Global Carbon Fiber Market 2019-2023 | 10% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 13, 2020--
The global carbon fiber market is expected to post a CAGR of almost 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global carbon fiber market 2019-2023. (Graphic: Business Wire)
Consumers are increasingly preferring lightweight and fuel-efficient vehicles owing to fluctuating fuel prices. In addition, the growing stringency of regulations pertaining to vehicle emissions have contributed to this trend. For instance, the US government has set the fuel efficiency requirements for new automobiles to 54.5 miles per gallon by 2025. Such regulations have compelled automakers to increase the use of components made from carbon fiber to reduce the overall weight and improve the fuel efficiency of vehicles. Therefore, the growing demand for fuel-efficient vehicles is critical in driving the growth of the global carbon fiber market.
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As per Technavio, capacity expansions and the emergence of new production plants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Carbon Fiber Market: Capacity Expansions and Emergence of New Production Plants
The demand for carbon fiber is increasing in the aerospace and defense, automotive, wind energy and other end-user industries. This is compelling market vendors to expand their production capacities to meet the growing demand for carbon fiber. For instance, in 2018, TORAY INDUSTRIES announced its plan to expand its production of large tow carbon fiber at its US-based subsidiary, ZOLTEK. Through this expansion project, the company aims to increase large tow carbon fiber production from 10,000 tons to 15,000 per year. Many such capacity expansion plans by market players are expected to boost the growth of the market during the forecast period.
“New product launches and the rise in demand for carbon fiber from the wind energy sector will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Carbon Fiber Market: Segmentation Analysis
This market report segments the global carbon fiber market by application (aerospace and defense, sports and leisure, wind energy, automotive, and others) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by EMEA and APAC respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. This is due to the growing focus on the development of lightweight and high-performance vehicles by automobile manufacturers in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 01/13/2020 08:30 AM/DISC: 01/13/2020 08:31 AM