The global market is estimated to be valued at USD 104,337.2 Million by 2027 exhibiting a CAGR of over 6.0%. The demand for carbon fibers has increased in the aerospace & defense industry since the past two decades owing to their superior performance characteristics over metals. Carbon fiber exhibits high tensile strength, chemical resistance, stiffness, low thermal expansion, and low weight properties. Its lightweight yet durable property is particularly driving its demand in the aerospace & defense industry.
Back in the 1900s, the aerospace industry used aluminum as a primary construction material for aircraft as it is a durable metal. However, aluminum is heavier as compared to carbon fiber, which increases the overall weight of an aircraft. Also, the weight of passengers and cargoes (luggage) also add to the overall weight of aircraft. The high weight of aircraft increases the consumption of fuel by the engine.
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With the limitations associated with aluminum, the aerospace industry switched from aluminum toward carbon fiber as the primary material in the construction of aircraft, as carbon fiber exhibits excellent properties such as lightweight and durability. In 2003, Boeing Co (Chicago, US) was the first airline company to use carbon fiber, as the primary construction material for 787 commercial jetliner, which included parts such as fuselage (cockpit, cockpit windscreens, doors, passenger windows, avionics, cockpit seating, and wiring), wings, tail, and other structures. Furthermore, Airbus was the second airline company to manufacture aircraft (A350 XWB and A380) using carbon fiber composites. The use of carbon fiber composites has reduced fuel consumption and emissions, reduced the need for maintenance, tooling, and assembly costs. It also delivers an enhanced passenger experience by damping engine vibration.
Segmental Analysis
According to MRFR analysis, the global pitch-based carbon fiber market has been segmented based on type, application, and region.
By type, the global pitch-based carbon fiber market has been categorized into composites and non-composites. Among these, the composites segment accounted for the largest share of over 90% by value in 2021, predominantly due to the extensive use in the aerospace, construction, automotive, and energy sector. The composites segment is expected to register a CAGR of over 6.5% during the forecast period.
Market Players
Market Research Future (MRFR) recognizes the following companies as the key players in the global pitch-based carbon fiber market: Hexal Corporation (US), Hyosung Corporation (South Korea), SGL Carbon (Germany), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc (US), Toray Industries Inc (Japan), DowAksa (Georgia), OJSC «SvetlogorskKhimvolokno» (Belarus), Nippon Graphite Fiber Co., Ltd (Japan).
Regional Analysis
The regions analyzed under the scope of the global pitch-based carbon fiber market are Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. According to MRFR analysis, Asia-Pacific was the dominant regional market with a share of over 35% in 2018 and is expected to enroll a CAGR of over 7.0% during the reviewed period. Asia-Pacific is trailed by North America, which represented the second-largest share of around 30% in 2018. The Latin American and the Middle East and African markets are likely to grow at a moderate rate during the review period, 2020–2027
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Key Findings of the Study:
- The Global Pitch-Based Carbon Fiber Market was valued at USD 76,594.2 thousand in 2018 and is expected to record a CAGR of 6.38% to reach around USD 104,337.2 thousand by the end of 2023.
- Based on type, the composite segment held the largest share of over 90% by value in 2018 and is expected to exhibit a CAGR of over 6.5% during the forecast period.
- By application, the aerospace and defense segment is estimated to be the largest segment of the global pitch-based carbon fiber market, which accounted for 51.7% value share in 2018.
- Asia-Pacific held the leading market share of 2% by value in 2018.
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Global Pitch-Based Carbon Fiber Market Research Report is a professional and in-depth study on the current state which focuses on the major drivers and restraints for the key players.
Global Pitch-Based Carbon Fiber Industry research report provides granular analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.Get FREE Exclusive PDF Sample Copy Of This Report @https://www.upmarketresearch.com/home/requested_sample/210The report begins with the overview of the Global Pitch-Based Carbon Fiber market and updates the users about the latest developments and future expectations.
It presents a comparative detailed analysis of all the regional and major player segments, offering readers a better knowledge of areas in which they can place their existing resources and gauging the priority of a particular region in order to boost their standing in the global market.Gain Full Access of Global Pitch-Based Carbon Fiber Market Report along with complete TOC@https://www.upmarketresearch.com/reports/Global-Pitch-Based-Carbon-Fiber-Industry-Market-Analysis-Forecast-2018-2023In this report, there is a healthy amount of coverage of the market economies such as the demand and supply, cost and profit of the Global Pitch-Based Carbon Fiber Market.
This holds key importance for users and hence this information is well supported with due statistics that are represented in easy to consume graphs, charts, and tables.The report compiles exhaustive information obtained via proven research methodologies and from trusted sources within the industries.
The report segments the Global Global Pitch-Based Carbon Fiber market as:Â Regional Segment Analysis (Regional Consumption Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):North AmericaEuropeChinaJapanSoutheast AsiaIndiaProduct Type Segment Analysis (Consumption Volume, Average Price, Revenue, Market Share and Trend 2013-2023):Long FiberShort FiberOthersApplication Segment Analysis (Consumption Volume and Market Share 2013-2023; Downstream Customers and Market Analysis)Aerospace & Defence MaterialsWind EnergyOthersKey Players/Competitor Segment Analysis (Company and Product introduction, XYZ Market Sales Volume, Revenue, Price and Gross Margin):Cytec Industries Inc.Hexcel CorporationTeijin LimitedToray IndustriesZoltek Company INC.Goodrich Corp.Dow Europe GmbHAKSA Akrilik Kimya Sanayi ASGKN AerospaceKey Reasons to Purchase:To gain insightful analyses of the market and have a comprehensive understanding of the Global Pitch-Based Carbon Fiber and its commercial landscape.Assess the Global Pitch-Based Carbon Fiber production processes, major issues, and solutions to mitigate the development risk.
To understand the most affecting driving and restraining forces in the Global Pitch-Based Carbon Fiber market and its impact on the global market.