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Carbon fiber market forecast to 2020 including market size, growth, major segments and leading players
1. Carbon Fiber Market Forecast to 2020 including Market Size,
Growth, Major Segments and Leading players
Report Description
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
2. 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.
4. 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,
5. 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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market
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
7. 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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