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Carbon Fibers Market (Precursor Type- Pitch Based Carbon Fiber and PAN Based Carbon Fiber) Market By Precursor Type (Pitch Based Carbon Fiber, PAN Based Carbon Fiber, Others (Polyolefin Based Carbon Fiber; Rayon Based Carbon Fiber, etc.)), By Application( Aerospace & Defense, Wind Turbines, Sports/Leisure, Automotive, Construction and Others) - Growth, Future Prospects, Competitive Analysis and Forecast, 2016 - 2023

The growing demand for lightweight aircraft in the defense industry has boosted the high demand for carbon fibers. Carbon fibers are gaining high demand from the global market due to their beneficial properties, such as high tensile strength, heat resistance, and manufacturing flexibility, among others. These properties have led to high demand from various end-user industries in the global market. The automotive industry accounted for the second largest application segment of the global carbon fibers market in 2015. Rising concerns for fuel-efficient has boosted market demand for carbon fibers due to their lightweight material property.

Due to the lightweight property of carbon fibers, automobiles consume less fuel giving without compromising on performance. Hence, high demand is reported for carbon fibers from the automotive industry. Manufacturing flexibility is another factor contributing to the growth of the carbon fiber market, especially in Europe. Europe is the hub for major automotive industries in the global market. Hence, Europe is the fastest-growing region for the carbon fibers market. Growing construction activities in the Asia Pacific have also led to the growth of carbon fibers in the market. Carbon fibers have replaced the materials used in the manufacturing of construction equipment. Hence, high demand is reported for carbon fibers from the construction industry.

The beneficial properties of carbon fibers are well suited for various applications based on their precursor type. The raw materials used in manufacturing carbon fibers are known as precursors. PAN-based carbon fibers accounted for the major share of the global carbon fibers market. The beneficial properties, such as high strength, heat resistance, and manufacturing flexibility, among others, have led to high demand from a wide range of end-user industries.

The carbon fiber market is expected to reach over US$ 4.8 Bn by 2023, growing at a CAGR of more than 9.7% during the forecast period 2016-2023.

Purpose of the Report

The purpose of this strategic research study titled “Global Carbon fiber Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global carbon fiber market.

Target Audience

  • Industry Investors
  • Carbon fiber Providers/Vendors
  • Research Professionals
  • Emerging Companies
  • Raw Material Suppliers/ Buyers
  • Product Suppliers/ Buyers
  • Research Institutes

Overall, the research study provides a holistic view of the global carbon fiber market, growth, offering market size, and estimates for the period from 2016 to 2023, keeping in mind the above-mentioned factors.

Based on precursor type, the carbon fiber market is categorized into the following categories:

  • Pitch-Based Carbon Fiber
  • PAN-Based Carbon Fiber
  • Others (Polyolefin Based Carbon Fiber, Rayon Based Carbon Fiber, etc.)

PAN-based carbon fiber market dominated the global carbon fiber market in 2015 and is expected to retain its position during the forecast period. The raw materials which are used in the production of carbon fibers are known as precursors. Carbon fibers are produced using materials such as PAN, petroleum, and rayon pitch. The carbon fibers produced are mostly made up of 90% of PAN. The remaining 10% are made from petroleum and rayon pitch. In recent years, the carbon fiber industry has been growing steadily to meet the rising demands from various applications in the end-user industries. Carbon fibers used in the end-user industries for different applications depend on the precursor type used to manufacture carbon fibers. The beneficial properties of PAN-based carbon fibers, such as thermal stability, low density, modulus of elasticity, and high strength, have led to high demand for various applications in the global market. Therefore, high demand is reported for PAN-based carbon fibers in the global market. Pitch is a material that is viscoelastic and is made up of aromatic hydrocarbons. Pitch-based carbon fibers are also expected to experience high demand during the forecast period due to their properties, such as high strength, high stress levels, and high elastic modulus, among others. Hence, pitch-based carbon fibers are also expected to experience high demand shortly, thereby boosting the growth of the global carbon fiber market. Other segment is expected to experience sluggish growth but gain market share during the forecast period due to growing end-user industries in the global market.

Based on its application, the carbon fiber market is categorized into the following segments:

  • Aerospace & Defense
  • Wind Turbines
  • Sports/Leisure
  • Automotive
  • Construction
  • Others

Growing demand for lightweight materials in manufacturing many products in the end-user industries has led to the growth of the carbon fibers market. Carbon fiber possesses beneficial properties for advanced materials such as high tensile strength, lightweight, heat resistance, and manufacturing flexibility. Therefore, high demand is reported for carbon fiber from various end-user industries such as aerospace & defense, energy, automotive, construction, and sports, among others. Aerospace & defense accounted for the largest application segment of carbon fiber in the market. The demand for lightweight materials in manufacturing aircraft components has led to high demand for carbon fibers. The high demand for lightweight aircraft in the defense industry has led to the growth of the global carbon fibers market. Fuel efficiency is another factor boosting the high demand for carbon fibers in the global market. Lightweight materials help in saving fuel and energy in automobiles. Hence, the automotive segment is expected to follow aerospace & defense and fuel the high growth of carbon fibers in the market worldwide. Carbon fiber is widely used in other industries, such as construction, sports, and wind turbines, among others. The lightweight property of carbon fibers is the major factor for its growth in the global market. The industries stated above are also expected to drive demand for carbon fibers during the forecast period from 2016 to 2023.

Based on geography, the global carbon fiber market is segmented into the following categories,

  • North America
  • U.S.
  • Canada
  • Europe
  • France
  • Germany
  • UK
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia Pacific
  • Rest of the World
  • Latin America
  • Middle East & Africa
  • Others

North America accounted for a major share of the global carbon fiber market in 2015 and is expected to increase shortly. Growing demand for carbon fibers from the aerospace & defense industry has led to high demand for carbon fibers from the region. Europe accounted for the second largest market for carbon fibers in 2015. The growing use of carbon fibers in the automotive industry is driving demand for carbon fibers in the region. A growing number of automotive industries has led to the growth of the global carbon fibers market. Asia Pacific followed Europe and accounted for the third largest market for carbon fibers. Increasing demand for carbon fibers from the construction industry is the major factor boosting the growth of carbon fibers in the region. Growing construction activities in the region are the major factor driving the growth of the carbon fibers market, especially in China and India. High demand for carbon fibers in manufacturing wind turbines has also contributed o the growth of the carbon fibers market. The rest of the World, which include Latin America and Middle East, and Africa is also projected to fuel demand for carbon fibers during the forecast period from 2016 to 2023.

Frequently asked questions :

The market for Carbon Fibers Market is expected to reach US$ 4.8 Bn by 2023.

The Carbon Fibers Market is expected to see significant CAGR growth over the coming years, at 9.7%.

The report is forecasted from 2016-2023.

The base year of this report is 2014.

Cytec Industries Inc, Dowaks, Formosa Plastics Corporation, Hexcel Corporation, are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Oct 2016
Category:  Chemicals
Report ID:   57872
Report Format:   PDF
Pages:   120
Rating:    4.4 (60)
Delivery Time: 24 Hours to 48 Hours   
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