The
demand within the global carbon fiber
market has been rising on account of advancements in the
domain of chemical research and testing, finds Transparency Market Research.
The presence of a stellar industry for studying the properties of carbon-based
materials has led to the growth of this market. The heavy reliance of the
textiles industry on the supply woven carbon filaments has also played a
crucial role in accelerating market growth.
Manufacturers
of textiles, containers, and other utility items prefer to use high-quality
fibres while manufacturing products. Carbon fibers are superior to plastic or
glass fibers in terms of stiffness, tolerance, and tensile strength. Hence, it
is safe to prognosticate that the demand for carbon fiber would escalate to new
heights in the years to follow.
The market
vendors in the global carbon fiber market are expected to tap into the needs of
the end-use industries. The use of carbon fibers in the aerospace industry has
multiplied in recent times, which has given a thrust to market growth.
Furthermore, the field of civil engineering has undergone fundamental changes,
and this trend has led to increased usage of carbon fiber in this
industry.
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Transparency
Market Research (TMR) predicts that the global carbon fiber market would expand
at a healthy CAGR of 6.80% over the period between 2018 and 2026. Furthermore,
the total value of the global carbon fiber market is expected to touch US$3.4
bn by 2026-end. The market players in the global carbon fiber market are
expected to build on their current revenues in order to increase their profit
margins. Some of the leading vendors in the global carbon fiber market are
Hexcel Corporation, Kemrock Industries, Formosa Plastic Corporation, Mitsubishi,
and Kureha Corporation.
Use of Carbon Fibres in Motorsports
to Rearrange Market Dynamics
Manufacturing
of motorsport accessories and components is the most nascent application of
carbon fibres. Formula-One pioneered the use of carbon fibres for manufacturing
racing cars, and this step escalated the sale of carbon fiber across the globe.
It is expected that the automotive sector would emerge as one of the largest
consumers of carbon fiber in the years to follow. Passenger cars are also
manufactured through a rigorous process that involves the use of carbon fiber.
More Trending Reports
Military Industries to Hold the
Reins of Market Growth
The use of
carbon fiber in the manufacture of military equipment and tools is an age-old
trend. This factor has played a vital role in the growth of the global carbon
fiber market in recent times. The defense sector of a country is allocated huge
amounts of funds, annually. Majority of these funds are directed towards
manufacturing resilient military tools and devices which in turn use carbon
fibres. Hence, a major portion of revenues within the global carbon fiber
market flow in from the military industries.
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Recyled Carbon Fiber draws
Attention of Industrial Heads
The
recyclability of carbon fiber has caused a demand-uptick across the global
market. Several companies, on the pretext of fulfilling their corporate social
responsibility, have resorted to the use of recycled carbon fiber. This trend
is expected to gather momentum as governments and international organisations
focus on sustainability. INEOS, UK and ELG have partnered with each other to
develop A375 racing boats from recycled carbon fiber composites. This
association could give a thrust to the growth of the European carbon fiber
market.
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