Leading market research firm Transparency Market Research (TMR) has announced the publication of a new research study. The new report studies the global carbon fiber market and presents granular analysis of the same for players operating in it. The report covers the performance of the key segments of the global carbon fiber market as well as the performance of the major players in the market. Titled “Carbon Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, the TMR report projects the global carbon fiber market to exhibit a 9.90% CAGR from 2014 to 2020. The market, worth US$1.9 bn in 2013, is set to rise to a valuation of US$3.7 bn by 2020.
The global carbon fiber market is primarily driven by the rising demand for carbon fiber from diverse industries such as automotive, construction, wind energy, and aerospace. The prime property of carbon fiber leading to high demand from such diverse industries is its high strength-to-weight ratio, i.e. its high structural integrity and physical strength at lower weights than conventional materials.
The rising wind energy sector has displayed rising demand for carbon fiber in recent years due to the performance benefits brought about by carbon fiber rotor blades. Carbon fiber is lighter than the materials conventionally used to produce the blades in windmills, which lowers the minimum wind speed required to operate a wind power generation plant. Accordingly, wind energy was the largest end-use segment of the global carbon fiber market in 2013, with a share of 24%.
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In the automotive industry, lightweight components made from carbon fiber instead of conventional materials such as steel or aluminum present twofold benefits: improved dynamic performance and higher environmental viability. Due to the powertrain’s output being distributed over a lighter load, the dynamic performance of a vehicle is improved massively due to the usage of carbon fiber. The reduction in the total weight of a vehicle also results in a reduction in fuel consumption. In today’s environment-conscious age, the latter is of particular interest to carmakers, due to the advent of environmental regulations in several countries. Accordingly, the automotive industry is expected to emerge as the fastest-growing segment of the global carbon fiber market in the forecast period, according to TMR analysts.
The longstanding presence of both wind energy and automotive industries in Europe has led to the regional carbon fiber market emerging as the largest segment of the global market in 2013. Occupying 37% of the global market, the Europe carbon fiber market comfortably outpaced the Asia Pacific and North America markets for carbon fiber, the next two largest regional segments of the global carbon fiber market. However, the rapid growth of the automotive industry in China and rising government involvement in the wind energy sector in various Asia Pacific nations will result in the Asia Pacific carbon fiber market witnessing the highest growth rate of all regional segments in the forecast period.
The report also analyzes the global carbon fiber market on the basis of the various types of carbon fiber on offer in the market, among which PAN-based (polyacrylonitrile) carbon fiber leads the global market with a dominant share of 85%. The PAN-based carbon fiber segment is also expected to be the fastest-growing product segment of the global carbon fiber market in the forecast period, eclipsing the segments of pitch-based and other types of carbon fiber.Major companies in the global carbon fiber market profiled in the TMR report include Formosa Plastics Corp., Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Cytec Industries Inc., and Hexcel Corp.
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