The carbon fiber demand rose steadily after the general economic recession in 2009. The market is forecast to grow at substantial rate from 2016 to 2024. This growth is accounted for the upcoming developments in the fields of aerospace & defense, sporting goods, wind energy, automobiles and even in the market of civil engineering and electronics goods.
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Aerospace & defense industry is a major driver for growth in the carbon fiber market. It accounted for approximately a third of the total product market in terms of demand and about half of the total market revenue. The revenue in the aerospace and defense industry is forecast to grow till 2024 with increasing air travel in China, Middle East and other emerging nations.
Sports and leisure equipment is finding increased use of carbon fiber and is the second largest market in terms of revenue. With growing awareness about healthy lifestyles and exercising, the demand for sports utilities will have a healthy growth in the next 8 years. The growing market for light bodied combat aircrafts by the military will propel the industry in the upcoming years.
The third largest factor that drives the market is the wind energy sector with close to 15% of the global demand. With depletion of fossil fuels, the world is now acknowledging the synthesis of energy from renewable resources. The advancements in the wind energy sector will lead to increasing use of carbon fiber in the manufacture of light weight and strong turbine blades and their parts.
Another important sector that will propel the demand for the product is the automotive industry. With growing safety concern, customers are now shifting towards strong automobile bodies from conventional metal bodies. Enhancing living standards of the people in the developed nations will drive the demand for sophisticated sports as well as luxury cars. This will drive the market substantially.
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Based on the type of industry, carbon fiber finds major use in aerospace & defense industry, wind energy sector, sports equipment industry, automotive industry and others. Aerospace industry is the primary end user, of which commercial aerospace sector has the major market share in terms of volume as well as revenue. The wind energy segment has a lot of promise for the market growth owing to increase in global renewable energy demand. Light weight and strong gym equipment and other luxury items will enhance the global demand for carbon fiber by 2024. With the focus of leading automobile manufacturers shifting towards weight reduction of the cars, carbon fiber reinforced plastics will find an increasing demand in the forecast period. Among other industries there are the civil engineering industry and electronics goods. With growing population and upgrading social status of the people around the globe, the demand for light weight and cost effective electronic goods will influence the carbon fiber market positively.
This latest Carbon Fiber Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Carbon Fiber industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Carbon Fiber Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024.” in detail along with the table of contents:
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Key Insights in this Report
- Global Carbon Fiber Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Carbon Fiber Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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