COVID19:Carbon Fiber Market — Global Industry Analysis and Forecast 2020 to 2027
Global Carbon Fiber Market: Key Highlights
- According to the new market research report “Carbon Fiber Market by Raw Material (PAN Based Carbon Fiber, Pitch Based Carbon Fiber, Rayon Based Carbon Fiber), by Fiber Type (Virgin Carbon Fiber, Recycled Carbon Fiber), by Product Type (Continuous Carbon Fiber, Long Carbon Fiber, Short Carbon Fiber), by Application (Composite and Non-composite), by end-use (Aerospace & Defense, Automotive, Wind Turbine, Sports Equipment, Construction, Others) by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global carbon fiber market is estimated to reach USD 10 Billion by 2027 at a CAGR of around 10.8% during the review period.
- Carbon fibers are also commonly known as graphite fiber, is a compound of a carbon atom bonded together to form a long chain
- Versatility, durability, and strength such properties make it valuable across various industries such as aerospace & defense, construction, automotive, medical equipment, and others
- However, owing during ongoing COVID 19 pandemic various industries the shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap.
Global Carbon Fiber Market: Key Market Dynamics
- Rise in manufacturing of aircraft owing to rising international tourism, rise in disposable income, and others has expected to surge the demand for carbon fiber market
- Use of carbon fiber in 3D printing technology will offer a significant opportunity for the market players
- Higher cost of carbon fibers may hamper product growth. Moreover, Oak Ridge National Laboratory (ORNL) located in the US is aggressively working to define low-cost carbon fiber (LCCF) technologies.
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Global Carbon Fiber Market: Regional Overview
- North America
The carbon fiber market in the North American region is projected to witness high demand due to the high production of aircraft in the region. The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. Thus, extensive R&D spending in the aerospace & defense industry is likely to propel the demand for carbon fiber in the coming years.
In Europe, carbon fiber will experience significant growth during the forecast period due to strong demand from the automotive sector. Stringent government regulations towards mandatory use of lightweight materials in the vehicles that improve efficiency by reducing fuel consumption have expected to surge the product growth. For instance, according to EUROPEAN ALUMINIUM in March 2018 revised the Regulation 2009/443, which sets targets for CO2 emissions from cars and vans, presents an ideal opportunity to consider the contribution of weight reduction to low carbon mobility.
Global Carbon Fiber Market: Key Players Overview
- TORAY INDUSTRIES, INC.:
TORAY INDUSTRIES, INC. was incorporated in 1959. The company operates through fibers & textile, performance chemicals, carbon fiber composite material, environmental & engineering, and life science and other business. In November 2017, TORAY INDUSTRIES, INC. developed new higher tensile modulus and tensile strength carbon fiber named TORAYCA MX series which will be served mainly for aerospace, industrial, and sports applications.
- TEIJIN LIMITED:
TEIJIN LIMITED was established in 1918. Healthcare, materials, IT, composites, and material business are business domains of the company. In 2019, the company generated sales of USD 7.96 billion. In January 2019, Teijin Limited agreed to acquire Renegade Materials Corporation (Renegade) with an aim to strengthen its carbon fiber and intermediate materials businesses to maintain its position as a leading provider of solutions for aerospace applications.
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