The global carbon fiber market could reach US$4,650 million in the next four yeara, according to a report published by Reportbuyer.com.
The market was was valued at US$1,980 million in 2015, and is anticipated to reach US$4,650 million by 2022, growing at a CAGR of 11.1% during the forecast period. in terms of volume, the market is anticipated to reach 143 kilotons by 2022, growing at a CAGR of 13.0%, researcher say. The demand for carbon fiber has increased owing to its increased use in wind turbines, automotive, sailing/yacht building, marine, and aerospace and defense industry.
The market is split into pan-based and pitch-based and rayon-based carbon fiber, and pan-based carbon fiber segment is projected to grow at the highest CAGR in the future, while continuous carbon fiber dominated the market in 2015, and is also projected to register the highest growth rate. Aerospace and defense, sports/leisure, wind turbines, molding compounds, automotive, pressure vessels, civil engineering, marine, pultrusion, consumer, and sailing/yacht building are the various end-use industries for this market, Reportbuyer.com says.
The aerospace and defense segment was reportedly the largest revenue contributor in 2015, but the wind turbine segment is projected to witness the highest CAGR. The increased penetration of carbon fiber in the automotive industry and rise in demand for carbon fiber in aerospace and defense sector could also drive market growth.
North America is projected to register the highest demand for carbon fiber, owing to the increased demand from aerospace and defense, automotive, wind turbine, and sports/leisure industries.
This story is reprinted from material from Reportbuyer.com, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.