The production of carbon-fibre composite materials is now a global industry that by 2016 already boasted a worldwide revenue of 13.23 billion US dollars. This is a figure that has grown significantly over the past decade and will continue to in the years ahead.
Global demand for carbon fibre reinforced polymer (CFRP) materials has grown by 11.98 percent annually since 2010, reaching a total worldwide demand level of over 112 000 tons in 2017.
This growth is predicted to continue at a rate of between 10 and 13 percent over the next few years
Reference: Michael Sauer, Michael Kühnel, Dr Elmar Witten (2018) Composite Market Report 2018. AVK/CCeV.
Composite material growth drivers
The two key industry sectors driving the current level of growth in composite part production and usage are automotive and aerospace. In these areas, composites are all about reduction in fuel consumption and carbon dioxide emissions via lowering the weight of the vehicle/ the components.
A wide range of new high-volume applications for CFRP materials are coming online with these goals in mind, driven by higher strength-to-weight ratios, better corrosion resistance, increased design flexibility and easier workability that composites deliver.
Reference: Shama Rao N., Simha T.G.A., Rao K.P. and Ravi Kumar G.V.V. (2018) Carbon Composites are Becoming Competitive and Cost Effective. Bengaluru, India: Infosys