The global carbon fiber market is projected to reach USD 6.36 billion by 2025, as per a new report by Grand View Research, Inc. The demand for lightweight materials in the manufacturing of automobiles so as to reduce the overall fuel consumption is expected to support the industry growth. Key regions which include United States, Japan etc. have high concentration of carbon fibre manufacturers which is expected to play a key role in propelling the product demand in these regions.
Europe is anticipated to be the largest as well as fastest growing region owing to the presence of aircraft manufacturing giants and major automobile manufacturers such as BMW, Mercedes, Ferrari etc. These companies are emphasizing on building low-weight, fuel efficient, low emission, environment friendly cars, which directly will lead to the increased consumption of carbon fibre in various applications.
The industry is growing and is composed of several large players. However, minimizing the overall product cost is a major challenge faced by market participants. The market is characterized by strategic partnerships in order to achieve competitive advantage over their competitors.
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Further Key Findings from the Study Suggest:
The global market is valued at USD 2.49 billion in 2016 and is estimated to register a growth of 10.9% from 2017 to 2025.
Europe is expected to hold the highest market share by 2025 in terms of both volume and revenue
U.S carbon fibre market is expected to witness the highest growth from automotive segment growing at an estimated CAGR of 13.3% during 2014 to 2025
Growth in Asia Pacific can be attributed to high growth of construction as well as automotive industries
The aerospace and defense segment holds the highest market share and is projected to grow at an estimated CAGR of 13.1% over the next nine years.
Carbon fiber being lightweight, has been increasingly used in aircraft building over traditional materials such as aluminum. This has led to the segment growth over the period.
Polyacrylonitrile (PAN) is expected to witness highest growth due to its superior properties in addition to the extensive production capacities.
Pitch segment is estimated to grow at a CAGR of 7.8% by volume over the forecast period.
Key companies operating in the market include, SGL Group, BASF, Hexcel Corporation, Toray Industries Inc., Mitsubishi Rayon Co., Ltd., SE and Teijin Limited, etc.
Grand View Research has segmented the global carbon fiber market on the basis of raw material, tow size and application:
Carbon Fiber Raw Material Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Carbon Fiber Tow Size Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Carbon Fiber Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Aerospace & Defense
Molding & Compounding
Carbon Fiber Regional Outlook (Tons, USD Million, 2014 - 2025)
Central & South America (CSA)
Middle East & Africa (MEA)
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