Carbon Fiber Market: Huge demand and application in automotive sector boost the global industry, says ZMR

24-Apr-2017 | Zion Market Research

Carbon fiber composites are generally chosen in purpose where low mass rigidity, strength, and exceptional fatigue characteristics are vital requirements. Several of such fibers are grouped collectively to form spools or can be woven into a fabric. These composites are moderately new and superior material that has created many applications in the field of aviation, automobiles, sports, construction, and even medical devices.

They are created and produced in various forms. Majorly, a carbon fiber combines with various other materials to form composites. Based on the product type, global carbon fiber market is segmented as polyacrylonitrile (PAN) based and pitch-based. Further, based on the end user segment, it is classified in various sectors such as sports, wind energy, aerospace, power plants, and defense.

The carbon fiber market was esteemed at USD 1.9 Billion in 2015, and is projected to accomplish USD 3.3 Billion in 2021 and is likely to grow at a CAGR of 9.8% between 2016 and 2021.

Drastically growing industries and urbanization in the developing nations is generating a huge demand for the material. High standard product development with required specifications based on the end user application and wide scope of development of the material by combining various other materials are developing great opportunities for the manufacturers in terms of new product deliverance. Huge demand and application in automotive sector owing to superior material specifications over metal or plastic parts are some of the parametric factors that are boosting the growth of the global market. Constant development of aerospace projects is creating some great opportunities for the key player in the global market.

Toray—a prominent key player in the global market targets to hike the prices of fibers that are used in bicycle frames and sports goods by 20%. The fiber used for aircraft won’t be the part of the price hike.

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Some of the prominent players dominating the global carbon fiber market with their reliable product development and manufacturing include Zoltek Companies, Kureha Corporation, Kemrock Industries, Hexcel Corporation, Formosa Plastics Corporation, Toray Industries, SGL Group – The Carbon Company, Mitsubishi Rayon Co Teijin Ltd, and Cytec Industries.

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