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Published Date: 2014-09-12Number of Pages: 96

Carbon Fiber Market (PAN-based, Pitch-based and Others) for Wind Energy, Automotive, Aerospace and Defense, Sports, Construction and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020

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.

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.

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.

 

The rapid development in the retail sporting goods market is driving the global market for carbon fiber to a great extent. During the period between 2014 and 2020, the wind energy market anticipated to exhibit increased demand for carbon fiber. Additionally, the rising demand from the aerospace industry is also likely to boost the global carbon fiber market over the forecast period.

The global carbon fiber market is mainly analyzed on three fronts: products, end users, and regions. On the basis of products, the worldwide carbon fiber market is segmented into the markets for pitch-based carbon fiber, PAN-based carbon fiber, and others such rayon-based carbon fiber.

The automotive industry, wind energy industry, aerospace and defense sector, construction sector, sports industry, and other markets such as the marine industry are the main end users of carbon fiber. Regionally, the global carbon fiber market is spread across North America, Asia Pacific, Europe, and the Rest of the World.

This research report on the global carbon fiber market has been prepared with an objective to provide market participants a comprehensive overview of the global carbon fiber market. It gives established players as well as new market entrants access to an executive-level blueprint of the market. Information included in the report aims to help them make rewarding strategies for business expansion.

Overview of the global carbon fiber market 
According to the report, in 2013, the global carbon fiber market stood at US$1.9 bn. Aided by the increasing demand for carbon fiber from the global automotive industry, this market is likely to expand at a CAGR of 9.90% between 2014 and 2020 and reach US$3.7 bn by the end of the forecast period.

The market for PAN-based carbon fibers held the leading position in 2013, accounting for 85% of the overall carbon fiber market. The market segment is likely to maintain its leading position throughout the forecast period.

Wind energy emerged as the biggest end user for carbon fiber in 2013, accounting for over 24%, of the overall carbon fiber market. However, the automotive industry is expected to register the fastest rise in demand for carbon fiber among all the end users during the forecast period.

Europe, among all the regional markets, accounted for over 37% of the global market, acquiring the leading position in 2013. During the forecast period, the Asia Pacific carbon fiber market is anticipated to report the fastest growth in the global market. In addition, the North America carbon fiber market is projected to experience a decent growth in the same time period.

The report also discusses the challenges faced by the global carbon fiber market, the most significant of which are the high cost of carbon fiber and complexity associated with recycling the carbon fiber components. These factors are expected to hamper the growth of this market during the forecast period.

Companies mentioned in the research report 

Toray Industries Inc., Teijin Ltd., Hexcel Corp., Mitsubishi Rayon Co. Ltd., SGL Group - The Carbon Company, Zoltek Companies Inc., Kureha Corp., Formosa Plastics Corp., Cytec Industries Inc., DowAksa, Kemrock Industries and Exports Ltd. are the major international carbon fiber manufacturers mentioned in this report.

Key segments of the global carbon fiber market

By Product

  • PAN-based
  • Pitch-based
  • Others (including rayon-based, etc.)

By End User

  • Wind Energy
  • Automotive
  • Aerospace and Defense
  • Sports
  • Construction
  • Others (including marine, etc.)

Major regions analyzed under this research report are: 

  • Europe
  • North America 
  • Asia Pacific 
  • Rest of the World 

This report gives you access to decisive data such as:

  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for the coming years 

Key highlights of this report

  • Overview of key market forces propelling and restraining market growth 
  • Up-to-date analyses of market trends and technological improvements 
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors 
  • An array of graphics and SWOT analysis of major industry segments 
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis 
  • Offers a clear understanding of the competitive landscape and key product segment


 
 
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