Global Carbon Fiber Market, published by Allied Market Research, forecasts that the global market was valued at $1,980 million in 2015 and is projected to reach $4,650n by 2022, growing at a CAGR of 11.1% during the forecast period.
The aerospace & defense segment was the largest revenue contributor to the global carbon fiber market in 2015. North America held the leading position, both in terms of value & volume, in 2015, and is expected to grow at the highest rate during the study period.
Aerospace & defense segment accounted for largest share of carbon fiber market in 2015, owing to the highest consumption of carbon fiber in commercial aircraft. Increased production of U.S.-based Boeing 787/777 and the Europe-based Airbus A350XWP is expected to drive the market growth. However, the increased prices and unavailability of carbon fibers are anticipated to restraint the market growth.
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Pan-based carbon fiber accounted for approximately 90% of the share in the global carbon fiber market in 2015, as it offers high yield and excellent processing properties. Pitch-based & rayon-based carbon fibers are still in the introduction stage, and are expensive than pan-based carbon fiber, thereby driving growth of the pan-based segment. Based on type, the continuous carbon fiber is projected to witness the highest growth rate during the forecast period. Composite form of carbon fiber dominated the market, accounting for majority of market share in 2015, and is also projected to register the highest growth rate during the forecast period.
Carbon Fiber Market Key Findings
- The aerospace & defense segment occupied the highest share in 2015, and is expected to grow at a CAGR of 10.1%, in terms of value, during the forecast period.
- North America is the leading consumer of carbon fiber, accounting for approximately more than one-third share of the global market, followed by Europe.
- Pan-based carbon fiber is expected to register the highest CAGR of 11.2%.
- Continuous carbon fiber segment accounted for approximately four-fifths of the global carbon fiber market in 2015.
- U.S. is the leading market in the North American region, growing at a CAGR 12.1%.
North America accounted for the largest market share in 2015, and is projected to grow at the highest CAGR, owing to the presence of major manufacturers. In addition, the demand from the aerospace & defense, wind turbines, and marine sectors is expected to drive the market growth in North America. Europe was estimated to be the second largest consumer for carbon fiber in 2015, due to the increased demand from the aerospace & defense and sports/leisure industries.
The prominent players profiled in this report Toray Industries Inc., SGL Group, Hexcel Corporation, Cytec Industries Inc., Mitsubishi Rayon Co., Ltd., Hyosung, TEIJIN Limited, Dowaksa, OJSC “Svetlogorskkhimvolokno,” and Kemrock Industries & Exports Limited