Carbon Fiber Resin Market Worth 532.7 Million USD by 2021
PUNE, India, March 22, 2016 /PRNewswire/ --
The report "Carbon Fiber Resin Market by Resin Type (Thermoset, Thermoplastic), by Form (Prepreg, Non-Prepreg), by Application, and by Region - Global Forecast to 2021", published by MarketsandMarkets, The global market size is projected to grow from USD 292.7 Million in 2016 to USD 532.7 Million by 2021, at a compound annual growth rate (CAGR) of 12.7% during the same period.
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Carbon fiber composites are used in large volumes due to its superior features as compared to other traditional materials made from iron and steel. The increase in the demand for carbon fiber composites in aerospace & defense, automotive and sporting goods is driving the carbon fiber resin market globally.
Increasing demand for lightweight and superior mechanical properties will drive the carbon fiber resin market in aerospace & defense application
The major factor driving the carbon fiber resin market is the usage of carbon fiber composites in the aerospace & defense application due to its good mechanical properties and lightweight. Growing demand for carbon fiber composites in Boeing-787 aircrafts is also acting as a crucial factor for the growth of carbon fiber resin. The materials manufactured using carbon fiber resin offer superior properties, including high corrosion resistance, high strength and rigidity, good chemical resistance, and high viscosity.
Automotive application: one of the key segments in the carbon fiber resin market
Automotive application will be the fastest-growing segment of the Carbon Fiber Resin Market during the forecast period. The automotive industry is beginning to use carbon fiber resin to manufacture cars of reduced weight that provide good performance and luxury with economical pricing. Carbon fiber resins are used in the automotive industry due to its high strength and rigidity. Epoxy resin combined with carbon fiber is used in various automotive parts such as suspension system, drive shafts, load-bearing structures, and among others.
Thermoset resin is expected to dominate the carbon fiber resin market
Thermoset resin has a larger market share in comparison to thermoplastic owing to their high strength and resistance to high temperature. Therefore, they have larger application in the automotive and aerospace & defense industries that require more heat and temperature-resistant materials. Thermoset includes epoxy, polyester, and vinyl ester resin.
These resins are widely used for manufacturing carbon fiber composite materials, as when uncured, they are in the liquid state at room temperature. This unique property of thermoset resin allows convenient impregnation of reinforcing fiber.
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North America is the largest market for carbon fiber resin
The U.S. contributes a major market share in the North American region, whereas Germany constitutes the major market of the European region. High growth in the U.S. is attributing to growing demand for high performance composite resin, especially from the aerospace & defense industry. The Asia-Pacific region is also experiencing high growth in the carbon fiber resin market. This increase in growth is because of the high industrial development in countries such as China, Japan, and South Korea.
The major players in the carbon fiber resin market include:
- Huntsman Corporation (U.S.)
- Alpha Owens-Corning (U.S.)
- BASF SE (Germany)
- Hexion Inc. (U.S.)
- Ashland Inc. (U.S.)
- Kukdo Chemical Company Ltd. (South Korea)
MarketsandMarkets broadly segments the carbon fiber resin market on the basis of resin type, form, and application. The study covers more than seven countries for the four main regions namely, North America, Europe, Asia-Pacific, and RoW.
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Composite Resin Market by Resin Type (Thermoset and Thermoplastic), by Manufacturing Process (Layup, Injection Molding, Filament Winding, Pultrusion, Compression Molding, RTM, and Others), by Application & by Region - Global Forecasts to 2020
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