Thedemand within the global carbon fibermarket has been rising on account of advancements in thedomain of chemical research and testing, finds Transparency Market Research.The presence of a stellar industry for studying the properties of carbon-basedmaterials has led to the growth of this market. The heavy reliance of thetextiles industry on the supply woven carbon filaments has also played acrucial role in accelerating market growth.
Manufacturersof textiles, containers, and other utility items prefer to use high-qualityfibres while manufacturing products. Carbon fibers are superior to plastic orglass fibers in terms of stiffness, tolerance, and tensile strength. Hence, itis safe to prognosticate that the demand for carbon fiber would escalate to newheights in the years to follow.
The marketvendors in the global carbon fiber market are expected to tap into the needs ofthe end-use industries. The use of carbon fibers in the aerospace industry hasmultiplied 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 thisindustry.
TransparencyMarket Research (TMR) predicts that the global carbon fiber market would expandat 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$3.4bn by 2026-end. The market players in the global carbon fiber market areexpected to build on their current revenues in order to increase their profitmargins. Some of the leading vendors in the global carbon fiber market areHexcel Corporation, Kemrock Industries, Formosa Plastic Corporation, Mitsubishi,and Kureha Corporation.
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Use of Carbon Fibres in Motorsportsto Rearrange Market Dynamics
Manufacturingof motorsport accessories and components is the most nascent application ofcarbon fibres. Formula-One pioneered the use of carbon fibres for manufacturingracing 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 largestconsumers of carbon fiber in the years to follow. Passenger cars are alsomanufactured through a rigorous process that involves the use of carbon fiber.
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Military Industries to Hold theReins of Market Growth
The use ofcarbon fiber in the manufacture of military equipment and tools is an age-oldtrend. This factor has played a vital role in the growth of the global carbonfiber market in recent times. The defense sector of a country is allocated hugeamounts of funds, annually. Majority of these funds are directed towardsmanufacturing resilient military tools and devices which in turn use carbonfibres. Hence, a major portion of revenues within the global carbon fibermarket flow in from the military industries.
Recyled Carbon Fiber drawsAttention of Industrial Heads
Therecyclability of carbon fiber has caused a demand-uptick across the globalmarket. Several companies, on the pretext of fulfilling their corporate socialresponsibility, have resorted to the use of recycled carbon fiber. This trendis expected to gather momentum as governments and international organisationsfocus on sustainability. INEOS, UK and ELG have partnered with each other todevelop A375 racing boats from recycled carbon fiber composites. Thisassociation could give a thrust to the growth of the European carbon fibermarket.
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