The consumption of carbon fiber is expected to grow at a more rapid pace during the coming decade, according to a new report from Visiongain.

It forecasts the global CFRP composites market in 2015 to be worth US$29.08bn with the global consumption of CFRP to reach 78.39 million tonnes this year.

While the CFRP composites market has been dominated by North America, accounting for over a third of the global market, the researchers expect the European and Asian regions to expand more rapidly, where growth rates perform above the global trend. ‘Moreover, we predict strong growth of CFRP consumption in automotive, energy and aerospace applications as a result of the higher demand for fuel efficient vehicles and aircrafts,’ the report said. The amount of electric and hybrid vehicles manufactured has also increased considerably in recent years and this has led to higher usage of CFRP composites in the automotive and fuel cells sectors. Moreover, the development of the wind power market, offshore drilling and deeper oil gas exploration have contributed to the growth of the CFRP market in energy sector.

Cost decline

The report says that in the long-term the costs of carbon fiber materials and production will decline, which will see increases in the number of new applications and production volume that will help drive the market through to 2025.

‘Additionally, we predict the superior performance per weight of CFRP and environmental regulations to lower CO2 emissions in the EU and the US will continue driving the demand for CFRP composites in the coming years,’ it said.

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