Future Market of Carbon Fiber is Growing Globally: Research

The worldwide carbon fiber market volume comprises around 35 kilotons, whereas market revenue valued at about USD 1.9 Billion in 2015 and is anticipated to attain around USD 3.3 Billion by 2021, developing at a CAGR of about 9.8% between 2016 and 2021.

Carbon fiber composites are generally favored in applications where outstanding fatigue, low weight, strength, and stiffness characteristics are obligatory constraints. Numerous carbon fibers are bunched collectively to structure a tow, which might be utilized by itself or laced into a material. Carbon fiber composites are comparatively new and advanced fabric that has found several applications in the fields of aviation, automobiles, construction, sports, and even medical devices. Several sorts of carbon fibers are produced around the world. These consist of pitch-based, rayon-based, polyacrylonitrile (PAN) based, and others. PAN-based and Pitch-based carbon fibers are the key product segments of the worldwide carbon fiber market.

A major stake in worldwide carbon fiber market is captured by the PAN-based product type segment and is trailed by pitch-based carbon fiber. And other segments that comprise polyolefin-based and rayon-based carbon fiber are projected to be the rapidly budding segment in the near future. Wind energy was the biggest end-user segment, whereas automotive is anticipated to be the rapidly expanding end-user segment trailed by sporting goods in the years to come.

In 2015, North America, in terms of geography, was the biggest end user of carbon fiber. The use in North America is primarily fueled by the use of carbon fiber in the United States. At present, the United States utilizes approximately half of the global generation of carbon fibers. Also, the Asia-Pacific market is anticipated to expand at a rapid pace primarily owing to the increasing need for carbon fiber and their composites from budding countries in Asia such as China, India, and Japan. Europe is 2nd biggest customer of carbon fiber across the world. The mounting need from end-user industries such as defense & aerospace, automotive, and wind energy is projected to impel the growth of the carbon fiber market in the coming period in Europe. Also, the Middle East & Africa and Latin America are anticipated to log considerable expansion during the forecast period.

Few of the major players in the worldwide market consist of Cytec Industries, Toray Industries, SGL Group – The Carbon Company, Mitsubishi Rayon Co., Ltd., Kemrock Industries and Exports Ltd., Kureha Corporation, Hexcel Corporation, DowAksa, Formosa Plastics Corporation, Zoltek Companies, Inc., Teijin Ltd, and others.