Carbon fiber is a fiber which contains at least 90% carbon by weight. The carbon fiber is extremely light and flexible, still very tough, boosting performances. It is comparatively new and refined material that has found several uses in the field of aviation, automobiles, construction, sports, and even medical devices. Composites of carbon fiber are usually preferred in applications where low weight, strength, stiffness and outstanding fatigue characteristics are mandatory requirements. They can also be used in operations where high temperature, high damping and chemical inertness, are demanded. Various thousand carbon fibers are kept together to form a tow, that may be used by itself or woven into a fabric. The thickness, flexibility and strength are differs according to the objectThey are usually mixed with other materials to form a composite. The global carbon fiber market, is expected to reach $ 3.51 Billion by 2022, at a CAGR of 9.1% between 2016 to2022. Owing to increasing demand for fuel-efficient vehicles and focus on production of electricity from renewable sources and the use of carbon fiber in Boeing and airbus aircrafts and high cost of carbon fiber and insufficient production capacity are the restrains of carbon fiber market.
The market is segmented on the basis of application and types. On the basis of type market is sub segmented into pan-based carbon fiber, pitch-based carbon fiber and rayon-based carbon fiber. Further PAN based carbon fiber is followed by pitch-based carbon fiber. Whereas others segment that includes rayon based polyacrylonitrile -carbon fiber is anticipated to be rapidly growing segment during the coming period. PAN-based carbon fiber usage is higher by value and volume because of its lower cost than pitch-based carbon fiber. PAN has properties involving thermal stability, low density, high strength and modulus of elasticity. Due to this unique properties PAN has become an essential polymer in high tech. Its tensile modulus and high tensile strength are established by coatings, production processes, and PAN’s fiber chemistry. Its mechanical properties derived are precious in composite structures for military and commercial aircraft.
The North America region is anticipated to be the major market for carbon fiber globally owing to the rising demand from wind energy, aerospace & defense, and automotive industry. The China US, and Germany, are the key markets for carbon fiber. The region of North American is shows to register with the highest CAGR during the coming period. The leading manufacturer of carbon fiber composites growing their capacity in North America to meet the increasing demand from defense and aerospace, pipe & tanks, automotive, wind, and marine, construction industries. Rest of World, including Asia Pacific is anticipated to witness the largest growth over the coming period because of the expected growth in the end-use industries and growing focus on high performance composite materials.
Some of the major players are Toho Tenax, SGL, Cytec, Hexcel, toray Industries Inc. , Mitsubishi Rayon Co. Ltd., Teijin Limited , SGL Group , Formosa Plastics Corporation ,Hexcel Corporation, Hyosung, Tencate . Companies are following the various strategic initiatives like, product innovation, Merger and Acquisition , Collaboration etc.