PAN segment to Dominate North America Carbon Fiber Market during 2019–2027
According to The Insight Partners market research study on “North America Carbon Fiber Market Forecast to 2027 – COVID-19 Impact and Analysis - by Raw Material; End Use Industry, and country.,” is expected to reach US$ 2058.44 million by 2027 from US$ 907.32 million in 2019. The market is estimated to grow at a CAGR of 10.9% from 2020 to 2027. The report provides trends prevailing in the North America Carbon Fiber Market along with the drivers and restraints pertaining to the market growth. Rising demand from automotive and aerospace application are the major factor driving the growth of the North America Carbon Fiber Market. However, high cost and other disadvantages associated with Carbon Fiber hinder the growth of North America Carbon Fiber Market.
The US has the highest number of confirmed cases of coronavirus, as, compared to Canada and Mexico. This is negatively impacting the consumer goods industry in the region as the COVID-19 pandemic negatively affects the supply and distribution chain.
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 North America Carbon Fiber Market. Based on End Use Industry the North America 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 North America 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, Teijin Limited agreed to acquire Renegade Materials Corporation (Renegade) through which Teijin aims at strengthening its carbon fiber and intermediate materials businesses to maintain its position as a leading provider of solutions for aerospace applications.
The report segments the North America Carbon Fiber Market as follows:
North America Carbon Fiber Market – By Raw Material
- PAN
- Pitch
North America Carbon Fiber Market– By End Use Industry
- Automotive
- Aerospace and Defense
- Construction
- Sporting Goods
- Wind Energy
- Others
North America Carbon Fiber Market. – By Country
- US
- Canada
- Mexico
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