PAN segment to Dominate Europe Carbon Fiber Market during 2019–2027
According to The Insight Partners market research study on “Europe Carbon Fiber Market Forecast to 2027 – COVID-19 Impact and Analysis - by Raw Material; End Use Industry, and country.,” is expected to reach US$ 1504.51 million by 2027 from US$ 721.82 million in 2019. The market is estimated to grow at a CAGR of 9.8% from 2020 to 2027. The report provides trends prevailing in the Europe Carbon Fiber Market along with the drivers and restraints pertaining to the market growth. Escalating usage of carbon fiber in wind energy industry are the major factor driving the growth of the Europe Carbon Fiber Market. However, high cost and other disadvantages associated with Carbon Fiber hinder the growth of Europe Carbon Fiber Market.
In Europe, currently the UK and Russia are the hardest-hit countries by the coronavirus pandemic. It is estimated to suffer an economic hit due to a lack of revenue from various industries, as the country recorded the highest number of coronavirus cases followed by France, Spain, Italy, and Germany. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.
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 Europe Carbon Fiber Market. Based on End Use Industry the Europe 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
DowAksa, 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 Europe 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, SGL Carbon declared that it started serial production of an innovative carbon fiber in order expand its material portfolio
The report segments the Europe Carbon Fiber Market as follows:
Europe Carbon Fiber Market – By Raw Material
- PAN
- Pitch
Europe Carbon Fiber Market– By End Use Industry
- Automotive
- Aerospace and Defense
- Construction
- Sporting Goods
- Wind Energy
- Others
Europe Carbon Fiber Market. – By Country
- Germany
- France
- Hungary
- UK
- Russia
- Rest of Europe
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