Outlook of Carbon Fiber Technology Market Report during 2017-2024Carbon Fiber Technology Market size will witness a substantial growth, owing to its advantage of producing low cost and reduced weight carbon fibre. Increased usage in industrial application such as manufacturing of aircrafts, wind mills, sports goods are boosting the product demand. Major advances in science and processing technology has developed high performance carbon fiber suitable for space application, in which special grades of fiber with very high modulus and strength is required. The product is rapidly accepted as an alternative to wood, metals, plastic and it is gaining wide recognition for its high performance.
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Carbon Fiber is increasingly used for commercial and military aircraft manufacturing. Usage of this technology leads to reduction of aircraft weight by curtailing the material weight resulting in less fuel consumption. Major drivers of the technology are improving demand of light weight material in certain crucial applications, increasing penetration in commercial aircraft, automotive and industrial application. The technology is widely adopted for wind mill manufacturing, further global power generation from wind energy is projected to grow at a CAGR of more than 7.0% between 2015 and 2020. Positive outlook of power generation industry and increasing demand of military aircrafts is anticipated to drive carbon fibre technology market in forecast timeframe.
The technology reduces 40% weight of the product and strengthens the ability to withstand its longitudinal stress by 13% more than aluminum in any vehicle. It provides wheel durability and stiffness which enhances the driving experience. Increasing demand of high end luxury vehicles is anticipated to bolster carbon fiber technology market in near future.
Despite of growing prospects of the product and its technology, maintaining the quality and irregular supply of the materials can pose a challenge in its demand. Further advanced fibre materials are costlier than metals that might limit its usage and slowdown carbon fiber technology market in next seven years.
Various applications of the technology is in domestic jet, passenger aircrafts, helicopter, wind mill, construction material and fishing poles. End user industries pertaining to carbon fibre technology market are automobile, marine, sports, construction and aerospace. They are further bifurcated as per its type, into PAN and Pitch based. PAN based in commonly used by the manufacturers as it much affordable than the Pitch base. PAN based material has huge varieties catering to large number of sectors.
The U.S is contributing substantially in global carbon fiber technology market owing to its rapidly growing defense and aerospace industry. Manufacturers in North America are emphasizing on research and development of the technology. It is anticipated to register significant gains in near future due to the rise in end use industries and increasing demand for light weight material in aerospace and automotive industry. PAN based contributes considerably with decent share in terms of value. Asia Pacific will witness healthy growth in carbon fiber technology market due to its increasing wind energy generation, transportation, automotive, and construction sector. China is expecting growth in this market, as government is planning to use carbon fibers in wind turbine blades. Europe is projected to have decent demand in carbon fiber technology market as several companies including European Commission is supporting in different prospects for more economic and suitable production of the product, aiming to increase European competitiveness in the domain.
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The key contributors in carbon fiber technology market are Cytec Industries, Hexcel Corporation, Mitsubishi, Toho Tenax, Toray, and SGL. Companies such as BMW, Audi and GM have entered into an agreement with producers to procure the material. Manufacturers in this industry are developing due to their innovative and pioneering approach. Mitsubishi Plastics Inc. and Mitsubishi Rayon Inc. are planning to integrate their business that include PAN and pitch based technologies. Both the companies under Mitsubishi chemical holdings corporation will work together to surge their revenue and sales. Producers are investing in their research and development activities to create value for their customers and are adopting strategies such as collaboration, mergers and acquisition, new product launch to explore new application avenues.
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