Asia-Pacific Carbon Fiber Market - Segmentation by Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific carbon fiber market was valued at USD 774.15 million in 2017 and is expected to expand to at a CAGR of 16.36% during the forecast periodm 2018 -2023. The major factors driving the carbon fiber market in this region are the growing demand in the sports goods, construction, and automotive industries, as well as the emerging wind energy applications and the increasing demand in the aerospace & defense industry. The increasing automotive demand along with the rising need for lightweight vehicles is expected to further drive the demand over the forecast period.
Accelerating Usage in Aerospace and Defense
The aerospace & defense industry in China is growing at a significant pace. The rising population and urbanization, along with growing income in the country, have led to the increase in demand for commercial aircrafts in the country. India is projected to be the third-largest country in terms of the civil aviation industry by 2023. The rapidly growing aviation industry is further expected to expand the application of carbon fiber in the air transport sector. Aircraft manufacturers, such as Boeing and Airbus, are utilizing carbon fibers in the manufacturing of aircrafts and aircraft parts, which in turn, is aiding in reducing the weight of aircrafts by approximately 50%. The defense industry in South Korea is growing at a fast in the recent years due to the antagonistic actions from North Korea, moreover, the increase in the R&D activities further play a key role in driving the market growth in the region.
Construction & Infrastructure is the Fastest Growing Segment
The market in the construction industry is huge in China, as the government is expected to actively invest around USD 11.4 billion in the infrastructure development projects. Owing to the various infrastructure development initiatives by the government of India, the construction industry in the country has seen a surge in the recent years. Additionally, over the past few years, India has become the major hosts of numerous international and national events because of their business potential. Thereby, increasing the demand for hotels, shopping malls, high-rise buildings, arenas, and stadiums (both outdoor and indoor), and boosting the demand for carbon fiber market. The construction sector in South Korea, supported by the infrastructure projects related to 2018 Winter Olympic Games in Pyeongchang, Gangwon province, will further drive the market in Asia-Pacific.
Japan to Lead the Market
Japan is estimated to grow at the highest CAGR of 18.23% during the forecast period, compared to other markets in Asia-Pacific. The Japanese sports goods industry is expected to play a key role in driving the market growth. The industry is poised with some opportunities in the form of Rugby World Cup and Tokyo Olympics in 2020. The growth in this industry will reflect the increase in demand for carbon fiber in the country.
Key Developments in the Market
March 2018: Hexcel launched a GBP 7.4 million project to create carbon fiber fabrics for cutting-edge aircraft parts.
August 2017: Teijin to exhibit carbon and aramid fiber solutions at China Composites Expo 2017 in Shanghai.
Major Players: Toray Industries Inc., Hexcel Corp., Mitsubishi Rayon Co. Ltd, SGL Group, Formosa Plastics, and Teijin Ltd, among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To identify the countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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