Growing adoption in wind energy industry and automotive industry is expected to open new opportunities for carbon fiber industry over the coming years

Dallas, Texas, Nov. 13, 2019 (GLOBE NEWSWIRE) -- The “Global Carbon Fiber Market Trends 2018, by Product (Regular tow carbon fiber, Large tow carbon fiber), by Application (Automotive, Aerospace & defence, Wind turbines, Sports equipment, Industrial materials, others), By Region, and Forecast 2019 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.

Mitsubishi Chemical Corporation (MCC) invested in CPC in October 2017, an Italian company that manufactures and markets automotive parts that include carbon fibers and composite materials. Mitsubishi Chemical Carbon Fiber and Composites GmbH, a wholly-owned MCC subsidiary, acquired from its founder a 44% stake in CPC. This was a strategic move in the U.S. and European markets to boost the carbon fiber industry.

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The global carbon fiber market size was valued at more than USD 2.50 billion in 2018. Increasing demand from single-aisle aircrafts, rising trend of renewables, and increasing need to reduce structural weight of vehicles is expected to increase the market reach of carbon fiber over the projected period. Over the past few years, wind is gaining prominence as a renewable energy source across the globe. In 2018, the global cumulative wind energy capacity reached 597 GW. Carbon fiber plays an important role in composition of wind turbine blade as it increases the blade length compromising the structural weight. Increase in demand for wind turbine installation will propel the demand for carbon fiber in the near future. Carbon fiber is also found in high end sports equipment, industrial materials such as pressure vessels and electrical cables among others. Currently, aerospace and defense application is projected to dominate the demand for carbon fiber with >25% of market share in 2018.

The carbon fiber market report offers market sizes for the base year 2018 and forecast from 2019 to 2025, along with historical market statistics for the period from 2015 to 2017, in terms of volume (Tons) and revenue (USD Million). Carbon fiber market for each product, application, and region has been provided for the projected period. The report observes multiple factors of the carbon fiber sector using the prevalent trends, driving factors, challenges, future opportunities, value chain analysis, distribution channel, and manufacturing process to assess the market. In addition, the report offers detailed market competition analysis with vendor landscape analysis, market concentration ratio, and company profiles of players enjoying global or regional prominence.

Carbon fiber finds applications across several end use industries such as automotive, aerospace & defense, wind turbines, sports equipment, and industrial materials. Worldwide, airlines carry more than three billion passengers a year and freight of nearly 50 million tons. The air transport industry contributes ~3.5% of the global GDP, which is higher than the combined GDP contribution of automotive and chemical manufacturing industry. Earlier, aluminum material dominated the aircraft industry as it was considered to be lightweight and inexpensive. However, as the need for fuel efficiency increased over the time, new materials such as carbon fiber reinforced polymers (CFRPs) and honeycomb materials were gradually adopted. Aerospace products such as tie rods, ballistic shields, compression struts, cooling tubes, shuttle actuator mounts and turbine fan blades are some of the examples of carbon fiber based composites.

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Carbon fiber, a high strength and lightweight material, was originally developed by Japanese manufacturers. The global manufacturers of carbon fiber such as Toray Industries Inc., Teijin Limited, and Mitsubishi Rayon Co. Ltd are all based in Japan. More than half of the carbon fiber produced across the globe is produced by Japanese manufacturers. With impressive rise in demand from automotive, aerospace and wind turbines sectors, manufacturers are focusing on strategic expansion and merger & acquisition in order to strengthen their manufacturing base and cater to the growing demand. For instance, in February 2017, Toray Industries invested around USD 176 million to boost the production of carbon fiber across its manufacturing facilities.

In terms of market competition, the global carbon fiber industry is highly consolidated in nature as top 10 manufacturers operating in this industry accounted for more than 60% of overall market share in 2018. Some prominent manufacturers are Mitsubishi Chemical Corporation, Toray, Hexcel, TEIJIN LIMITED, Formosa Plastics Corp, Hyosung Corporation, DowAksa, Jiangsu Hengshen Co., Ltd., Zhongfu Shenying Carbon Fiber Co., Ltd., and Taekwang Industrial Co., Ltd.

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Major points from Table of Contents:
Chapter 1.  Executive Summary
Chapter 2.  Research Methodology
Chapter 3.  Market Outlook
Chapter 4.  Market Overview, By Product
Chapter 5.  Market Overview, By Application
Chapter 6.  Market Overview, By Region
Chapter 7.  Company Profiles

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