CHICAGO, April 10, 2019 /PRNewswire/ -- According to the new research report "Carbon Fiber Market by Product Type (Continuous, Long, Short), Raw Material (PAN, Pitch, Rayon), Form ( Composite, Non-Composite), End User Industry (Aerospace & Defense, Automotive, Wind Energy, Sporting Goods), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Carbon Fiber Market is estimated to be valued at USD 2.87 Billion in 2016, and is projected to reach USD 8.00 Billion by 2026 at a CAGR of 10.8%.
Composite form comprises a major share of the carbon fiber market in terms of value
Composite form of carbon fiber is used in various industries such as aerospace & defense, automotive, wind energy, sporting goods, pipe & tank, civil engineering, marine, and others. Carbon fiber offer high strength, rigidity, high tensile strength, and so on. On account of these properties, it is used in these end-use industries.
Continuous carbon fiber is expected to grow at the highest CAGR in the global carbon fiber market during the forecast period
Continuous carbon fibers offer higher tensile strength compared to other types of carbon fiber products. These fibers can be used in layup, weaving, prepregging, filament winding, braiding, and pultrusion processes for manufacturing composites parts for various end-use industries such aerospace & defense, automotive, and wind energy. Continuous carbon fiber are also used in the 3D printing industry as it offers stiffness and strength.
North America is expected to hold the largest market share in the carbon fiber market during the forecast period
North America is estimated to account for the largest share of the market in 2016. The growth of the carbon fiber market in the North American region is driven by the growing aerospace & defense, wind energy, and automotive industries due to the presence of established players and stringent environmental regulations stressing upon the use of carbon based composite. Some of the leading players such as Hexcel Corporation (U.S.) and Cytec Industries (U.S.) have accelerated their R&D efforts to provide good quality carbon fiber. Moreover, the Asia-Pacific region is witnessing rapid economic development and industrialization, which is also giving an impetus to the carbon fiber market in the region.
Some of the leading players in Carbon Fiber Market are Hexcel Corporation (U.S.) and Cytec Industries (U.S.) have accelerated their R&D efforts to provide good quality carbon fiber. Moreover, the Asia-Pacific region is witnessing rapid economic development and industrialization, which is also giving an impetus to the carbon fiber market in the region.
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