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Souce: China Plastics Processing Industry Association

According to a recent report by Grand View Research, the global market value of the carbon fibre reinforced plastic (CFRP) industry will reach USD28 billion within 8 years.

The report points out that, the demand of automotive industry composite materials would still be the critical driving factor of the global CFRP market.

In addition, the R&D of the aviation industry manufacturing parts, which are required to withstand higher environmental stress, also assists in driving the CFRP market.

The report also discovers that automotive would be one of the fastest developing carbon fiber reinforced plastic market segment, which accounts for 19.7% of the total market value.

The North American market becomes the major regional market in 2015, accounting for 36.9% of the global share, with market growth mainly from automotive and aviation sectors.

In April, Grand View Research predicts that CFRP market share would reach USD23.5 billion by 2022.