The global Carbon Fiber Market is accounted to US$ 3,052.0 Mn in 2018 and is expected to grow at a CAGR of 11.1% during the forecast period 2019 – 2027, to account to US$ 7,763.4 Mn by 2027. The North America region accounted for the highest share in the global carbon fiber market. Toray Industries, Inc., Tejin Limited, SGL Group, and Mitsubishi Chemical Corporation are the major carbon fiber manufacturers operating in North America; these companies provide carbon fibers for numerous industrial application. The North American Government are highly involved in introducing and supporting the manufacturer’s initiative for the development of carbon fibers with low weight to high strength ratio, energy-efficiency, and eco-friendliness. Also, the carbon fiber manufacturers are working closely with automotive manufacturers to develop low-cost, high-quality products, thereby allowing to expand the usage of carbon fibers in a greater number of automotive vehicles.
The carbon fiber market on the basis of the end use industry is categorized into aerospace & defense, automotive, sporting goods, wind energy, construction, others. The aerospace & defense segment dominated the global carbon fiber market. Moreover, the automotive segment is anticipated to grow at a faster pace over the projected period. The automotive manufacturers are demanding new and innovative high-quality material for producing automotive components. These materials have to fulfill the high-performance need of automotive manufacturers and also meet the needs of the customer and society. Among the various materials, carbon fiber is considered as one of the most suitable materials for lightweight automobile parts. Moreover, the carbon-fiber-reinforced composites are used as the essential materials to substitute body and other parts in an automobile. The use of carbon fiber in the automobile industry has improved brake, steering, durability, and high fuel efficiency, leading to energy conservation and minimizing carbon dioxide emissions.
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The global carbon fiber market by geography is segmented into four regions, including North America, Europe, Asia Pacific, and Rest of the World. The North America region is expected to account for the largest share of the global carbon fiber market in 2018, followed by Asia Pacific. In addition the US in the North America region which is expected to significantly drive the carbon fiber market and also expected to continue its dominance in terms of CAGR throughout the forecast period from 2019 to 2027. Some of the major players in the carbon fiber market include DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, and Toray Industries, Inc. among others.
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