Global Carbon Fiber Market: Snapshot
The global carbon fiber market is prophesied to be positively influenced by briskly advancing industries such as automotive, aerospace, sporting goods, and wind energy. Rapidly growing requirement for robust and lightweight carbon fiber peripherals is anticipated to be a major driving force of the business. Though the market could be plagued by higher costs of the material, it is predicted to deliver positive prospects on account of escalating demands from end-use industries.
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Owing to high investment costs and existence of established market players, there could be a small possibility of new entrants showing face. The global carbon fiber market is predicted to be fiercely competitive and leading players are expected to sustain themselves using cutting-edge strategies. Maintaining quality, focusing on customer requirements, neutralized prices, and innovations in design and technology could prove to be the key focus of business approach.
The global carbon fiber market could reach a valuation of around US$3.7 bn by 2020.
Wind Energy Sector to Prove More Lucrative with Application in Wind Turbines
On the basis of application, the international carbon fiber market could be segmented into automotive, aerospace and defense, wind energy, construction, sports, and marine among major end-user applications. Carbon fibers find their resourcefulness in these applications on account of their strength, high stiffness, resistance to fatigue, and ability to be manufactured into complex configurations. While considerable demands could be exhibited by the aerospace and sporting goods industries, the wind energy sector is foretold to showcase a dominant share in terms of market scope. It could continue to account for over a fifth of the total market revenue. With high tensile characteristics of carbon fibers, wind turbines are equipped with the ability to tolerate extreme weather conditions. The reduced weight of the turbines helps to raise their efficiency.
High strength-to-weight ratio and resistance to corrosion could enable the use of carbon fibers in the automotive industry at a massive rate. The demand for carbon fibers in aerospace could be a major contributing factor toward business growth. They are used as a substitute to aluminum, and their low weight improves the aerodynamics of aircrafts.
On the basis of their product type, carbon fibers could be categorized as PAN-based, pitch-based, and rayon-based. PAN refers to polyacrylonitrile while pitch is a viscoelastic material produced through distillation. PAN-based carbon fibers are prognosticated to be in demand due to their characteristic high tensility. However, their manufacturing process is complicated and expensive. Nevertheless, the need of materials of high strength, tensility, and lower density is so urgent that these minor restraints may be easily overcome. The forecast period is anticipated to witness a healthy growth owing to the factors mentioned here.
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Recovering U.S. Economy to Promise Growth for North America
While Europe is accounted for being one of the strongest regional contenders in terms of market revenue, the U.S. could exhibit a decent growth. Considering the healthy recovery of the U.S. economy, the carbon fiber market in North America is anticipated to witness a substantial growth. The presence of gargantuan aircraft manufacturing enterprises and defense companies could supplement this surge. Besides this, Latin America and the Middle East could register a higher demand for carbon fiber in the coming years.
Asia Pacific is expected to be a faster growing market among all the others mentioned previously. With the advent of the aviation and automotive sectors in emerging countries such as China and India, the market could be propelled on account of a rising demand for carbon fiber and its composites. Developing economies are slated to witness a higher growth rate, adding to the rise of the global carbon fiber market boom.
Recycling issues of carbon fiber could act as a hindrance to market growth. Nevertheless, carbon fibers have a plethora of advanced applications which could result in overcoming the slight restraints. Leading players of this industry could be able to fund into research and development for innovations in the disposal of carbon fiber components. Leading names for carbon fiber include Cytec Industries, Mitsubishi Rayon Co., Toray Industries, Hexcel Corporation, and Teijin Ltd.
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