A growing number of aircraft in response to the rising travelers across the globes is another factor contributing to the growth of the global carbon fiber market. The market has witnessed a high demand for the aerospace and automotive sector in current year and is expected to foresee exceptional sales in the environment and renewable energy sector in near future.

On the basis of product type, the market is subdivided into continuous, long, and short. Of all products, the continuous segment is expected to grow at the fastest rate in the market. PAN-based carbon fibers are extensively used in structural application segments such as aerospace, sports goods, and industrial sectors.

On the basis of raw material, the market is subdivided into PAN-based, pitch-based, and rayon-based. Of all raw materials, the PAN-based segment captures almost 90% market share in 2019 in terms of revenue and is expected to grow at the fastest rate in the market due to the escalating demand in the aerospace and automotive industry.

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On the basis of application, the market is bifurcated as composite and non-composite carbon fiber. Of all applications, the composite segment captures the largest market share and is expected to grow at the fastest rate in the market between 2020 to 2030.

Prevalent reorganization of the automotive industry facilitating the growth of the carbon fiber market. There was an extensive reorganization in the automotive sector in the past decade with the introduction of numerous technologies such as electric cars and hybrid vehicles, and regulations related to carbon emission and fuel efficiency.

The Asia Pacific is the largest carbon fiber market due to growing industrialization. APAC is the largest carbon fiber market in 2018 surpassing Europe and North America. The region comprises some of the largest economies supporting market growth.

There is horizontal market integration among players such as SGL Carbon and Solvay collaboration to develop their composite materials based on large-tow intermediate modulus (IM) carbon fiber composites for aerospace primary structures.

Toray Industries, SGL Group, Mitsubishi Rayon Co., Ltd., Teijin Limited, Hexcel Corporation, Dowaksa, Solvay, Formosa Plastics Corporation, Jiangsu Hengshan Co. Ltd., Hyosung, Kureha, and ELG Carbon Fibre are the key players offering carbon fiber.

Source: VynZ Research