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Albany, New York, Sept. 10, 2019 (GLOBE NEWSWIRE) -- The applications of carbon fiber remain heavily understated. Researchers have, time and again, discovered new applications of carbon fiber in key industries such as electronics, manufacturing, and clothing. Hence, the global carbon fiber market is poised to become a goldmine for investors and stakeholders. Furthermore, several organizations have proved their dexterity with research by conceptualising new products and solutions based on carbon fiber. The next decade is expected to witness the inflow of fresh revenues in the global carbon fiber market.
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Hyosung Group of Industries plans to invest a total of US$840 million in its carbon fiber business by the turn of 2028. The South-Korea based industrial conglomerate is slated to expand its current capacity for carbon fiber production from 2,000 tons to 24,000 tons. Following this, the Jeonju-based plant of the group would become the world’s single largest plant with this production capacity. Several other companies are also expected to increase their investments in the carbon fiber business. This trend shall become a forerunner to growth across the global carbon fiber market.
Electronic manufacturers have stayed high-headed in deploying new technologies and exploiting useful materials. The use of carbon fiber in the electronic industry is a historic trend that has richly contributed to the growth of this market. Furthermore, electronic manufacturers have remained extremely liberal in experimenting with various types of carbon fibers. This factor has also played an integral role in the growth of the global carbon fiber market.
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Transparency Market Research (TMR), in one of its reports, prognosticates that the global carbon fiber market would expand at a respectable CAGR of 6.80% over the period between 2018 and 2026. Furthermore, the total value of the global carbon fiber market should touch a value of US$ 3.4 Billion by 2026.
Players to Rely on Automobile Industry for Sustenance
Several classic models of cars were developed with extensive use of carbon fibers. Bugatti EB110, one of the most rare and sought-after models, has a thick carbon fiber coating over its body. The use of carbon fiber in the automotive industry is still a prominent trend, and the global market shall expand as this trend magnifies in the years to come. Despite the high-cost of using carbon fiber in the automotive industry, manufacturers continue to trust their returns-on-investment. Popularity of steels is expected to challenge the starry pace of growth within the global carbon fiber market.
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The growing popularity of composite materials has paved way for fresh revenues within the global carbon fiber market. Use of thin carbon films on polymers can increase the fire resistance and strength of polymers. This is a key consideration for manufacturers who use various polymers as intermediate products. Use of innovative and weather-resistant technologies in the constructions industry has also facilitated market growth.
Better Thermal Conductivity to Create New Applications
Development of heating fabrics including blankets and apparels follows the use of carbon fibers. The application of carbon fiber in DIY heated jackets has emerged as an integral driver of market demand. Furthermore, the clothing industry has shown immense responsibility in dealing with various types of carbon fiber fabrics. The need for manufacturing light-weight and heat-retaining fabrics is projected to bring in key revenues into the global carbon fiber market.
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Some of the leading players in the global carbon fiber market are Formosa Plastic Corporation, Mitsubishi, and Kureha Corporation.
The review is based on TMR’s report titled, “Carbon Fiber Market (Product - PAN-based, PITCH-based; Technology - Prepreg Layup, Pultrusion, Filament Winding, Press and Injection Molding; Application - Automotive and Transportation, Construction, Aerospace and Defence, Sports and Leisure, Marine and Oil & Gas, Wind Energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
The global carbon fiber market is segmented by:
By Region and Country
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