The rising demand for carbon fiber from end-use industries is one of the key factors boosting the carbon fiber market growth, says Fortune Business Insights ™ in a report, titled “Carbon Fiber Market Size, Share & Industry Analysis, By Raw Material (Polyacrtlonitrile, Pitch, Rayon), By Application (Composite Carbon Fiber, Non-Composite Carbon Fiber), By End-Use Industry (Aerospace & Defence, Sports & Leisure, Automotive, Wind Energy, Marine, Others) and Regional Forecast, 2019-2026” Increasing manufacturing of aircraft and growing advanced technology is predicted to foster healthy growth of the market in the foreseeable future.
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List of prominent companies that are operating in the global aerostructures market are:
- Hexcel Corporation
- Mitsubishi Chemical Carbon Fiber and Composites Inc.
- SGL Carbon SE
- Teijin Limited
- Toray Industries Inc
- Jiangsu Hengshen Co. Ltd.
- Zhongfu Shenying Carbon Fiber Co. Ltd
- and Weihai Guangwei Composites Co. Ltd.
According to the report, the carbon fiber market based on raw material is segmented into Polyacrylonitrile (PAN), pitch and rayon. Polyacrylonitrile (PAN) is expected to account for maximum share in the market owing to its wide use in carbon fiber production because of its superior material properties such as high tensile strength and temperature resistance. Furthermore, the low cost of PAN is likely to fuel demand, which will, in, turn boost the carbon fiber market share. Moreover, the expansion of the aerospace & defence industry will bode well for the composite carbon fiber owing to the strength, rigidity, and applications such as composite molding, woven fibers, and others.
The report offers profound insights into the prevailing trends of the carbon fiber market. It shares an all-encompassing study of all the segments and provides comprehensive data on all the aspects, including regional analysis. It is put together after proficient research followed by in-depth analysis to assist companies, stakeholders, financers and potential investors. It is intended to give a compressive depiction of the market size. Moreover, it also includes the latest advancement and development, product launches, acquisitions, collaborations & partnerships, and others.
Announcement of Lightweight solutions for Industrial Applications by Hexcel Corporation to Spur Business Opportunities
Hexcel corporation presented lightweight solutions for industrial applications at the Turkish Composite Summit 2019. These industrial ranges of composite materials consist of carbon fiber and reinforcements, prepregs, honeycomb and adhesives, and other fibers. The announcement by Hexcel Corporation for industrial applications is expected to bolster the healthy growth of the market in the forthcoming years.
Also, the declaration by SGL Carbon for industrial and other applications is predicted to create growth opportunities during the forecast period. For instance, in September 2019, SGL Carbon presented solutions and materials made of carbon fiber composites for industrial and other applications at the China Composites Expo. The company showcased its product portfolio ranging from SIGRAFIL carbon fibers and textile semi-finished products to REFRASIL silica-based materials. These products are developed, especially for high-temperature applications in the aerospace industry.
Moreover, In March 2017, Mitsubishi Rayon Company, Japan, acquired SGL Carbon Fibers LLC, the fiber production base of the German SGL Group. This plant will produce high-quality large-tow carbon fiber up to 5000 tons/year. The acquisition of SGL Carbon Fibers LLC by Mitsubishi Rayon Company is expected to boost the carbon fiber trends in the forthcoming year. However, the high price of carbon fibers is predicted to hamper the growth of the market in the foreseeable year.
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Presence of Well-Established Industries to Stimulate Growth in North America
Geographically, the carbon fiber market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe followed by North America is expected to dominate the market in the foreseeable future owing to the presence of well-established end-use industries such as aerospace & defense, automotive, and wind energy
APAC is the fasted growing market for carbon fiber due to the increasing demand for carbon fibers from various industries. North America is predicted to witness high demand due to the availability of carbon fibers and increasing advanced technology across the region. Latin America and Middle East & Africa are expected to grow rapidly during the forecast period. The growth witnessed in the region is due to the growing economy, industrialization and rapid urbanization. These are the driving factors for the growth of the market in the regions.
Major Segments Includes:
By Raw Material
- Composite Carbon Fiber
- Non-Composite Carbon Fiber
By End-Use Industry
- Aerospace & Defence
- Sports & Leisure
- Wind Energy
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