Global Carbon Fiber Market: Key Highlights
Global Carbon Fiber Market: Key Market Dynamics
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Global Carbon Fiber Market: Regional Overview
The carbon fiber market in the North American region is projected to witness high demand due to the high production of aircraft in the region. The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. Thus, extensive R&D spending in the aerospace & defense industry is likely to propel the demand for carbon fiber in the coming years.
In Europe, carbon fiber will experience significant growth during the forecast period due to strong demand from the automotive sector. Stringent government regulations towards mandatory use of lightweight materials in the vehicles that improve efficiency by reducing fuel consumption have expected to surge the product growth. For instance, according to EUROPEAN ALUMINIUM in March 2018 revised the Regulation 2009/443, which sets targets for CO2 emissions from cars and vans, presents an ideal opportunity to consider the contribution of weight reduction to low carbon mobility.
Global Carbon Fiber Market: Key Players Overview
TORAY INDUSTRIES, INC. was incorporated in 1959. The company operates through fibers & textile, performance chemicals, carbon fiber composite material, environmental & engineering, and life science and other business. In November 2017, TORAY INDUSTRIES, INC. developed new higher tensile modulus and tensile strength carbon fiber named TORAYCA MX series which will be served mainly for aerospace, industrial, and sports applications.
TEIJIN LIMITED was established in 1918. Healthcare, materials, IT, composites, and material business are business domains of the company. In 2019, the company generated sales of USD 7.96 billion. In January 2019, Teijin Limited agreed to acquire Renegade Materials Corporation (Renegade) with an aim to strengthen its carbon fiber and intermediate materials businesses to maintain its position as a leading provider of solutions for aerospace applications.
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