Surge in demand from automotive and aerospace industrial is projected to escalate the carbon fiber market at a CAGR of 11.1%
Latest market study on "Global Carbon Fiber Market to 2027 - Analysis and Forecasts by Precursor (PAN, Pitch); Form (Composite, Non-Composite); End Use Industry (Automotive, Aerospace and Defense, Construction, Sporting Goods, Wind Energy, Others), and Geography", The global Carbon Fiber market is accounted to US$ 3,052.0 Mn in 2018 and is expected to grow at a CAGR of 11.1% during the forecast period 2019-2027, to account to US$ 7,763.4 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.
Under the precursor segment, the PAN segment accounted for the largest share in the global carbon fiber market. PAN-based carbon fiber provides better productivity and excellent processing properties. They exhibit superior material properties and have comparatively low cost than pitch fiber. The PAN-based carbon fibers are widely used in various applications, as these fibers present higher strength and modulus than pitch-based carbon fibers. Pitch-based carbon fibers have been developed recently, and their demand is increasing in low-cost applications where performance is not a prime focus. Therefore, consumers prefer PAN-based carbon fiber over pitch-based carbon fibers.
Carbon fibers offer high modulus and specific strength, fatigue strength, stiffness, and pressure-withstanding capacity, lower thermal expansion coefficient, corrosion resistance, and other beneficial properties. Thus they are being widely used in the automotive and other industrial applications. These fibers are widely preferred over aluminum and steel. Also, the rising demands of lightweight materials, along with government initiatives to reduce the harmful gas emissions and increase fuel efficiency, is expected to drive the market for carbon fiber in automotive applications. Furthermore, carbon fiber is also used in the aerospace industry. Carbon fiber has high chemical resistance, tensile strength, stiffness, and low thermal expansion and weight properties which makes it suitable for aerospace application. It is used in designing, assembling, and manufacturing various types of aircraft. Over the past few years, the aerospace industry has switched from aluminum material to carbon fiber for the construction of the aircraft. Carbon fiber aircraft will burn and consume lesser amount of fuel due to its lightweight. Due to lesser fuel consumption, the aircraft will also have enough fuel left to cover long distances.
The market for global carbon fiber is concentrated with some very well-established players. Some of the key players in the global carbon fiber market include DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, Toray Industries, Inc. among others.
Global Carbon Fiber Market - By Region Breakdown, 2018
The report segments the global carbon fiber market as follows:
Global Carbon Fiber Market - By Precursor
Global Carbon Fiber Market - By Form
Global Carbon Fiber Market - By End-Use Industry
Global Carbon Fiber Market - By Geography
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