The report forecasts the global carbon fiber market to grow at a CAGR of 9.16% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Wind energy is emerging as a low-cost and renewable source of energy for electricity. Developed regions such as North America and Western Europe account for a larger proportion of the share in the total wind tower installations globally. It is a high-potential application area for carbon fiber as the industry is demanding lighter and more efficient turbine blades.
According to the report, increasing collaborations between vendors, and end-users in the market and academic or research institutions are expected to drive the global carbon fiber market during the forecast period.
Further, the report states that high competition prevails among the key vendors of the market, who have been dominating the market in terms of R&D investments. The possibility of growth for newer entrants in the market is low since it is difficult for these vendors to compete with the established vendors that have a strong reputation for providing quality products, unless such players have some advanced solutions to offer.