Generally, Carbon fiber is a firm, strong, lightweight material, containing 95% carbon atoms that are reinforced together. It comprises thin strands of carbon, which are even lean than human hair. The carbon fibers are approximately branded into three types based on the precursor used ? PAN-based, pitch-based, and rayon-based. The pitch-founded carbon fibers are factory-made either using petroleum pitch or coal tar. In March 2019, Hexal and Arkema have tactically allied composed to open a joint research and development center at Les Aveni?res (Is?re), France. This planned alliance is towards the expansion of thermoplastic mixtures solutions for the aerospace segment. The alliance would help to develop carbon fiber-reinforced thermoplastic prepreg tapes to produce lightweight parts in profitable and military aerospace. Petroleum pitch is a heavy remainder obtained from a catalytic cracking procedure or steam cracker tar, a by-product of the steam cracking of naphtha, while coal tar is a by-product of the bituminous coal coking process. The rolling demand for carbon fiber in the aerospace & defense manufacturing is mainly driving the growth of the global pitch-based carbon fiber market. Also, cumulative demand for lightweight automobiles is probable to offer growth motivation to the product market during the forecast period. Though, the availability of low-cost alternatives is a major restrictive issue to the growth of the global pitch-based carbon fiber market during the forecast period. In May 2019, SGL Carbon and UK’s National Composites Centre (NCC) have entered into a partnership to jointly foster future complex technologies for various applications in the aerospace, transportation, and oil & gas sectors. SGL is focused on the upgrading of material utilized for primary and inferior structure components. The strands can be perverse together like yarn and can be woven composed to form a cloth. When woven carbon fiber is armored with a polymer, a complex is formed, owing to the brilliant properties of carbon fiber such as strength-to-weight ratio, low thermal expansion, and chemical confrontation. These materials find applications in various end-use industries such as wind energy, aerospace & defense, automotive, sports & leisure, and construction respectively.
The Global Pitch-Based Carbon Fiber Market has been segmented by type, by application and by region. The application segments analyzed under the scope of the global pitch-based carbon fiber market are aerospace & defense, automotive, wind energy, sports & leisure, construction, and others. Among these, the aerospace segment accounted for the largest share of the global pitch-based carbon fiber market in 2018 and is expected to register a CAGR of around 7.00% to reach to USD 55,599.2 thousand by the end of 2023. The market growth can be attributed to the expanding aerospace and defense industry with increased government expenditure in defense equipment. The wind energy segment accounted for the second-largest share and is expected to register a CAGR of over 6.5% during the review period. The automotive and building segments are expected to register substantial CAGRs on version of increasing demand for lightweight materials to reduce carbon releases. The Global Pitch-Based Carbon Fiber Market is expected to register a CAGR of 6.38% to reach around USD 104,337.2 Thousand by the end of 2023. In November 2018, DowAksa with STRUCTeam Ltd, joined PULLWind Consortium. This association will propose the leading wind blade producers to admission turnkey solutions for pultruded spar caps while cumulative the use of carbon fiber for manufacturing wind turbine blades.In October 2018, Hexal opened a plant at Les Roches-Roussillon Chemicals Industry Platform in Is?re, France. This 37-acre facility is expected to meet the rising claim for carbon fiber composites. The global pitch-based carbon fiber market, by type, has been segmented into composite and non-composite. The composite segment settled for around 94.4% share of the global pitch-based carbon fiber market and is probable to exhibit a CAGR of over 6.5% during the review period. The growth of the segment is attributed to the increasing demand for carbon fiber-reinforced composites in several end-use productions. The non-composite segment is likely to roll a CAGR of around 4.0% during the assessment period.
Geographically, Global Pitch-Based Carbon Fiber Market is split in regions like North & Latin America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. North America was the next-largest regional market in 2018 due to the growth of aerospace and defense industries along with the increasing application of pitch-based carbon fiber in sports and construction businesses. The regional market is probable to register a CAGR of over 6.0% during the said forecast period. The US settled for a higher market segment by country in 2018 and is probable to catalogue the highest CAGR of around 6.5% during the prediction period. Though, Canada in 2018 and is probable to display a CAGR of around 5.0%, owing to the expanding building and construction industry coupled with the reduction in the migration policies. The report also focusses on Company Profiles of Other Key Players, Regulatory Framework of General Chemicals, Raw Material Pricing Analysis, Pricing Analysis. Asia-Pacific settled for the largest market share of 36.2% in 2018 due to rapid industrial growth and growing aerospace and power cohort businesses in the region. The increase is also attributed to the growth and usage of renewable energy resources. The regional market is expected to register a CAGR of over 7.0% during the forecast period. China held the largest market share by value in 2018 and is likely to display the uppermost CAGR of around 7.5% during the said forecast period.
The proposed spectators in the Global Pitch-Based Carbon Fiber Market are Pitch-based carbon fiber manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global Pitch-Based Carbon Fiber Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Pitch-Based Carbon Fiber Market are companies like Cytec Industries, Inc. (US), Hexal Corporation (US), Hyosung Corporation (South Korea), SGL Carbon (Germany), Teijin Limited (Japan), Toray Industries Inc (Japan), DowAksa (Georgia), OJSC ?SvetlogorskKhimvolokno? (Belarus), Nippon Graphite Fiber Co., Ltd (Japan) and Mitsubishi Chemical Corporation (Japan).