Global Carbon Fiber Market 2019-2023
About Carbon fiber
Carbon fibers are strong and lightweight synthetic fibers made of crystalline carbon filaments. They exhibit superior tensile strength, low weight-to-strength ratio, high chemical resistance, and low thermal expansion.
Technavio’s analysts forecast the global carbon fiber market to grow at a CAGR of 9.61% during the period 2019-2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global carbon fiber market for 2019-2023. To calculate the market size, the report considers the revenue generated from the use of carbon fiber in different segments
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Carbon Fiber Market 2019-2023
Technavio recognizes the following companies as the key players in the global carbon fiber market: Formosa Plastics, Hexcel, Mitsubishi Chemical, SGL Group, TEIJIN, TORAY INDUSTRIES
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the capacity expansion and emergence of new production plants. The increasing demand for carbon fibers in aerospace and defense, automotive, wind energy, and other end-use application is leading to the expansion of production capacities of carbon fibers.”
According to the report, one of the major drivers for this market is the increasing demand for fuel efficient vehicles. At present, consumers are shifting from traditional passenger cars to fuel efficient cars due to the high fuel costs and fluctuating fuel prices. Availability of alternative fuels and the awareness regarding the benefits of green vehicles and light vehicles are the factors that can have a direct impact on the market.
Further, the report states that one of the major factors hindering the growth of this market is the high competition from substitutes. Substitutes such as glass fiber, aluminium, copper, basalt fiber aramid fibers, and natural fiber pose serious challenge for the growth of the market as these substitutes have similar end-use applications.
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