Market Overview
The global carbon fiber market
has been segmented on the basis of raw material, form, type, application, and
region.
By raw material, the global
carbon fiber market has been classified into PAN, pitch, and rayon. Among
these, the PAN was the largest and the fastest growing segment in 2017. The
segment is expected to maintain its dominance during the review period, owing
to the high-performance characteristics offered such as high specific strength
and high temperature tolerance, which result in better performance, high yield,
and better processing of carbon fiber.
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Based on form, the global carbon
fiber market has been divided into composite and non-composite. The
composite segment held the largest market share in 2017, due to its wide use in
the automotive and aerospace & defense industries.
On the basis of type, the global
carbon fiber market has been segmented into continuous, long, and short
carbon fibers. The long carbon fiber is high in demand in the construction
industry. Thus, with the growth of the construction industry, the long carbon
fiber segment is expected to witness healthy growth during the review period.
The global market on the basis of
application has been divided into automotive, aerospace & defense,
wind turbines, sports equipment, molding & compounding, construction,
pressure vessels, and others. The aerospace & defense segment held the
largest share in the global carbon fiber market in 2017. It is expected to
continue its dominance during the review period. However, the automotive
segment closely follows the aerospace & defense segment in terms of share.
The aerospace & defense industry uses carbon fibers on a large scale, due
to its durability, lightweight, and high performance. Carbon fiber-based
products are widely used in remote areas by the defense industry, and
heavyweight products are generally avoided. It is used in the manufacturing of
parts of aircraft, due to the high tensile strength and resistance to chemicals
and extreme weather conditions.
Market players
Some of the major players
operating in the global carbon fiber market are Toray Industries, Inc
(Japan), Teijin Limited (Japan), SGL Group (Germany), Hexcel Corporation (US),
Mitsubishi Chemical Corporation (Japan), HYOSUNG (South Korea), Cytec
Industries Inc. (US), DowAksa (US), OJSC «SvetlogorskKhimvolokno» (Belarus),
Taekwang Industrial Co., Ltd (South Korea), Nippon Graphite Fiber Co., Ltd.
(Japan), Formosa Plastics Corporation (US), Carbon Mods (US), and Kureha
Corporation (Japan).
Regional Analysis
Global carbon fiber market has
been spanned across five regions, namely Asia-Pacific, North America, Europe,
Latin America, and the Middle East & Africa. North America held the largest
share in the global carbon fiber market in 2017, owing to the abundant use of
carbon fiber in the automotive and aerospace & defense industries.
Asia-Pacific held the second-largest, but was the fastest growing market for
carbon fibers in 2017 and is projected to follow the same trend during the
forecast period. The European and Latin American markets are expected to grow
at considerable and moderate rates, respectively, during the forecast period.
The Middle East & African market is projected to witness sluggish growth
during the review period.
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