Transparency Market Research has published a new research report titled “Carbon Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020” to their report store.
Albany, NY -- (SBWIRE) -- 12/19/2016 -- Polyacrylonitrile (PAN) is the widely used form of carbon fiber due to its versatile properties. As the name suggests, carbon fibers are basically derived from carbon. Carbon fibers are used across several industry verticals that are engaged in manufacturing durable and lightweight components. In terms of volume the global carbon fiber market was estimated at 52.6 kilo tons and in terms of revenue it was valued at US$1.94 billion in 2013. This market is expected to grow at a CAGR of 9.9% between 2014 and 2020, with an expectation to reach a value of US$3.73 billion by 2020. The global carbon fiber market is primarily driven by factors such as increasing applications in wind energy, rising demand for retail sporting goods, and surge in demand from the aerospace industry. There are various forms of carbon fibers that are manufactured across the globe depending upon the specific requirements. The common types are rayon based carbon fibers, PAN based, and pitch based. Few of the end users in the global carbon fiber market include aerospace industry, construction, and automotive industry.
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Which Segment is Anticipated to drive the Global Carbon Fiber Market in the Years to Come?
The global carbon fiber market is segmented on the basis of three key parameters namely, product type, end users, and geography. As mentioned earlier, the various carbon fibers dominating the global market are pitch-based carbon fibers, PAN-based carbon fibers, and others. The other types of carbon fibers are polyolefin-based and rayon-based. With a market share of 85%, the global carbon fiber market in 2013 was dominated by the PAN-based carbon fibers' segment. However, it is anticipated that the global carbon fiber market will be driven by the other segments in the coming years. Pitch-based and PAN-based carbon fibers are the most extensively used forms of carbon fibers in the global market.
The various end-user industries governing the overall demand in the global carbon fiber market are defense and aerospace, construction, wind energy, automotive, sports, and others. The other end users in this market are electronics and marine industries. In 2013, the global carbon fiber market was dominated by the wind energy industry which held a market share more than 24%. The automotive segment is anticipated to witness robust growth in the coming years.
Asia Pacific Emerges as the Leading Region in Global Carbon Fiber Market
Geographically, the global carbon fiber market is classified into Asia Pacific, North America, Europe, and Rest of the World. In 2013, the largest market in the overall market for carbon fiber was North America with a share that exceeded 37%. Prevailing industry trends indicate that the Europe carbon fiber market will be fueled by growing automotive, wind energy, defense, and aerospace industries. Greater consumption of carbon fiber and its composites from developing economies such China and India are expected to propel the Asia Pacific market for carbon fibers in the years to come.
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The U.S. economy is poised to witness economic stability over the next six years owing to which the carbon fibers market in North America is projected to grow significantly. The surging demand for carbon fibers from the Middle East and Latin America, will lead to growth of carbon fiber market in the Rest of the World in the years to come. Factors that are likely to affect the demand in the global carbon fiber market are increasing prices of carbon fibers and issues pertaining to recycling of carbon fibers.
Hexcel Corporation, Cytec Industries, Mitsubishi Rayon Co., Ltd., Teijin Ltd, and Toray Industries are few of the prominent players in the this market.
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