According to the GMI Research forecast, the market is growing at a faster rate due to the growing automotive demand and the increasing need for lightweight vehicles. The global carbon fiber market is growing at a substantial rate over the forecast period (2020-2027). According to the GMI Research forecast, the market is growing at a faster rate due to the increasing health awareness and the changing lifestyle of the consumers.
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Carbon fibers are the fibers that are composed of the majority of carbon atoms and have a diameter of about 5-10 micrometers. These fibers are majorly used for the reinforcement of various polymers due to their high specific strength property. Carbon fiber provides various remarkable benefits such as less weight, high stiffness, high-temperature tolerance, high tensile strength, and low thermal expansion.
The global carbon fiber market is witnessing strong demand in the next six years. The increasing demand for carbon fiber among the aerospace & defense, automotive, and wind energy sectors is one of the major factor enhancing the demand of the carbon fiber market. Furthermore, the rising automotive demand, coupled with the growing need for lightweight vehicles, is further bringing various growth opportunities in the market. With the increasing environmental concerns, consumers are now looking for fuel-efficient vehicles to follow the government regulations regarding automotive pollution and minimize the amount of CO2 emission from the vehicles. The continuous expansion in the aerospace industry in the North American and European countries will further accelerate the global carbon fiber market demand.
With the increasing disposable income and globalization, there has been a drastic upsurge in demand for commercial aviation, particularly in the aerospace industry. The consumers are now emphasizing on their health and are getting involved in numerous sports and physical activities. This has led to the application of carbon fiber in numerous sports and leisure equipment to meet the increasing demand of consumers. All these factors will attract a large number of end-users to opt for carbon fiber during the forecast period. The increasing propylene production has fuelled the demand for polyacrylonitrile, which is a primary raw material for carbon fiber production. The growing number of R&D activities in the major regions is another factor that is supporting the growth of the carbon fiber industry. On the other edge of the spectrum, the COVID-19 outbreak has created various uncertainty in the market, which is having a negative trend for both the automotive market and the demand for carbon fiber. However, the market is anticipated to bounce back in 2021 at a significant rate.
Key Players of the Global Carbon Fiber Market:
• Hexcel Corporation
• Formosa Plastics Corporation
• TEIJIN Limited
• Hyosung
• Cytec Industries Inc.
• Mitsubishi Rayon Co. Ltd.
• Toray Industries Inc.
• SGL Group
• Solvay
• Jiangsu Hengshen Fibre Materials Co. Ltd.
• Dowaksa
Market Segmentation:
Global Carbon Fiber Market Report Segment by Raw Material:
• PAN–based carbon fiber
• Pitch–based carbon fiber
• Rayon–based carbon fiber
Global Carbon Fiber Market Report Segment by Fiber Type:
• Virgin carbon fiber
• Recycled carbon fiber
Global Carbon Fiber Market Report Segment by Product Type:
• Continuous carbon fiber
• Long carbon fiber
• Short carbon fiber
Global Carbon Fiber Market Report Segment by Modulus:
• Standard modulus
• Intermediate modulus
• High modulus
Global Carbon Fiber Market Report Segment by Application:
• Composite
o Prepreg
o Molding Compound
o Woven Fabric
• Non-composite
Global Carbon Fiber Market Report Segment by End-Use Industry:
• Aerospace &defense
o Commercial Aircraft
o Regional Jets
o General Aviation
o Rotorcraft
o Defense Aircraft
o Others
• Automotive
o Interior Parts
o Exterior Parts
• Wind Energy
• Sporting goods
• Electrical & electronics
• Civil Engineering
• Pipe & Tank
• Marine
o Yachts
o Catamarans
o Racing Boats
• Others
Global Carbon Fiber Market Report Segment by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, be it small and medium enterprises or large organization. Our research team helps the clients to understand the importance and impact of the market dynamics. We have a team of industry experts that provides unbiased insights on reports to best meet the specific needs of our clients. GMI Research’s analysts rely on secondary research to lay down the foundation of every report. We use both internal and external databases to cull out relevant information about the industry. Our main aim is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client, through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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