The global carbon fiber market was valued at USD 1.94 billion in 2013 and is projected to reach USD 3.73 billion by 2020, expanding at a CAGR of 9.9% from 2014 to 2020.
Albany, NY -- (SBWIRE) -- 07/28/2016 -- The rapid development in the retail sporting goods market is driving the global market for carbon fiber to a great extent. During the period between 2014 and 2020, the wind energy market anticipated to exhibit increased demand for carbon fiber. Additionally, the rising demand from the aerospace industry is also likely to boost the global carbon fiber market over the forecast period.
The global carbon fiber market is mainly analyzed on three fronts: products, end users, and regions. On the basis of products, the worldwide carbon fiber market is segmented into the markets for pitch-based carbon fiber, PAN-based carbon fiber, and others such rayon-based carbon fiber.
The automotive industry, wind energy industry, aerospace and defense sector, construction sector, sports industry, and other markets such as the marine industry are the main end users of carbon fiber. Regionally, the global carbon fiber market is spread across North America, Asia Pacific, Europe, and the Rest of the World.
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This research report on the global carbon fiber market has been prepared with an objective to provide market participants a comprehensive overview of the global carbon fiber market. It gives established players as well as new market entrants access to an executive-level blueprint of the market. Information included in the report aims to help them make rewarding strategies for business expansion.
Overview of the global carbon fiber market
According to the report, in 2013, the global carbon fiber market stood at US$1.9 bn. Aided by the increasing demand for carbon fiber from the global automotive industry, this market is likely to expand at a CAGR of 9.90% between 2014 and 2020 and reach US$3.7 bn by the end of the forecast period.
The market for PAN-based carbon fibers held the leading position in 2013, accounting for 85% of the overall carbon fiber market. The market segment is likely to maintain its leading position throughout the forecast period.
Wind energy emerged as the biggest end user for carbon fiber in 2013, accounting for over 24%, of the overall carbon fiber market. However, the automotive industry is expected to register the fastest rise in demand for carbon fiber among all the end users during the forecast period.
Europe, among all the regional markets, accounted for over 37% of the global market, acquiring the leading position in 2013. During the forecast period, the Asia Pacific carbon fiber market is anticipated to report the fastest growth in the global market. In addition, the North America carbon fiber market is projected to experience a decent growth in the same time period.
The report also discusses the challenges faced by the global carbon fiber market, the most significant of which are the high cost of carbon fiber and complexity associated with recycling the carbon fiber components. These factors are expected to hamper the growth of this market during the forecast period.
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Companies mentioned in the research report
Toray Industries Inc., Teijin Ltd., Hexcel Corp., Mitsubishi Rayon Co. Ltd., SGL Group - The Carbon Company, Zoltek Companies Inc., Kureha Corp., Formosa Plastics Corp., Cytec Industries Inc., DowAksa, Kemrock Industries and Exports Ltd. are the major international carbon fiber manufacturers mentioned in this report.
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