According to the latest market study released by London-based research group Technavio, the global carbon fiber-reinforced plastics (CFRP) market is expected to grow at a annual rate of more than 12 percent through to 2020.
The aerospace industry will be the main driver behind the growth as it undergoes, said the report, a "tremendous transformation".
Over the years, the industry has grown with almost 22,000 predictsnew air fleets, and the number is expected to double by 2025 to an in-service fleet of 44,000 airplanes, said the report. In commercial air fleets, growth is primarily driven by the Asia Pacific and Middle East regions due to increase in the number of passengers.
Also, other contributing factors are the increased replacement of older aircraft with newer fuel efficient ones, mainly in North America and Europe.
Read the research
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03 January 2017
