Carbon fibers are fibers made with composed carbon atoms. Major factor driving growth of the global carbon fiber market is increasing use of carbon fiber for production of composite parts of aircrafts and less fuel consuming cars. However, high cost of carbon fiber may hamper growth of the global market.
The global carbon fiber market has been segmented on the basis of raw material, product type, application, and region. On the basis of raw material, the market is segmented into pitch based, PAN based, and rayon based fibers. On the basis of product type, the market is segmented into short carbon fiber, continuous carbon fiber, and long carbon fiber. Continuous carbon fiber holds major share in terms of revenue, owing to its high strength and rigidity.
On the basis of application, the market is segmented into aerospace and defense, automotive, civil engineering, marine, sports goods, wind energy, electronics and electrical, and others. Aerospace and defense segment accounts for major revenue share and is expected to dominate the global market over the forecast period. Automotive segment is expected to witness lucrative growth, owing to increasing demand for less fuel consuming and lightweight cars.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market in North America dominates the global market in terms of revenue, owing to presence of major aerospace and aviation manufacturing companies in this region. North America market is expected to witness high growth over the forecast period. Europe market is expected to witness significant growth in the near future, followed by Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific market is expected high CAGR during the forecast period, owing to growing automobile industry in this region.
Key players operating in the global carbon fiber market include Toray Industries Inc., Hexcel Corporation, Mitsubishi Rayon Co., Ltd., Teijin Limited, Hyosung Corporation, SGL Carbon SE, Cytec Industries Inc., DowAksa USA LLC, Svetlogorsk-Khimvolokno (OJSC), and Kemrock Industries and Exports Limited.