Global carbon fiber market to reach US$3.73 bln by 2020

11-Aug-15

Carbon Fiber Market Expected to Reach US$3.73 Billion by 2020 amid increased demand from automotive, sporting goods and aerospace defense, as per Transparency Market Research. According to the report, the global carbon fiber market is expanding progressively at a CAGR of 9.9% from 2014 to 2020 the forecast period. In 2013 the global value of the carbon fiber market was US$1.94 bln and this is set to increase and reach a value of US$3.73 bln by 2020, as described in the market report Among carbon fiber types, the PAN (polyacrylonitrile) based carbon fibers product segment is expected to increase in demand due to its unique structural properties. Wind-energy is an end-user segment in carbon fiber that had a 24% market share in 2013. The automotive end-user segment is considered as the fastest growing in the report. The major end user segments predicted as positive growth propellers in the carbon fiber market are; wind energy, defense industries, automotive industry and sporting goods, due to the rise in demand. Geographically, carbon fiber market is divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). In Europe the automotive, aerospace, defense, and wind energy segments have witnessed growing demands and these factors are expected to drive the market. Europe carbon fiber market share was 37% in 2013. Emerging nations in Asia Pacific region have indicated rise in demand for carbon fiber composites especially China and India. This region is projected as the fastest growing market over the next few years. Due to slow economic recovery, North America is a steadily growing market for carbon fiber. Rest of the World (RoW) geographical segment is expected to register substantial growth over the next few years due to carbon fiber demand in countries in the Middle East and Latin America Market opportunities for carbon fiber are elaborated as the expanding demand for durable and lightweight carbon fiber constituents in end-user industries such as construction and automotive industries. Market constraints for carbon fiber are high costs and recycling problems that could hinder market growth over the next few years.The market research report lists the major players for carbon fiber in the report. Among these are Hexcel Corporation, Teijin Ltd, Cytec Industries, Mitsubishi Rayon Co., Ltd, and Toray Industries