NEW YORK, June 2, 2016 /PRNewswire/ -- Background: According to a new market report published by Lucintel, the future of the global carbon fiber market looks attractive with opportunities in the aerospace, sporting goods, and industrial applications. The global carbon fiber market is forecast to grow at a CAGR of 11.0% by value from 2016 to 2021. The major growth drivers of this market are growing demand of lightweight material in end-use industries. The other major drivers are increasing penetration of carbon fiber in commercial aircraft (B787 and A380), wind turbine blades, automotive applications and various industrial applications. In this market, sporting goods, aerospace, and industrial applications are the end use applications of carbon fiber. Lucintel predicts that the demand for industrial application is expected to experience the highest growth in the forecast period, supported by growing wind energy industry and increase demand for lightweight materials in automotive industry.
Within global carbon fiber market, industrial applications are expected to remain as the largest market by volume consumption. Growing demand of lightweight materials in the automotive industry and increased wind turbine blade length is expected to spur growth for this segment over the forecast period. Based on precursors type, the carbon fiber market can be segment into two types, i.e. PAN (polyacrylonitrile)-based and pitch-based. Pan-based carbon fiber usage is higher by value and volume because of its lower cost than pitch-based. North America is expected to remain the largest market due to growth in end-use industries and increasing demand of lightweight materials in the aerospace and automotive industries.
Rest of World, including Asia Pacific is expected to witness the highest growth over the forecast period due to the anticipated growth in the end-use industries and increasing focus on high performance composite materials. For market expansion, this report suggests innovation and new product development, where the unique characteristics of carbon fiber can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and development of high performance products for the end-use industries. Toho Tenax, Toray, SGL, Cytec, Hexcel, Mitsubishi Rayon are among the major suppliers of the carbon fiber.
Lucintel, a leading global strategic consulting and market research firm, has analyzed opportunities in the global carbon fiber market by market segment, applications, region, and precursors type, and has come up with a comprehensive research report, "Growth Opportunities in the Global Carbon Fiber Market 2016-2021". The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast of global carbon fiber market through 2021, segmented by market segment, applications, region, and precursor's type, as follows: By market segment [Value ($M) and Volume (M lbs) shipment analysis for 2010 – 2021]:
• Sporting Goods By applications [Value ($M) and Volume (M lbs) shipment analysis for 2010 – 2021]:
• Regional jets
• General Aviation
• Wind energy
• Skis, Snowboards and other winter games
• Fishing pole
• Others By region [Value ($M) and Volume (M lbs) shipment analysis 2010 – 2021]:
• North America
• Rest of World By precursors type [Value ($M) and Volume (M lbs) shipment analysis]:
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