The global carbon fiber resin market is expected to contribute $ 293.9 Million in 2016 to $ 534.1 Million by 2022, at a CAGR of 12.9 % from 2016 to 2022 .The carbon fiber resin market is segmented on the basis of resin type which includes Thermoset Resin and Thermoplastic Resin, on the basis of Pre-preg (pre-impregnated) and Non pre-preg, on the basis of application which include Aerospace and Defense, Wind Goods, Civil Engineering, Marine, Energy,Automotive,Sporting last on the basis of region which includes Europe (Germany, U.K. France, Italy, and Spain), North America (Canada U.S., and Mexico), Asia-Pacific (India, China, Japan, South Korea, Australia and Rest of APAC) and Rest of the World (Africa , Middle East, and Latin America).
The research methodology used to calculate and forecast the market of carbon fiber resin starts with capturing data of the major company revenues and raw material costs with the secondary research. The product offered are also taken into consideration for determination of the market segmentation. The approach of bottom-up was employed to arrive at the full size of market of the carbon fiber resins with the revenue of the major players in the market. After arriving at the overall market size, the full market was split into many segments and sub segments, which are then checked through primary research by conducting extensive interviews with major people such as VPs, directors, CEOs, and executives.
The increase in growth of carbon fiber market is due to increasing demand for strong and lightweight materials of composite from end-use industries like aerospace & defense and automotive is rising the demand for carbon fiber resin. With the beginning of CAF? regulation in European and North America region, the use of composite parts manufactured by using carbon fiber resin is anticipated to substantially rise the market growth in the automotive application. Thermoset resin is major type of resin as it has a larger share of market comparative to thermoplastic due to their high strength and resistance to high temperature. That is why it has larger application in the defense industries and automotive and aerospace which needs more heat and temperature-resistant materials. The Thermoset material includes polyester, epoxy, and vinyl ester resin. These resins are majorly used for manufacturing carbon fiber composite materials, when its uncured, they all are in the liquid state at room temperature. This is thermoset`s unique property which allows resin to convenient impregnation of reinforcing fiber.
The US contributes a larger market share in the regions of North American, whereas Germany shows the largest market of the European region. High growth in the U.S. is attributing to increasing demand for good performance composite resin, especially from the defense and aerospace industry. Region of The Asia-Pacific is also showing increasing growth in the market of carbon fiber resin. This rising in growth is due to the high industrial development in countries like China, Japan, and South Korea.
The major key players of this market are profiled Alpha, Owens-Corning (U.S.), Huntsman Corporation (US), Hexion Inc. (US), BASF SE (Germany), Ashland Inc. (US), 3M (US), Olin Corporation(US), Kukdo Chemical Co. Ltd. (South Korea), Polynt S.p.A. (Italy) and Aliancys (Switzerland).