Carbon Fiber Market (Product - PAN-based, PITCH-based; Technology - Prepreg Layup, Pultrusion.

An up to date business intelligence study by Transparency Market Research (TMR) has notified of a moderately consolidated scenario in the global carbon fiber market. Well-established players such as Teijin Carbon, Toray Industries Inc., Hexcel Corporation, SGL Group, Mitsubishi Rayon Co., Ltd., and Kureha Corporation are holding prominent chunk of shares, which can be attributed to their resilient desire for strategic mergers and acquisitions. These activities not only helps them enhance their product portfolio but also to increment their production capacity as well as to expand their geographical presence. For instance, Cytec was acquired by Solvay, which is prominent producer of PITCH-based and PAN based carbon fibers.

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A number of joint ventures for research and development are currently underway too and are anticipated to restructure the shares percentage in the near future. Additionally, innovations are also being done in the direction of making products that are ideal for diverse demands of the end use industries.

If the projections of the TMR report are to be believed, there will be opportunities worth US$3.4 billion in the global carbon fiber market by the end of 2026, with the demand expanding at a notable CAGR of 6.8% during the forecast period of 2018 to 2026. The analyst of the report has primarily ascribed this profitability of the market to the prosperity of the automotive and aerospace industries.

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Based on product type, the market for carbon fiber has been segmented into polyacrylonitrile (PAN) based, PITCH based, and others, whereas technology-wise, the market has been bifurcated into press and injection molding, filament winding, pultrusion, prepreg layup, and others. Application-wise, the TMR report has classified and gauged the potential of demand that are being generated by the industries of wind energy, marine and oil and gas, sports and leisure, aerospace and defense, construction, and automotive and transportation, which has been further sub-segmented into interiors, exteriors, and others. Geographically, Asia Pacific is expected to remain the most lucrative region, owing to a thriving construction and automotive industries. However, North American demand is mostly coming from the aerospace industry.

The global carbon fiber market is gaining momentum owing to a number of factors such as increasing usage of the materials for the manufacturing of structural composite parts used in an aircraft, increasing demand for fuel efficient vehicles, increased government emphasis on encouraging the wind energy industry, and consistent launches of new products by the vendors. Carbon fiber is nearly half as lighter than steel, offers high tensile strength with stiffness and temperature tolerance, and has lower thermal expansion.

Going forward, potential applications across new verticals, increasing demand from the emerging economies, and increasing usage of carbon in 3D printing is expected to open new opportunities. On the other hand, high cost of these fibers and insufficient production capacity are obstructing the market from attaining greater lucrativeness.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services.