotive industry, the wind power market, offshore drilling and deeper oil and gas exploration will increase the penetration of CFRP in the energy industry.

The new research report is available here.