Carbon Fiber Market Forecast to 2020 including Market Size, Growth, Major Segments and Leading players

Carbon fibers are fibers produced from carbon that are used in the manufacture of lightweight and durable components in a wide range of industrial applications. Several types of carbon fibers are produced around the world. These include polyacrylonitrile (PAN) based, pitch-based, rayon-based and others. PAN-based carbon fibers and pitch-based carbon fibers are the key product segments of the global carbon fiber market. Components made from carbon fibers and their composites are utilized in several end-user industries such as wind energy, automotive, aerospace, sports goods, construction and others (including marine and electronics applications). Wind energy and aerospace and defense are the key end-user industries in the global carbon fiber market. In terms of revenue, the global carbon fiber market was valued at USD 1.94 billion in 2013 and is projected to reach USD 3.73 billion by 2020, expanding at a CAGR of 9.9% from 2014 to 2020.

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The PAN-based carbon fibers segment accounted for over 85% share of the global carbon fiber market in 2013. The others segment is expected to be the fastest growing segment of the global carbon fiber market in the next few years. Due to exceptional structural properties, the demand for PAN-based carbon fibers is anticipated to increase in the next few years. Increasing demand for PAN-based carbon fibers from different end-users is likely to have a positive impact on the global carbon fiber market in the next few years.

Wind energy, which accounted for more than 24%, was the largest end-user segment of the global carbon fiber market in 2013. Automotive is expected to be the fastest growing end-user segment of the global carbon fiber market in the next six years. Growing demand from sporting goods, wind energy and aerospace and defense industries is expected to drive the global carbon fiber market in the next six years.

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The global carbon fiber market is segmented based on regions. Europe, which accounted for more than 37%, was the largest regional market for carbon fiber in 2013. Growing demand from end-user industries such as wind energy, aerospace and defense and automotive is projected to drive the carbon fiber market in Europe in the future. Asia Pacific is expected to be the fastest growing regional market in the global carbon fiber market in the next few years. Rising demand for carbon fiber and their composites from emerging countries in Asia such as India and China is expected to drive the carbon fiber market in Asia Pacific in the next few years. The carbon fiber market in North America is anticipated to witness decent growth in the next six years owing to the strong recovery of the U.S. economy. Furthermore, the carbon fiber market in the RoW region is expected to record significant growth in the next few years, due to rising demand for carbon fiber from Latin America and the Middle East.

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Increasing demand for carbon fiber from rapidly growing end-user industries such as wind energy, aerospace and defense and sporting goods is expected to drive the global carbon fiber market in the next few years. Furthermore, rising demand for lightweight and durable carbon fiber components in the end-user industries such as automotive and construction industries is predicted to act as a lucrative opportunity for the carbon fiber market in the next few years. However, higher price and recycling issues of carbon fiber may hamper the growth of the carbon fiber market in the next six years. Major manufacturers of carbon fiber include Toray Industries, Teijin Ltd, Hexcel Corporation, Cytec Industries, Mitsubishi Rayon Co., Ltd. and others.

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