North America Carbon Fiber Market - Segmented by Raw Material, Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The North America carbon fiber market is expected to grow at a CAGR of 13.45 % during the forecast period (2018 - 2023). The major factors driving the growth of the North America carbon fiber market are the increasing demand for fuel-efficient and lightweight vehicles as well as the robust demand from aerospace & defense sector.
Carbon fiber is a strong, lightweight material. It is thin strands of carbon which have been twisted together, like a yarn, and woven to form a cloth-like structure. To give it a specific shape, carbon fiber is coated with a plastic or stiff resin. Carbon fibers are combined with other materials to form a composite, like plastic resin, which is molded to form carbon fiber reinforced polymers. Carbon fibers, owing to their high tensile strength, lightweight, high chemical resistance, high stiffness, low thermal expansion, and high-temperature tolerance, are becoming an integral part of various industrial and commercial applications.
Growing Consumer Preference for Fuel Efficient Vehicles Boosting the Demand
Carbon fiber, owing to properties of corrosion resistance, high strength to weight ratio, high workability, etc., is used in the automotive industry. There is demand for durable system and body parts that offer better performance and are also lightweight. In a typical automobile, the use of fibers is 50% by volume and 10% of the weight. In the United States, the government increased the fuel efficiency requirements for new automobiles to 54.5 miles per gallon by 2025 for the United States market, therefore, the companies have started using the lightweight materials, such as carbon fiber, to make their vehicles lightweight and fuel-efficient. The major automotive manufacturers, such as BMW, Mercedes-Benz, McLaren, Chevrolet, and Lamborghini, have committed themselves to increasing the usage of carbon fiber, such as CFRP components, in their vehicles as they significantly contribute to the reduction in weight. There are a few companies, such as Daimler and Toray Industries, provide CFRP automotive parts to its consumers.
Composite Materials Witnessing the Largest Demand
Among all the applications, the composite materials segment account for the largest consumption of carbon fibers in the North American region. The demand for carbon fiber reinforced polymers (CFRP) is the highest in the North American region due to a strong demand from the aerospace, defense, automobile, construction, and sports & leisure sectors. The use of these materials would help in reducing the fuel usage and even coping with the environmental regulations. The CFRP was recently found to be of a great use in the improving marine industry. These plastics have played an impressive role in replacing the use of metals and high tension steels. In addition, the potential uses of reinforced carbon-carbon (RCC) that have been identified to include high-speed train as well as special automobile brakes and clutches, forging dies & molding crucibles, corrosive chemical reactors & heat exchangers, fuel cells, high thermal conductivity electronic substrates, prosthetic devices, and components for internal combustion engines. The large-scale applications in the distant future are estimated to include plasma limiters for nuclear fusion devices, inert gas ducting, and heat exchangers for gas-cooled fission reactors.
United States the Market Leader
The aerospace & defense industry of the United States is the largest in the world. The exports value of the United States was almost USD 1.5 trillion, with a major share in exports held by commercial aircrafts. The defense exports were primarily to China, France, and the UK. The exports are further expected to increase from several countries, like China and India, which is further expected to boost the aircraft production in the country, thereby, having a positive impact on the market for carbon fiber. The construction industry in the country is growing at a slow rate with the increasing residential constructions and office space constructions. The growing investments in the defense and automotive sector in the United States are contributing to the growth of the carbon fiber market in the coming years.
Notable Developments in the Market
November 2017: Teijin Limited to establish a carbon fiber production unit in Greenwood, South Carolina.
Major Players: Teijin Limited, Mitsubishi Rayon Co., Toray Group, SGL Group, and Hyosung, among others.
Reasons to Purchase this Report
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