ALBANY, New York, June 15, 2018 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Carbon Fiber Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026". According to the report, the global carbon fiber market is projected to be valued at more than US$ 3.4 Bn by 2026, expanding at a CAGR of 6.8% from 2018 to 2026. Carbon fiber are employed in the composite manufacturing to fabricate components for various end-use industries such as automotive & transportation and aerospace & defense.
Increase in Demand for Lightweight Vehicles and Rise in Pressure to Curb CO2 Emissions
Carbon fiber offers several structural and weight advantages over traditional steel and injection molded automotive parts. Carbon fibers offer high stiffness, tensile strength, temperature tolerance, less weight, and thermal expansion. Thus, these are preferred in the manufacturing of automobiles. Carbon fiber is primarily used in automobile interiors such as instrument panels, gearshifts, and dashboards along with exterior applications such as door pillars, vents, and gas caps.
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Carbon fiber composites offer excellent crash performance as compared to traditional steel. Steel absorbs around 35J/kg of energy, while carbon fiber composites absorb nearly twice of this. Therefore, along with weight reduction, these fibers offer better safety in vehicles. Carbon fiber is extensively used in racing vehicles, supercars, and mid-to-high end sports cars, such as Chevrolet's Corvette. Carbon fiber are increasingly used by BMW and Mercedes Benz due to recent developments in the market. Stringent government regulations on fuel efficiency and added safety norms are anticipated to increase its usage in lightweight vehicles. This, in turn, propels the carbon fiber market. This trend is expected to continue during the forecast period.
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Rise in Need for Light-weight High Strength Materials from the Aerospace Industry
The percentage of composites used in an aircraft increased to nearly 40% by the end of 2010. Utilization of composites further increased to more than 50% of the total weight of an aircraft by 2015. Carbon fiber is used to manufacture various aircraft components such as brake wing components, tail and body of planes, and rotor blades of helicopters. The global aerospace industry is expected to expand at a rapid pace during the forecast period. The consumption of composites, especially carbon fiber composites, is anticipated to rise during the forecast period due to the increase in production of aircrafts. Glass fiber composites were extensively used in the aerospace industry in the last few years. However, the use of carbon fiber is anticipated to significantly increase during the forecast period due to performance limitations of glass fiber, recent development of carbon fiber composites, and growing demand for lightweight and high strength materials. More than 50% of the Airbus A350 XWB and Boeing 787 airframes are manufactured using carbon fiber composite. Rise in demand for aerospace application is expected to drive the carbon fiber market during the forecast period.
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The global carbon fiber market has been segmented based on product type, technology, and applications. In terms of product type, the carbon fiber market has been divided PAN-based, PITCH-based, and others. The PAN-based segment accounted for a dominant share of the carbon fiber market, followed by PITCH-based segment, in 2017. Based on application, the carbon fiber market has been segmented into automotive & transportation, aerospace & defense, construction, sports & leisure, marine and oil & gas, wind energy, and others. The automotive & transportation segment has been sub-segmented into interior, exterior, and others. Carbon fiber was extensively used in the aerospace & defense industries in 2017. The trend is anticipated to continue during the forecast period.
Asia Pacific to Dominate the Carbon Fiber Market during the Forecast Period
In terms of volume and revenue, Asia Pacific dominated the carbon fiber market in 2017 and is expected to continue its dominance during the forecast period. Countries such as China and Japan are some of the major manufacturers and consumers of carbon fiber globally. Japan holds significant share of the carbon fiber market in Asia Pacific and across the globe owing to the presence of major manufacturing facilities of automotive and ship building, among others. The market in Europe is projected to expand at high growth rate due to the rise in usage of carbon fiber in automotive & transportation application. Moreover, North America is anticipated to create lucrative opportunities for the global carbon fiber market due to the increase in usage of carbon fiber in aircraft components. In Latin America, Brazil was a major consumer of carbon fiber in 2017. The carbon fiber market in Middle East & Africa is likely to expand at a sluggish pace during the forecast period due to less utilization of carbon fiber in the region.
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Consolidated Carbon Fiber Market
The global carbon fiber market is consolidated. Companies develop new strategies to expand their capacity and product portfolios through joint ventures and research & development. Additionally, major manufacturers are focusing on mergers & acquisitions with regional and global players to retain their market position in the global carbon fiber market. In 2014, Toray acquired Zoltek, which made Toray a market leader in the global carbon fiber market. Toray Industries Inc., Teijin Carbon, Hexcel Corporation, Mitsubishi and SGL are some of the key manufacturers in the global carbon fiber market. Formosa Plastic Corporation, Kureha Corporation, Kemrock Industries and Exports Ltd. are some of the prominent players in the carbon fiber market.
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Carbon fiber Market: Segmentation
Carbon Fiber Market, by Product (Tons, US$ Mn)
Carbon Fiber Market, by Technology (Tons, US$ Mn)
- Prepreg Layup
- Filament Winding
- Press & Injection Molding
Carbon Fiber Market, by Application (Tons, US$ Mn)
- Automotive & Transportation
- Aerospace & Defense
- Sports & Leisure
- Marine and Oil & Gas
- Wind Energy
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