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Demand for carbon fibers has surged significantly on the back of its properties such as low moisture absorption, exceptional mechanical characteristics, high temperature resistance, and relatively lower cost. Several new architectural construction projects are witnessing huge employment of carbon fiber-reinforced concrete for repairing aging buildings and bridges. Carbon fibers significantly help in curtailing time required for construction activities, thereby reducing overall expenses. Apart from the construction industry, carbon fibers seek enormous applications in the automotive and aerospace industries, particularly for curbing the weight of components used. Increasing focus of automobile manufacturers in adoption of materials, which minimize the overall vehicle weight and enhance vehicle performance, has resulted into robust adoption of carbon fiber in this industry.
Carbon fibers are increasingly employed in the aerospace industry on the back of their good strength to weight ratio, and are utilized on a large scale for manufacturing aircraft components such as vertical stabilizers, engine nacelles wings, floor beams, and elevators. According to a recent FactMR research report, a splendid rise at 8.5% CAGR, in terms of value, will be recorded by the global carbon fibers market during the forecast period (2017-2026). Roughly 138,000 tons of carbon fiber are likely to be sold around the world by 2026-end.
In terms of value, the global market for carbon fiber will continue to be dominated by Asia-Pacific excluding Japan (APEJ), mainly driven by increasing investments in the infrastructure development in emerging countries such as India and China, along with robust expansion of the automotive sector in the region. Europe is also expected to be a lucrative region for the carbon fiber market, owing to strict laws and regulations implemented by the governments for reducing the environmental pollution caused by vehicles, which has led the automotive manufacturers in the region to opt for vehicle light weighting.
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Rapid growth of the aviation industry has led to demand for lightweight and robust materials for fabrication of aircraft components. Carbon fibers have become an effective solution for curtailing production time. Aerospace & defense will continue to be the largest end-user of carbon fiber. Use of carbon fiber in the automotive industry will also witness a significant rise, as carbon fibers witness increasing adoption in production of automobile for reducing the vehicle weight and enhancing the vehicle performance.
Occupancy of a large number of players has made the nature of the global carbon fibers market to be fragmented, with intensity of competition among players surging at a significant rate. Global reach of well-established market players and high capital investment for entering the market have created barriers for new market players. In a bid to sustain themselves in this highly competitive market, vendors are competing one another in terms of customer-centrism, price, quality, performance, and innovation. Key market players identified by the report include Hyosung, Kemrock, Dow/AkSA, Cytec, Hexcel, SGL, Formosa Plastics, Mitsubishi Rayon, Toho Tenax, and Toray.
Table of Content:
- Global Economic Outlook
- Global Carbon Fiber Market - Executive Summary
2.1. Opportunity Analysis & Megatrends
- Global Carbon Fiber Market Overview
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