Rising demands from automotive and aerospace applications to escalate the APAC carbon fiber market at a CAGR of 12.4%
Latest market study on “Asia Pacific Carbon Fiber Market to 2027 – Analysis and Forecasts by Precursor (PAN based, Pitch); Form (Composite, Non-Composite); End Use Industry (Automotive, Aerospace and Defense, Construction, Sporting Goods, Wind Energy, Others), and Countries”. The APAC carbon fiber market is accounted to US$ 988.2 Mn in 2018 and is expected to grow at a CAGR of 12.4% during the forecast period 2019 – 2027, to account to US$ 2,794.8 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Based on precursors, the APAC carbon fiber market consists of PAN-based and pitch. The PAN-based segment accounted for a large share in the market. Polyacrylonitrile (PAN) contains ~68% of carbon and is one of the most widely used precursors in carbon fiber manufacturing. PAN is polymerized from acrylonitrile (AN) by the commonly used, inhibitory azo compounds and peroxides through the polymerization process. Suspension polymerization and solution polymerization are the two major types of this process. The solution polymerization is the preferred method as the PAN solution that is produced can be directly used as a fiber spinning dope on the removal of unreacted monomers. To produce PAN with higher molecular weights, the solvent needs to have a low chain transfer coefficient. The most commonly applicable solvents in this process are sodium thiocyanate, zinc chloride, and dimethyl sulfoxide.
The automotive manufacturers have been demanding new and innovative high-quality material for producing automotive components. These materials need to have the potential to accomplish the high-performance need of automotive manufacturers and also to meet the needs of the customer and society. Among the various elements, carbon fiber is considered to be one of the most suitable materials for lightweight automobile parts. Moreover, the carbon-fiber-reinforced composites are used as the essential materials for the surrogate body and other parts of an automobile. The implementation of carbon fiber in the automobile industry has enhanced brake, steering, durability, and high fuel efficiency, which has an impact on energy conservation and minimizing carbon dioxide emissions. Leading automotive manufacturers are implementing carbon fiber for manufacturing components. For instance, the Airbus A350 is approximately 52 percent carbon fiber-reinforced polymer (CFRP), whereas the BMW i3 has mostly CFRP chassis. Carbon fiber is used in high-end bike frames, tennis rackets, and surfboards.
The market for APAC carbon fiber is concentrated with some very well-established players. Some of the key players in the APAC carbon fiber market include DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, and Toray Industries, Inc. amongst the others.
APAC Carbon Fiber Market - By Country Breakdown, 2018
The report segments the APAC carbon fiber market as follows:
APAC Carbon Fiber Market – By Form
APAC Carbon Fiber Market – By End Use Industry
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