According to a new report published by Allied Market Research titled, Carbon Fiber Market by Raw Material, Type, Form, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global carbon fiber market was valued at $2,766 million in 2017, and is expected to reach $5,991 million by 2025, growing at a CAGR of 11.7% during the forecast period. The aerospace & defense segment was the largest revenue contributor to the global carbon fiber market in 2017. North America held the leading position, both in terms of value & volume, in 2017, and is expected to grow at the highest rate during the study period.
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Aerospace & defense segment accounted for largest share of carbon fiber market in 2017, owing to the highest consumption of carbon fiber in commercial aircraft. Increased production of U.S.-based Boeing 787/777 and the Europe-based Airbus A350XWP is expected to drive the market growth. However, the increased prices and unavailability of carbon fibers are anticipated to restraint the market growth.
Pan-based carbon fiber accounted for approximately 90% of the share in the global carbon fiber market in 2017, as it offers high yield and excellent processing properties. Pitch-based & rayon-based carbon fibers are still in the introduction stage, and are expensive than pan-based carbon fiber, thereby driving growth of the pan-based segment. Based on type, the continuous carbon fiber is projected to witness the highest growth rate during the forecast period. Composite form of carbon fiber dominated the market, accounting for more than 95% market share in 2017, and is also projected to register the highest growth rate during the forecast period.
Key Findings Of The Carbon Fiber Market :
- The aerospace & defense segment occupied the highest share in 2017 and is expected to grow at a CAGR of 10.5%, in terms of value, during the forecast period.
- North America is the leading consumer of carbon fiber, accounting for approximately more than one-third share of the global market, followed by Europe.
- Pan-based carbon fiber is expected to register the highest CAGR of 11.8%.
- Continuous carbon fiber segment accounted for approximately four-fifths of the global carbon fiber market in 2017.
- U.S. is the leading market in the North American region, growing at a CAGR 12.9%.
North America accounted for the largest market share in 2017, and is projected to grow at the highest CAGR, owing to the presence of major manufacturers. In addition, the demand from the aerospace & defense, wind turbines, and marine sectors is expected to drive the market growth in North America. Europe was estimated to be the second largest consumer for carbon fiber in 2017, due to the increased demand from the aerospace & defense and sports/leisure industries.
The prominent players profiled in this report DowAksa Advanced Composites Holding B.V., Mitsubishi Chemical Holdings Corporation, Nippon Steel & Sumitomo Metal Corporation, OJSC SvetlogorskKhimvolokno, SGL Carbon SE, Teijin Limited (Teijin), Toray Industries Inc., Hexcel Corporation, Solvay SA, and Hyosung Corporation.