Global Carbon Fiber Market - Segmented by Product Type, End-Use Industry and Geography Trends and Forecasts (2017 - 2022)
The global carbon fiber market by volume was 65.90 thousand tons in 2015 and is projected to reach 120.75 thousand tons in 2020, witnessing the growth at a CAGR of 12.88% for the forecast period. Carbon fiber is strong and light-weight material. It is a thin strand of carbon, which can be twisted together like a yarn, and they are woven together to form a cloth like structure. Additionally, to give it a shape, it is coated with a plastic or stiff resin. Carbon fibers are generally combined with other materials to form a composite, which when combined with plastic resin and molded forms carbon fiber reinforced polymer.
Carbon fibers, owing to its high tensile strength, light-weight, high chemical resistance, high stiffness, and low thermal expansion and high temperature tolerance, are becoming an integral part of various industrial and commercial applications. In the global carbon fibers market, the following major end-user industry segments were taken into consideration: aerospace and defense, medical, automotive, sporting goods, alternative energy, electronics, construction and infrastructure, textiles, and filtration.
Carbon fiber manufacturers are currently riding on the wave of the growing demand for fuel-efficient vehicles, as well as the focus on production of energy/electricity from renewable sources. Additionally, carbon fibers are being extensively used in the aerospace and defense sector. Aircraft manufacturers, such as Boeing and Airbus, are utilizing carbon fibers in the manufacturing of the aircrafts and aircraft parts, which in turn is aiding in reducing the weight of the aircrafts by approximately 50%. For instance, Boeing manufactured its Boeing 787 Dreamliner mostly of carbon-fiber-reinforced-polymer, instead of the traditional aluminum structure.
Market Dynamics of the Global Carbon Fibers Market:
Increasing demand for fuel-efficient vehicles
Accelerating usage in aerospace and defense
Shifting focus on production of electricity and energy from renewable sources
High investment costs
Inadequate production capacity
Requirement for low-cost technologies
The global carbon fibers market, on the basis of raw material, can be broadly segmented into polyacrylonitrile (PAN), petroleum pitch, and rayon. The global carbon fiber market has been geographically segmented into Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa. In 2015, Asia-Pacific led the market with a share of about 35% and is expected to lead the market during the forecast period.
Furthermore, the increasing application of carbon fibers in wind energy sector, growing emphasis on lignin as raw material for carbon fibers, and development of novel products (carbon fiber quadraxial fabric) will offer numerous opportunities for the growth of the global carbon fibers market. Some of the major companies dominating this market are:
Adherent Technologies Inc.
CFK Valley Stade Recycling GmbH & Co. KG
ELG Carbon Fibre Ltd. (Recycled Carbon Fibers)
Mitsubishi Rayon Co. Ltd.
Toray Industries Inc.
Key Deliverables in the Study:
Analysis for the global carbon fiber market, with region specific assessments and competition analysis on a global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global carbon fiber market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is blooming and to also identify the regions that are still untapped