Carbon Fiber Market – Snapshot
The composite form of carbon fiber finds use in a wide variety of industries, such as wind energy, pipe and tank, sporting goods, marine, aerospace and defense, automotive, and civil engineering. Composite carbon fiber offers high strength, rigidity, and is extremely tensile. This product finds plentiful use in various end use industries, thanks to multiple benefits. The benefits of the product are likely to support growth of the global carbon fiber market in the years to come.
On the other hand, utilization of continuous carbon fiber adds more tensile strength to a product as compared to other forms of carbon fiber products. These carbon fiber products can be used in a wide range of processes, such as in pre-pregging, layup, weaving, filament winding, pultrusion, and braiding processes. Continuous carbon fiber also finds use in the 3D printing sector, thanks to its stiffness and strength. Such wide variety of use is estimated to support growth of the global carbon fiber market in the forthcoming years.
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The major benefits associated with the use of carbon fiber over traditional materials like wood, steel, plastics, and aluminum comprise the following:
- Low CTE (Coefficient of Thermal Expansion)
- High stiffness and strength
- Resistance to corrosion
- Transparency in X-ray
- Chemical resistivity
Such multiple benefits of the product is likely to pave way for rapid development of the global carbon fiber market over the timeframe of analysis. A rise in demand for carbon fiber from end use industries like aerospace, marine, and automotive is estimated to be driven by these benefits of the product. The growing need for fuel efficient vehicles coupled with increasing number of government initiatives and regulations to encourage use of fuel efficient vehicles and control automotive pollution is likely to bolster market growth.
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Global Carbon Fiber Market: Snapshot
Owing to high strength and high modulus of fibers available, the global carbon fiber market is anticipated to generate great revenues in the coming years. The competitive landscape of the carbon fiber market is fairly consolidated due to the presence of very few well-established players. Carbon fiber is almost as half as light as steel and offers high tensile strength with temperature tolerance and sturdiness. It also has low thermal expansion and is corrosion, as well as high heat tolerant and resistant. Because of its distinct lightweight and strength, carbon fibers makes a very versatile and useful commercial product not just for one or two but a wide range of markets.
The carbon fiber market is gaining impetus because of a number of factors like rise in demand for fuel efficient vehicles, and launching new products consistently. Moreover, the government is laying emphasis to encourage wind energy industry and to increase the usage of materials that are used to manufacture composite parts of aircraft. Original Equipment Manufacturers (OEMs) have started to substitute traditional materials used for automotive manufacturing with advanced engineered materials like glass fiber composites, engineered plastics and carbon fiber composites, thus boosting the demand for carbon fibers in the global market.
On the other hand, factors that may restrict the carbon fiber market from achieving greater lucrativeness are insufficient product capability and expensive rates of these fibers. Apart from that, once there a dint or a crack, it is not recyclable and cannot be fixed back like that of a steel structure. The material will not be as strong as before. In most cases, materials made out of carbon fiber if broken, or dinted, will either have to be replaced with a new one or thrown away.
The global carbon fiber market is estimated to be worth US$3.4bn by 2026 with a CAGR of 6.8%. The key factors to give new approaches for expansion of the market are the new scopes boosting the aerospace as well as the automotive industries.
Automotive Contributing More Revenue Generation Owing To Specific Application Utilization
The global carbon fiber market is segmented on the basis of applications, where key classifications are automotive, wind energy, construction, marine and oil and gas, aerospace and aviation, and sports and leisure. Out of these, the automotive segment is further classified into exterior and interior. Carbon fibers are used in interior and exterior parts such as gas caps, vents and door pillars. The International Building Code (IBC) has defined fiber-reinforced polymer materials as a category of both exterior and interior building materials for specific application utilization. Thus, composites can be used as architectural and construction materials apart from specific exterior and interior applications.
On the basis of technology, the carbon fiber market is categorized into prepreg layup process, filament winding, injection molding, and pultrusion process. Based on product, the market for carbon fibers is segmented into pitch-based and pan-based.
Asia Pacific to Remain Most Lucrative Region due to Industrialization in Developing Economies
The global carbon fiber market is studied on the basis of key geographies North America, Europe, Asia Pacific, and the Rest of the World.
Asia Pacific, Europe, North America and the Rest of the World. Owing to a thriving construction and automotive industry, Asia Pacific is anticipated to remain the most profit-making region because of the increase in urbanization and industrialization. However, the demand for carbon fiber for aerospace industries is mainly from North America.
Demand for carbon fibers is increasing in emerging economies. Apart from this, the increasing use of carbon in 3D printing is expected to create new opportunities in the global market. Some of the key players in the carbon fiber market are Kemrock Industries, Hexcel Corporation, Formosa Plastic Corporation, Kureha Corporation, and Mitsubishi.