Carbon fiber market size is forecast to grow at substantial rate from 2016 to 2024.The carbon fiber demand rose steadily after the general economic recession in 2009. This growth is accounted for the upcoming developments in the fields of aerospace & defense, sporting goods, wind energy, automobiles and even in the market of civil engineering and electronics goods.
Aerospace & defense industry is a major driver for growth in the carbon fiber market size. It accounted for approximately a third of the total product market in terms of demand and about half of the total carbon fiber market revenue.
Sports and leisure equipment is finding increased use of carbon fiber and is the second largest carbon fiber industry in terms of revenue. With growing awareness about healthy lifestyles and exercising, the demand for sports utilities will have a healthy growth in the next 8 years.
The revenue in the aerospace and defense industry is forecast to grow till 2024 with increasing air travel in China, Middle East and other emerging nations. The growing market for light bodied combat aircrafts by the military will propel the industry in the upcoming years.
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The advancements in the wind energy sector will lead to increasing use of carbon fiber industry in the manufacture of light weight and strong turbine blades and their parts.
Thermoset and thermoplastic fibers are the two basic types of carbon fibers based on the resin type. Most of the aerospace prepregs are made of thermoset fibers due to its mechanical superiority. Thermoplastics have a higher shelf life and find more application in areas where the requirement of strength and resistivity is outshined by durability.
Among other industries there are the civil engineering industry and electronics goods. With growing population and upgrading social status of the people around the globe, the demand for light weight and cost effective electronic goods will influence the carbon fiber market size positively.
The most demanding region for the industry is North America with an annual production capacity recorded more than third of the global carbon fiber market. With more research and development in the aerospace and defense sector in the US, this demand is forecast to grow in the span from 2016 to 2024. The second largest producer is Europe with its commercial as well as military aircraft manufacturing units. The large number of high end automotive industries in Germany and Italy will also influence the fiber market size positively.
Based on the type of industry, carbon fiber market size finds major use in aerospace & defense industry, wind energy sector, sports equipment industry, automotive industry and others. Aerospace industry is the primary end user, of which commercial aerospace sector has the major carbon fiber industry share in terms of volume as well as revenue.
The leading manufacturer of carbon fiber market in terms of production in 2013 was Toray Industries and recorded over 20 thousand tons of production capacity. Other companies providing competition in this sector are Zoltek, Toho Tenax, Mitsubishi Rayon Co. Ltd., SGL Carbon SE, Formosa Plastics Corp, Hexcel Corporation and others.
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