Increasing usage of carbon fiber in wind energy industry to escalate the North America carbon fiber market at a CAGR of 10.8%
Latest market study on “North America 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 North America carbon fiber market is accounted to US$ 1,157.8 Mn in 2018 and is expected to grow at a CAGR of 10.8% during the forecast period 2019 – 2027, to account to US$ 2,872.5 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.
Increasing demand to utilize renewable resources has led to an upsurge for the installation and demand for wind farms, with wide tracts of land and coastal areas devoted to the operation of wind turbines. The wind turbine manufacturers strive to produce more efficient and longer blades. Advanced composite materials such as carbon fiber is an upcoming component for the construction of wind turbines, specifically the blades. The companies operating in the North American market have noted that the longer the blades on a turbine, the more energy can be generated. The carbon fiber plays a vital role in the wind energy industry. Large blades are typically designed by stiffness and deflection, rather than taking into consideration the material strength. The high stiffness characteristic of carbon fiber lowers the blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Carbon fiber is added in the spar cap, which is known to be the backbone of the blade.
The automotive manufacturers have been demanding new and innovative high-quality material for producing automotive components. These materials need to have the potential to fulfill the high-performance need of automotive manufacturers and also meet the needs of the customer and society. Among the various materials, 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.
The market for North America carbon fiber is concentrated with some very well-established players. Some of the key players in the North America 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.
The report segments the North America carbon fiber market as follows:
North America Carbon Fiber Market – By Precursor
North America Carbon Fiber Market – By Form
North America Carbon Fiber Market – By End-Use Industry
North America Carbon Fiber Market – By Country
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