"Increasing demand for carbon fiber composite in end-use industries is driving the carbon fiber resin market”
The carbon fiber resin market is estimated to grow from USD 292.7 million in 2016 to USD 532.7 million by 2021, at a compound annual growth rate (CAGR) of 12.7% from 2016 to 2021. The growth of carbon fiber resin is largely associated with the increasing demand for lightweight and strong composite materials, which are used in various end-use industries such as aerospace & defense, wind energy, automotive, sporting goods, and marine, among other industries. Composite components that are manufactured using carbon fibers are extremely lightweight and have high strength and stiffness.
Composites are becoming a core strategic material for automotive OEMs for structural and non-structural components. The aerospace & defense application is expected to contribute the largest market share during the forecast period. Materials made from carbon fiber resin possess properties such as high strength, chemical resistance, corrosion resistance, and high viscosity, which make them an ideal material to be used in aerospace exterior and interior parts. Moreover, with the introduction of Corporate Average Fuel Economy (CAFE) requirement in the U.S., which aims at the reduction of emissions from the automobiles, has helped in increasing the demand for lightweight carbon fiber-based composite materials. The high demand for lightweight composite materials is expected to ultimately propel the growth of the carbon fiber resin market.
“North American region holds attractive opportunities for carbon fiber resin market”
North America dominated the carbon fiber resin market globally in 2015 both by value and volume and the trend is expected to continue in the future. High growth in the aerospace & defense, automotive, and wind energy industries and increasing demand for high performance resin especially from the aerospace industry are expected to drive the carbon fiber resin market in the region.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted as follows:-
- By Company Type: Tier 1 (50%), Tier 2 (37%), and Tier 3 (13%)
- By Designation: C-level (46%), Director Level (33%), and other (21%)
- By Region: North America (34%), Europe (31%), Asia-Pacific (23%), and RoW (12%)
Various key players profiled in the report are as follows:
- Huntsman Corporation (U.S.),
- Alpha Owens-Corning (U.S.),
- Hexion Inc. (U.S.),
- Ashland Inc. (U.S.),
- BASF SE (Germany) ,
- 3M (U.S.),
- Kukdo Chemical Co. Ltd. (South Korea),
- Olin Corporation(U.S.),
- Aliancys (Switzerland), and
- Polynt S.p.A. (Italy).
- This report segments the carbon fiber resin market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.