Carbon Fiber Market by products, applications & regional analysis 2018-2024
One of the largest factor that drives the Carbon Fiber
Market is wind energy sector with close to 15% of the global demand.
With depletion of fossil fuels, the world is now acknowledging the synthesis of
energy from renewable resources. The advancements in the wind energy sector
will lead to increasing use of carbon fiber in the manufacture of light weight
and strong turbine blades and their parts.
The Carbon Fiber Market demand rose steadily after the
general economic recession in 2009. The market is forecast to grow at
substantial rate from 2016 to 2024. This growth is accounted for the upcoming
developments in the fields of aerospace & defense, sporting goods, wind
energy, automobiles and even in the market of civil engineering and electronics
goods.
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Thermoset and thermoplastic fibers are the two basic types
of carbon fibers based on the resin type. Most of the aerospace prepregs are
made of thermoset fibers due to its mechanical superiority. Thermoplastics have
a higher shelf life and find more application in areas where the requirement of
strength and resistivity is outshined by durability.
Based on the type of industry, carbon fiber finds major use
in aerospace & defense industry, wind energy sector, sports equipment
industry, automotive industry and others. Aerospace industry is the primary end
user, of which commercial aerospace sector has the major market share in terms
of volume as well as revenue.
The wind energy segment has a lot of promise for the market
growth owing to increase in global renewable energy demand. Light weight and
strong gym equipment and other luxury items will enhance the global demand for
carbon fiber by 2024. With the focus of leading automobile manufacturers
shifting towards weight reduction of the cars, carbon fiber reinforced plastics
will find an increasing demand in the forecast period.
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The most demanding region for the industry is North America
with an annual production capacity recorded more than third of the global
carbon fiber market. With more research and development in the aerospace and
defense sector in the US, this demand is forecast to grow in the span from 2016
to 2024. The second largest producer is Europe with its commercial as well as
military aircraft manufacturing units. The large number of high end automotive
industries in Germany and Italy will also influence the carbon fiber market
positively.
The leading manufacturer of carbon fiber in terms of
production in 2013 was Toray Industries and recorded over 20 thousand tons of
production capacity. Other companies providing competition in this sector are
Zoltek, Toho Tenax, Mitsubishi Rayon Co. Ltd., SGL Carbon SE, Formosa Plastics
Corp, Hexcel Corporation and others.
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Carbon Fiber Market by products, applications & regional analysis 2018-2024
Reviewed by snehal
on
July 10, 2018
Rating:
Reviewed by snehal
on
July 10, 2018
Rating:
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