Wind powers carbon fibre reinforced plastic composites market to value of $20.68bn

The latest analysis from Visiongain indicates the global carbon fibre reinforced plastic (CFRP) composites market will reach a value of $20.68bn in 2013, driven by growth in the wind energy market, and strong potential in the automotives market.

With continued growth forcast for the global wind energy market and other key subsectors, the global CFRP composites market will exhibit significant growth over the next decade, the firm says. This will also be driven by the increasing prominence of the emerging markets. “Stronger economic growth and clear immaturity in the CFRP markets means that growth rates are expected to be greatest in these regions,” it says. “The immaturity and cheaper labour costs of the emerging markets are also expected to attract a number of multinationals from the developed markets.”

The visiongain author of the 160-page Global Carbon Fibre Reinforced Plastics (CFRP) Composites Market 2013-2023 report added: "Despite the economic turmoil that has transpired in recent years, the growth of CFRP has remained steady and this is partly due to the change in consumer and supplier preferences that have occurred as a result of the economic crisis. With that said, the effects of the economic crisis have still been damaging. There have been delays in both programmes and funding, and this has exacerbated the clear deviation between supply and demand."

The report provides forecasts for the global CFRP composites market over 2013-2023, along with detailed analysis and forcasts for CFRP use in the wind energy market (and five other key markets).

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