According to the latest market research study released by Technavio, the global carbon fiber market is expected to grow at a CAGR of more than 9% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global carbon fiber market based on application:
Global carbon fiber market share by application 2015
|
Aerospace and aviation |
58.08% |
|
Sports utility |
10.92% |
|
Wind turbine |
8.73% |
|
Marine |
6.99% |
|
Automotive |
6.99% |
|
Construction |
6.22% |
|
Pressure vessels |
2.07% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Global carbon fiber market in aerospace and aviation applications segment
The aerospace and aviation applications segment accounted for around 58% share of the global carbon fiber market. Factors such as corrosion and fatigue resistance, ease of manufacturing complex shapes, strength, and high stiffness of carbon fibers make them an ideal choice a in several aerospace and aviation sectors. Carbon fiber being lightweight, is used as a substitute to aluminium in the aerospace segment and increases the fuel efficiency and improves the aerodynamic performance of aircraft. APAC is emerging as a major region for aerospace activities, with South Korea, Singapore, China, Malaysia, Japan, and the Philippines as the key revenue generators.
“The US and Europe are the leading nations in the aerospace and aviation segment with a major demand being driven by the aircraft manufacturers such as Airbus and Boeing. The market is ruled by commercial aviation and the production of large passenger and cargo jets. Military combat and transport aircraft are the maximum revenue generators followed by business aircraft, helicopters, and other aircraft intended for applications in space and aviation sports,” says Ajay Adhikhari, a lead analyst at Technavio for research on textile, fiber, and composites.
The excellent fatigue and corrosion resistance of carbon fibers make them suitable for various applications in the aerospace industry. Further, an increase in the production of advanced and larger commercial aircraft has increased the demand for carbon fibers, compelling many vendors to enhance their manufacturing capacities.
Global carbon fiber market in automotive applications segment
There is an immense pressure on the automotive manufacturers to manufacture eco-friendly components with enhanced performance and sustainability at competitive prices. Such specific requirements call for the need of carbon fibers that are lighter, have high strength-to-weight and stiffness-to-weight ratios, and enhance the aesthetic appeal of automobiles. Besides these, they decrease the molding and fabrication costs and serve as an economical alternative to the conventionally used metals, which are depleting gradually.
Carbon fiber is considered as one of the key material in many areas of the automobile industry relevant to the reduction of CO2 emissions, lightweight construction, and e-mobility. The use of carbon fiber in automotive applications is still at an initial stage and offers outstanding potential for the future, with significant reductions in the prices of carbon fiber. Carbon fibers are now used in many structural and outer skin applications in cars ranging from ceramic brakes reinforced with carbon fiber to passenger compartments, monocoques, and semi-trailers.
Global carbon fiber market in wind turbine applications segment
The steady growth in the wind turbine market is due to the rising need for lightweight blades with high-power-generating efficiency. Increased demand for energy and volatility in prices of rapidly reducing crude oil are increasing the growth of the wind turbine sector. The high stiffness of carbon fiber reduces the deflection of the blades and allows larger tower diameter for a blade to clear the tower. New multi-megawatt turbines are being developed with longer rotor blades, which are being used in inland and offshore wind farms. Augmented demand from manufacturers of wind turbines for power generation is a major factor driving market growth. The demand growth for carbon fibers is expected to be higher because of the growing adoption of these products to produce longer turbine blades that can generate higher quantities of electricity.
The top leading vendors operating in the global carbon fiber market are:
- Cytec Solvay
- Hexcel
- SGL
- Teijin
- Toray
Other prominent vendors in the market include DowAksa, Kemrock Industries and Exports, Mitsubishi Rayon, Taekwang, and Zoltek.
A more detailed analysis is available in the Technavio report titled, ‘Global Carbon Fiber Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Advanced Composites Market 2016-2020
- Global Carbon Nanotube Market 2016-2020
- Global Carbon Fiber Prepreg Market 2015-2019
- Global Carbon Fiber Reinforced Plastic (CFRP) Market 2015-2019
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