The Global Market for Carbon Fibers is Projected to Reach 156 Thousand Metric Tons by 2024

Special Properties Makes Carbon Fiber the Future of Manufacturing, 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 156 thousand metric tons by 2024, led by unique properties that make carbon fiber an attractive material in a wide range of engineering applications right from manufacturing vehicles, aircraft, buildings and gadgets that are more energy efficient and environment friendly.  

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 exhibit 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. Driven by the material’s numerous attributes, carbon fiber has emerged as an ideal material for use in the production of lightweight and highly durable components in a range of commercial and industrial applications including aerospace & defense, wind energy, automotive, construction and sports and leisure goods, among several others.

The growth in the global carbon fibers market is spearheaded by the rising need for lightweight components in end-use sectors such as aerospace & defense and automotive, the increasing emphasis on power/energy generation from renewable sources such as wind energy, and the escalating demand for fuel-efficient vehicles. The promising performance and structural advantages of carbon fibers, development of new applications and the growing demand from emerging markets are driving demand for carbon fibers worldwide. Increasing use of carbon fiber reinforced polymers (CFRP) in applications such wind energy, sporting goods and civil engineering also bodes well for the carbon fibers market. Driven by technological advancements, carbon fiber continues to attract the attention of existing as well as new applications in industrial and recreational markets. Consumer confidence in high performance materials and immediate requirement for such materials are also fueling demand for carbon-based structural products.

Aerospace & defense sector is the largest end-use application market with growth supported by increased emphasis on reducing structural weight and improving fuel efficiency of aircraft. Automotive industry is another fast growing market for carbon fibers. The growing need to improve fuel efficiency and rising concerns over vehicular pollution have led to the implementation of stringent regulations across the world, thus driving demand for lightweight vehicles. In this regard, carbon fiber and its composites are finding demand in reducing the curb weight of vehicles, without any adverse impact on the strength.

As stated by the new market research report on Carbon Fibers, Europe represents the largest market worldwide, supported by the region’s strong edge in material science and technology and continuous focus on developing new materials for industrial purposes. Asia-Pacific ranks as the fastest growing market with a CAGR of 15.9% over the analysis period, led by factors such as expanding base of the manufacturing sector in countries such as China, India, Taiwan; growing replacement of aluminum with carbon fiber reinforced polymer; robust automobile, aerospace, ship building and construction industries; and growing reliance on material science for stepping-up global competitiveness of the domestic manufacturing sector especially in countries adopting export-oriented industrialization strategy.

Major players in the market include Cytec Solvay Group, DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Mitsubishi Chemical Holdings Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., 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. The market is analyzed by the following end-use applications: Aerospace & Defense, Sports Goods, Industrial Applications, Wind Energy, Automotive and Others. 

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