Aerospace and Defence segment to Dominate APAC Carbon Fiber Market during 2019–2027
According to The Insight Partners market research study on “Asia Pacific Carbon Fiber Market Forecast to 2027 – COVID-19 Impact and Analysis - by Raw Material; End Use Industry, and country.,” is expected to reach US$ 2571.34 million by 2027 from US$ 1098.99 million in 2019. The market is estimated to grow at a CAGR of 11.4% from 2020 to 2027. The report provides trends prevailing in the APAC Carbon Fiber Market along with the drivers and restraints pertaining to the market growth. Escalating demands from automotive and aerospace applications are the major factor driving the growth of the APAC Carbon Fiber Market. However, surge in cost and other disadvantages associated with Carbon Fiber hinder the growth of APAC Carbon Fiber Market.
The COVID-19 is anticipated to cause a significant economic loss in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The governments of various Asia Pacific countries are taking possible steps to restrict the spread of the virus by announcing lockdown, which in turn has negatively impacted the overall carbon fiber market.
The market for Carbon Fiber Market is segmented into Raw Material; End Use Industry, and country Based on Raw Material, the market is segmented into PAN and Pitch. In 2019, the PAN held the largest share APAC Carbon Fiber Market. Based on End Use Industry the APAC Carbon Fiber Market is divided into automotive, aerospace and defense, construction, sporting goods, wind energy and others. Aerospace and defense is expected to the fastest growing segment over the forecast period
Formosa Plastic Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, Toray Industries,Inc are among the leading companies in the APAC Carbon Fiber Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Toray Industries Inc. entered into an agreement with Koninklijke Ten Cate B.V. to purchase all shares of its subsidiary TenCate Advanced Composites Holding B.V. This acquisition was expected to produce substantial synergies by combining the product lineup of the latter with the range of carbon fiber alongwith polymer technologies.
The report segments the APAC Carbon Fiber Market as follows:
APAC Carbon Fiber Market – By Raw Material
- PAN
- Pitch
APAC Carbon Fiber Market– By End Use Industry
- Automotive
- Aerospace and Defense
- Construction
- Sporting Goods
- Wind Energy
- Others
APAC Carbon Fiber Market. – By Country
- China
- Japan
- India
- South Korea
- Taiwan
- Rest of APAC
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