The market for carbon fiber reinforced plastic (CFRP) materials could reach US$20,284 million by 2022, according to a new report published by Allied Market Research.

This represents a CAGR of 8.1% during the period 2016-2022. North America is the major revenue-generating regional market and would continue to be the leader until 2022.

While aerospace and defense projects such as Boeing and Airbus are the primary drivers for growth and development of the CFRP market, the high costs of CFRP and long production cycles is expected to restrain the market growth.

The thermosetting segment accounted for more than two-thirds of the market revenue in 2015 and would continue to lead the market until 2022. This was attributed to its mechanical properties such as tensile strength, compressive strength, hardness, and temperature independence. The epoxy resin segment accounted for more than 60% share in world thermosetting CFRP market, in terms of both market volume and revenue, in 2015.

Pultrusion & winding is the most commonly adopted manufacturing process as the process generates high production volumes in minimal time; approximately 23,565 tons CFRP was manufactured using this process in 2015. The aerospace & defense industry generates the highest revenue, which generated about US$5,576 million revenue in 2014.

This story is reprinted from material from Allied Market Research, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.