Carbon Fiber Market is Growing Demand in the Automotive Industry is Expected to Boost Growth Upcoming Years

Market OverviewThe global market size for Carbon Fiber Market is expected to register a CAGR of 10.6% to reach USD 7.8 billion by 2027. 

The global carbon fiber market has been segmented on the basis of raw material, form, type, application, and region.

By raw material, the global carbon fiber market has been classified into PAN, pitch, and rayon. Among these, the PAN was the largest and the fastest growing segment in 2017. The segment is expected to maintain its dominance during the review period, owing to the high-performance characteristics offered such as high specific strength and high temperature tolerance, which result in better performance, high yield, and better processing of carbon fiber.

Based on form, the global carbon fiber market has been divided into composite and non-composite. The composite segment held the largest market share in 2017, due to its wide use in the automotive and aerospace & defense industries.

On the basis of type, the global carbon fiber market has been segmented into continuous, long, and short carbon fibers. The long carbon fiber is high in demand in the construction industry. Thus, with the growth of the construction industry, the long carbon fiber segment is expected to witness healthy growth during the review period.

The global market on the basis of application has been divided into automotive, aerospace & defense, wind turbines, sports equipment, molding & compounding, construction, pressure vessels, and others. The aerospace & defense segment held the largest share in the global carbon fiber market in 2017. It is expected to continue its dominance during the review period. However, the automotive segment closely follows the aerospace & defense segment in terms of share. The aerospace & defense industry uses carbon fibers on a large scale, due to its durability, lightweight, and high performance. Carbon fiber-based products are widely used in remote areas by the defense industry, and heavyweight products are generally avoided. It is used in the manufacturing of parts of aircraft, due to the high tensile strength and resistance to chemicals and extreme weather conditions.

Market players

Some of the major players operating in the global carbon fiber market are Toray Industries, Inc (Japan), Teijin Limited (Japan), SGL Group (Germany), Hexcel Corporation (US), Mitsubishi Chemical Corporation (Japan), HYOSUNG (South Korea), Cytec Industries Inc. (US), DowAksa (US), OJSC «SvetlogorskKhimvolokno» (Belarus), Taekwang Industrial Co., Ltd (South Korea), Nippon Graphite Fiber Co., Ltd. (Japan), Formosa Plastics Corporation (US), Carbon Mods (US), and Kureha Corporation (Japan).

Regional Analysis

Global carbon fiber market has been spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America held the largest share in the global carbon fiber market in 2017, owing to the abundant use of carbon fiber in the automotive and aerospace & defense industries. Asia-Pacific held the second-largest, but was the fastest growing market for carbon fibers in 2017 and is projected to follow the same trend during the forecast period. The European and Latin American markets are expected to grow at considerable and moderate rates, respectively, during the forecast period. The Middle East & African market is projected to witness sluggish growth during the review period.

Read More About this Article - Carbon Fiber Market