ALBANY, New York, November 14, 2018
ALBANY, New York, November 14, 2018 /PRNewswire/ --
The global carbon fiber market is witnessing stiff competition. This is because of the presence of many players who are constantly looking for ways to increase their market shares. One popular strategy among them is strategic mergers and acquisitions which enables them to enhance synergy. It gives them easy access to new markets and also enables them to diversify their product portfolios easily. Some of the key players in the global carbon fiber market are Teijin Carbon, Toray Industries Inc., SGL Group, Mitsubishi Rayon Co., and Kureha Corporation.
A research study on the global carbon fiber market by Transparency Market Report finds that it would expand at a steady 6.8% CAGR from 2018 to 2026. At this pace, the market is predicted to become US$3.4 bn by 2026-end.
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With respect to application, the global carbon fiber market can be segmented into automotive, wind energy, construction, marine and oil and gas, aviation, sports and leisure, and aerospace. Of them, the automotive sector generates most of the revenue in the market since carbon fibers are seeing widespread usage in the exterior and interior parts of automotive segments such as door pillars, vents, and caps. With respect to geography, a flourishing construction industry in Asia Pacific has made the region a frontrunner. This is because to the swift pace of industrialization and urbanization in the region.
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Thrust on Fuel Efficient Cars Drives up Demand in Global Carbon Fiber Market
At the forefront of driving demand in the global carbon fiber market is the surging demand and sales of fuel-efficient vehicles. Besides, carbon fibers are also finding usage in wind turbines with demand for green energy rising. Carbon fiber is highly preferred since they are light weight and hence can improve speed and efficiency. Besides, the tensile strength of carbon fibers enables the wind turbine to survive even in bad weather. Thus it is increasingly supplanting metal for building wind turbines and cars. It makes cars fuel efficient.
A noticeable trend in the global carbon fiber market is the usage of the product in 3D printing. This would likely create new growth opportunities in the market going forward. Some of the main technologies used in the market are prepreg layup process, filament winding pultrusion process, and injection molding.
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High Production Cost Poses Headwinds to Market
A challenge facing the global carbon fiber market on the other hand is the high cost of production which makes the final products expensive. This is hampering sales to an extent. "Small-scale businesses, in particular, are not being able to afford them," states our lead analyst. Besides, once damaged, carbon fibers cannot be fixed easily. This means they would have to be discarded. This is another reason why the market is running into headwinds.
The review is based on the findings of a TMR report, titled, "Carbon Fiber Market (Product - PAN-based, PITCH-based; Technology - Prepreg Layup, Pultrusion, Filament Winding, Press and Injection Molding; Application - Automotive and Transportation, Construction, Aerospace and Defense, Sports and Leisure, Marine and Oil & Gas, Wind Energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026."
The report segments the Global Carbon Fiber Market into the following:
Global Carbon Fiber Market, by Product
Global Carbon Fiber Market, by Technology
Global Carbon Fiber Market, by Application
Global Carbon Fiber Market, by Region
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