The Global Market for Carbon Fibers is Projected to Reach 149 Thousand Metric Tons by 2022

Growing Focus on Super Strong Yet Light-Weight Structures in Engineering & Applied Science Drives Growth of Carbon Fibers, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Carbon Fibers market. The global market for Carbon Fibers is projected to reach 149 thousand metric tons by 2022, driven by the continued demand for lightweight and high-strength materials from end-use sectors such as aerospace & defense, automotive and wind energy.

Carbon fiber is a lightweight and strong material made from thin strands of carbon that are twisted to form a yarn and woven to create a cloth-like structure. Carbon fibers feature superior characteristics such as high tensile strength, reduced density, high temperature tolerance, high stiffness, low thermal expansion, improved electrical conductivity, non-corrosiveness and chemical inertness. Given these attributes, carbon fiber has emerged as an ideal material for use in the production of lightweight and highly durable components in a wide range of applications such as aerospace & defense, wind energy, automotive, construction and sports and leisure goods, among several others. The promising performance and structural advantages of carbon fibers, development of new applications and growing demand from emerging markets are driving growth in the market.

Increased demand for carbon fibers and carbon fiber composites is attributed to the relentless demand for lightweight, high performance and superior strength materials in applications ranging from renewable energy to aerospace. The growth is also being spearheaded by the escalating demand for fuel-efficient vehicles, rising need for lightweight components in various end-use sectors especially in aerospace & defense and automotive, and the increasing emphasis on power/energy generation from renewable sources such as wind energy. Increasing use of carbon fiber reinforced polymers (CFRP) in applications such as wind energy, sporting goods and civil engineering also bodes well for the market. Driven by technological advancements, the carbon fiber industry continues to expand into newer markets and applications. The growing role of carbon-based materials in supporting an intelligent society will help spur future growth in the market. Aerospace & defense represents the largest end-use market for carbon fibers. The rising demand for carbon fiber composites in aircraft design is attributed to the engineering emphasis on designing fuel efficient aircraft with the ability to carry higher payloads.   

As stated by the new market research report on Carbon Fibers, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a compounded annual rate of 17.2% over the analysis period, led by strong investments in materials research, upgrade of the energy infrastructure in developing Asian countries and the preference for carbon-based structures as sustainable materials in developing modern energy generation and storage solutions, robust electronics and semiconductor manufacturing activity in South Korea and Taiwan and growing research and commercialization interest in carbon-based semiconductors.

Major players covered in the report include Cytec Solvay Group, DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Mitsubishi Rayon Co. Ltd., Nippon Graphite Fiber Corporation, SGL Group – The Carbon Company, Teijin Ltd., Toho Tenax Co. Ltd., Toray Industries Inc., and ZOLTEK™ Carbon Fiber, among others.

The research report titled “Carbon Fibers: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific) and Rest of World. Global market for Carbon Fibers is analyzed by the following End-Use Application - Aerospace & Defense, Sports Goods, Industrial Applications, Wind Energy, Automotive and Others.

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