ALBANY, New York, July 15, 2019 /PRNewswire/ -- The global carbon fiber market is forecasted to have a lucrative future and significant growth over the forecast period. Growth of the global carbon fiber market is attributed to the escalating demand for carbon fiber from industries such as automotive, aerospace, and sporting goods. The characteristics of carbon fiber make it suitable for its application in light-weight vehicles and as such the product enjoys high demand from the segment involved with the manufacturing of light-weight vehicles.
Some of the prominent names that adorn the global market for carbon fiber are Mitsubishi Chemical Holdings Corporation., Nippon Steel & Sumitomo Metal Corporation, DowAksa Advanced Composites Holding B.V., OJSC Svetlogorsk Khimvolokno, Hexcel Corporation, and SGL Carbon SE amongst many others.
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As per a market research report by Transparency Market Research, it has been forecasted that the global carbon fiber market is, in all likelihood, to rise at a steady 6.0% CAGR over the forecast timeframe that extends from the year 2018 to 2026. Rising at such a steady pace, the valuation of the said market is expected to reach an amount of around US$ 3.4 Bn by the end of the year 2026.
North America to Lead in Carbon Fiber Market Due to Large Concentration of Aircraft Makers
North American carbon fiber is estimated to gain substantial traction over the forecast period, rising at a healthy CAGR. The region is marked by the presence of several main aircraft makers such as Airbus. In addition, manufacturers of critical defense instruments are also widely present in the region. Automobile giants of North America, stress on the making of high performance cars with diminished body weight. Such evolving preference of the automobile sector is further likely to push the regional carbon fiber market demand.
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Europe is projected to be the largest as well as fastest growing region of the global carbon fiber market. Presence of stringent regulations and laws focused on the reduction of environmental pollution, and incessant efforts for the same in the European region is likely to play a significant role.
Augmented demands for commercial aviation due to increased disposable income and globalization have been attributed with the growth of the aerospace industry over the last few decades. These factors emerge as a key trend of the global carbon fiber market that is expected to continue over the forecast timeframe as well.
The spurt in demand of sports and leisure applications, particularly in the Asia Pacific region, is also likely to escalate the product scope.
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Strict Government Regulations to Curb Pollution to Play Vital Role in Carbon Fiber Market
The Composite form of carbon fiber is utilized in various industries such as civil engineering, automotive, aerospace & defense, marine, sporting goods, pipe & tank, wind energy and others. Composite carbon fiber offers rigidity, high strength and are high tensile. It is due to these characteristics, it is utilized in these end-use industries and drive the global carbon fiber market.
On the other hand, continuous carbon fibers provide more tensile strength as compared to other types of carbon fiber products. These carbon fibers can be utilized in pultrusion, prepregging, weaving, braiding, layup, and filament winding processes for the manufacturing of composites parts. They are used for different end-use industries such wind energy, aerospace and defense, and automotive. Continuous carbon fiber are also utilized in the 3D printing industry as due to its strength and stiffness.
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Besides, the need for fuel-efficient vehicles coupled with government regulations regarding automotive pollution is likely to play a vital role during the timeframe of forecast.
The information shared in this review is based on a TMR report, bearing the title, "Carbon Fiber Market (Product - Continuous, Long, and Short; Raw Material - PAN, Pitch and Rayon; Form - Composite and Non-composite; End-user - Aerospace & Defense, Automotive, Wind Energy, and Sporting Goods) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 - 2026"
The global carbon fiber market is segmented based on:
Product Type
- Continuous
- Long
- Short
Raw Material
- PAN
- Pitch
- Rayon
Form
- Composite
- Non-composite
End-user
- Aerospace & Defense
- Automotive
- Wind Energy
- Sporting Goods
Region
- North America
- Europe
- Middle East and Africa
- Asia Pacific
- Latin America
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