Lux Research projects global market for carbon fiber composites to more than double

The global market for carbon fiber reinforced plastics will more than double to $36 billion in 2020, growing at a compound annual growth rate of 13 percent from $14.6 billion in 2012, Lux Research Inc. said in a report.

One reason: Carbon fiber prices are projected to fall by half, said Lux Research, a Boston-based intelligence firm that focuses on emerging technologies.

Much of the demand could come from the wind energy industry. Carbon fiber is an ideal material for making the long blades needed for large wind turbines, Lux Research noted in a report titled, “Stronger, Lighter, Faster ... Cheaper? How Innovation Will Affect Carbon Fiber’s Cost and Market Impact.”

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“Aerospace and wind will duke it out for supremacy, while potentially high-volume automotive uses advance at a pedestrian pace,” Ross Kozarsky, Lux Research senior analyst and lead author of the report, said in a statement.