The carbon fiber market is expected to reach more than US$ 4.8 billion by 2023, increasing to CAGR by more than 9.7 per cent from 2016 to 2023. Carbon fiber is a fiber made up of 90% of carbon atoms. Microscopic crystals are aligned parallel to the long axis of carbon fibre. Because of the crystal alignment, the fiber is incredibly strong for its size. Thousands of carbon fibers are folded together to form a yarn that is then woven into a fabric. Carbon fibers are usually classified as fiber tensile modules. Almost 30 years ago, carbon fiber was not used because of its cost and was therefore only used in the aerospace industry.
Carbon fibers are now used in a variety of industries, such as sports goods, automotive, wind turbines, marine, construction, 3D printing and many such applications.
Raw materials used in the manufacture of carbon fiber are known as precursors. Almost 90% of carbon fibers are made from polyacrylonitrile (PAN). The remaining 10% is made from a pitch or a radius of petroleum. Many liquids and gasses are used in the production process of carbon fiber. Some of these materials are specially designed to have a specific effect. Growing demand for carbon fiber from the aerospace & defense industry is the main driver of the global market for carbon fiber. Carbon fibers are known for their high strength to weight ratio. They are therefore widely used in the manufacture of aircraft components such as elevators, floor beams, wings, engine nacelles and vertical stabilizers, among others. Increased demand from the automotive and wind industries is another factor driving the growth of global carbon fibers on the market.
Growing demand for carbon fiber from the aerospace & defense industry has led to an increase in the market for carbon fibers in North America. North America accounted for a significant share of the global market for carbon fiber and is expected to increase in the near future. The high demand for light aircraft from the defense industry is driving demand for carbon fiber on the global market. In 2015, Europe was the second largest market for carbon fiber. Growing automotive industries in the region have boosted the demand for carbon fiber in Europe. Fuel efficiency is a key factor in boosting demand for carbon fiber in the region’s automotive manufacturing sector. Europe is therefore expected to boost the high demand for carbon fiber during the forecast period. Increased demand for carbon fiber from the construction and wind industries in Asia Pacific is also expected to fuel the growth of the carbon fiber market in the region. Other regions, such as Latin America and the Middle East and Africa, are also projected to boost high demand for carbon fiber in the near future.
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- Lightweight material
- High tensile strength, heat resistant, etc.
- High demand for lightweight materials in the global market
- Opportunities from wide range of end-user industries
Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global CARBON FIBER market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global CARBON FIBER market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in CARBON FIBER market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of CARBON FIBER market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
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