Rising Need for Lightweight, High Performance Composites Drives Demand for Carbon Fibers, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Carbon Fibers market. Global market for Carbon Fibers is projected to reach 121.5 thousand metric tons by 2020, driven by increasing use of carbon composites in the automotive and wind energy sectors.
San Jose, California (PRWEB) April 25, 2014
Relentless demand for lightweight, high performance composites with superior strength in applications ranging from renewable energy to aerospace is benefiting the market for carbon fibers. Carbon Fibers enjoy the status of preferred materials in numerous demanding commercial and industrial applications owing to their mechanical properties. One of the key factors contributing to market growth is the increased demand for carbon fiber in the automotive and wind energy sectors. Driven by technological advancements made in recent years, application of carbon fiber is continuing to expand in industrial and recreational markets. Despite the opportunities for growth, the market will witness challenges in the form of high price of the carbon fiber, processing difficulties, insufficient production capacity, and lack of automation. In addition, widespread use of carbon fiber is hindered by recycling and throughput issues.
Of the total carbon fiber produced globally, more than 95% is processed into various types of composite materials. Increasing consumption of carbon fiber and carbon fiber reinforced composites is largely attributed to the rise in number of industrial applications employing composite materials. Due to its high-performance characteristics, composite materials are increasingly being used as alternatives to plastic, metal, and wood in a wide range of end-use markets.
Wind energy sector, the largest end-use application, is witnessing a shift from glass to carbon fiber for turbine blade production. Use of glass fiber prepregs has been found to be a low-weight and cost-effective option for manufacturing spar caps in wind turbine blades. However, the high cost of carbon fibers and complexities encountered in using the material in blade manufacturing process hampers the material’s widespread adoption in wind turbine blades. In the automotive industry, on the other hand, increasing use of carbon fibers is attributed to the material’s ability to offer improved performance while reducing component weight and hence the overall vehicle weight. Use of carbon fiber parts in a car has the potential to reduce a car’s weight by about 30%. Carbon fibers are being increasingly used in luxury cars and super cars for internal components, body, and chassis manufacturing.
As stated by the new market research report on Carbon Fibers, Europe represents the single largest market worldwide. The market in the region continues to make rapid progress driven by emerging applications in general, automotive, renewable energy, and aerospace industries. Member countries of the European Union including the UK, France, Spain and Germany are sharpening their research and manufacturing capabilities for advanced composites by establishing dedicated technology parks and clusters. By end-use application, the automotive industry is projected to witness the fastest CAGR of 26.5% over the analysis period.
Major players covered in the report include AKSA, Cytec Industries Inc., Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Mitsubishi Rayon Co. Ltd., SGL Group – The Carbon Company, Teijin Ltd., Toho Tenax Co. Ltd., Toray Industries Inc., and Zoltek Companies Inc., among others.
The research report titled "Carbon Fibers: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, product overview, end-use overview, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific) and Rest of World. End-use applications analyzed in the report include Aerospace & Defense, Sports Goods, Industrial Applications, Wind Energy, Automotive, and Others.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Carbon_Fibers_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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