North America Carbon Fiber Market Expected to Reach $2,331 Million by 2025Download Sample Reports Overview
According to a new report published by Research Dive, titled,“North America Carbon Fiber Market : Opportunity Analysis and Industry Forecast, 2018–2025,”The North American Carbon Fiber Market was valued at US$ 1,001 million in 2017 and is projected to reach US$ 2,331 million by 2025, growing at a CAGR of 11.0% from 2018 to 2025.
Carbon Fiber is composed of carbon atoms that forms a crystal like structure when they bond. The demand for carbon fiber is higher in U.S. due to significant rise in demand from end-user industry. In addition, the carbon fiber market in North America is experiencing several growth opportunities due to increased investments by major key players towards the carbon fiber advancements. The aerospace & defense market occupied largest share and expected to grow at higher CAGR.
The increased penetration of carbon fiber components in automotive drives the market growth. In addition, the government rules & regulations for controlling greenhouse gas emissions benefits the carbon fiber market. Moreover, the increased demand in aerospace and defense market for high-performance carbon fiber drives the growth of the market. Applications of carbon fiber in wind turbines and medical industry provides great opportunity for the carbon fiber market. However, the longer production cycle of carbon fiber and higher costs hamper the market growth.
The market is segmented based on raw material into PAN-based and pitch-based & rayon-based carbon fiber. By type, it is segmented into continuous, long and short carbon fiber. By form the segmentation is done into composite and non-composite carbon fiber. By end-user it is categorized into aerospace & defense, sports/leisure, wind turbines, mouldings & compounds, automotive, pressure vehicles, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht building and others. By region, it is analyzed across North America in countries U.S., Canada and Mexico.
The major key players operating in the North American carbon fiber industry include Hexcel Corporation, Solvay, Plasan Carbon Composites, TORAY INDUSTRIES, INC., Mitsubishi Chemical Corporation, 3M, Nippon Graphite Fiber Co., Ltd., DowAksa, Formosa Plastics Corporation, U.S.A. and Advanced Composites Inc. The North American companies are expanding their business in emerging markets to increase their regional footprint. The companies are adopting various strategies like mergers, collaboration, acquisition and agreement for business expansion and technological advancements.
KEY FINDINGS OF THE STUDY:
Key Findings of North America Carbon Fiber Market:
- North America carbon fiber market is projected to grow at a CAGR of 11.0% during the forecast period
- The U.S. is expected to grow with the highest CAGR in the North American carbon fiber market size in terms of revenue, over the projected period
- The composite carbon fiber held large share in 2017 and is projected to grow due to current trends and inclination towards them by 2025.
- The Pan-based carbon fiber is projected to grow at higher CAGR due to increased demand and current trends in market.
- The qualitative data in North America carbon fiber report aims on the market dynamics, trends, and developments in the North America carbon fiber industry while the quantitative data provides information of the size in terms of revenue.