Carbon Fiber Reinforced Plastic Market Share

Asia Pacific Market Forecast

The Asia Pacific carbon fiber reinforced plastic market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for vehicles and expansion of rapid growth in automotive industry. The International Organization of Motor Vehicles stated that the total production of vehicles in China rose from 44,276,549 units in 2020 to 46,732,785 units in 2021. Similarly, the total sales in the region rose from 40,322,544 in 2020 to 42,663,736 units in 2021. In addition, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market in the forecast period. In 2021, China exported around 400,000 commercial vehicles and around 2 million passenger vehicles. India and Japan are also projected to obtain the notable share in the global automotive industry, backed by the higher manufacturing of commercial vehicles. For instance, in 2021, nearly 75,0000 units of commercial cars were produced in India while Japan manufactured approximately 12,000,00 units of commercial cars in the similar year. Furthermore, the growing population and rapid migration of people from rural to urban areas has triggered the demand for higher construction of building that requires the heavy utilization of carbon fiber reinforced plastic. Hence, it is anticipated to boost the market’s growth in the region.