Carbon fiber is a type of fiber that is made from carbon. These fibers are primarily used for manufacturing lightweight and durable components. The components are used in several end-use industries such as aerospace, automotive, energy, sports goods, construction, and others. Statistics indicate that the global carbon fiber market was valued at US$1.9 bn in 2013 and is expected to reach US$3.7 bn by 2020, growing at a significant CAGR of 9.90% from 2014 to 2020.
The global carbon fiber market is segmented on the basis of product, end use, and geography. The products in the carbon fiber market are PAN-based, pitch-based, and others such as rayon-based. The end users in the carbon fiber market are automotive, wind energy, aerospace and defense, construction, sports, and others such as marine. Geographically, this market is segmented into Asia Pacific, North America, Europe, and Rest of the World.
PAN-based Carbon Fibers Segment to Lead Global Carbon Fiber Market
According to a research report, the PAN-based carbon fibers segment held a share of 85% in 2013 in the overall global carbon fiber market. This segment shows promise of tremendous growth in the coming years, as the demand for PAN-based carbon fibers will be heavy in upcoming constructions. Therefore, as demand for PAN-based carbon fibers from several industries continues to be on the rise, it will create a positive atmosphere for the segment to grow in the coming few years.
Wind Energy Segment will Remain the Main Driver for Global Carbon Fiber Market
Amongst the end users of carbon fibers, the wind energy segment held a significant share of 24% in the global carbon fiber market in 2013. On the other hand, in the coming six years, trends indicate that the automotive segment will be the fastest growing end-use segment in the overall global carbon fiber market. Additionally, the increasing demand for carbon fibers from the wind energy, sporting goods, and aerospace and defense industries is also expected to propel the global carbon fiber market by the end of 2020.
Asia Pacific to Offer Several Opportunities to Global Carbon Fiber Market
In terms of region, Europe held a large share of 37% in the overall carbon fiber market in 2013. The growth of this regional segment is mainly attributable to the increasing demand from end-use industries such as automotive, wind energy, and aerospace and defense. On the other hand, Asia Pacific is also likely to show impressive growth in the global carbon fiber market in the coming few years. This demand will be attributable to the growing demand for carbon fibers and their composites from growing economies of Asia such as China and India. In the same timeframe, North America, too, has a good growth potential for the carbon fiber market as the U.S. economy begins to recover from the recent economic slowdown. Additionally, strong growth in regions such as Latin America and the Middle East is expected to drive the demand for carbon fiber in the Rest of the World region.
Browse the full Global Carbon Fiber Market report at http://www.mrrse.com/carbon-fiber-market
The important players in the global carbon fiber market are Toray Industries Inc., Teijin Ltd., Mitsubishi Rayon Co. Ltd., SGL Group – The Carbon Company, Hexcel Corp., Zoltek Companies Inc., Kureha Corp., Formosa Plastics Corp., Cytec Industries Inc., Kemrock Industries and Exports Ltd., and DowAksa.