North America Carbon Fiber Market Anticipated to Exceed $2,331 Million, at 11.0% CAGR from 2018 to 2025 [110-Pages] | Disclosed by Research Dive
Rising applications of carbon fiber in the automotive industry are expected to fuel the North America carbon fiber market growth in the 2018-2025 timeframe. The US is likely to lead the market in the forecast period
NEW YORK, April 11, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "North America Carbon Fiber Market by Raw Material (PAN-Based carbon fiber, Pitch-Based & Rayon-Based Carbon Fiber), Type (Continuous, Long and Short), Form (Composite, and Non-Composite), and End-User (Aerospace & Defense, Sports/Leisure, Wind Turbines, Molding and Compounds, Automotive, Pressure Vessels, Civil Engineering, Marine, Pultrusion Misc., Misc. Consumer, Sailing/Yacht Building, and Others): Opportunity Analysis and Industry Forecast, 2018–2025".
The North America carbon fiber market is projected to exceed $2,331 million by 2025, rising at a CAGR of 11.0% in the 2018–2025 timeframe. The report provides all-inclusive insights into the present situation and future potential of the market by scrutinizing market drivers and restraints, opportunities, key segments, and regions.
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Segment Analysis of the North America Carbon Fiber Market
The market is divided based on raw material, type, form, end user, and region.
- The PAN-based carbon fiber sub-segment of the raw material segment is anticipated to grab a huge share of the market during the forecast period. This growth is mainly owing to the growing demand for PAN-based carbon fiber due to its properties such as hardness, rigidity, and compatibility with polar materials.
- The continuous carbon fiber sub-segment of the type segment is anticipated to observe fastest growth and lead the market during the forecast period. This growth is mainly owing to the high tensile strength and low density of continuous carbon fiber.
- The composite carbon fiber sub-segment of the form segment is anticipated to grab a huge share of the market during the forecast period. This growth is mainly owing to the growing applications of composite carbon fiber in automobiles for weight reduction and growing the efficacy of fuel.
- By end-user, the market is segmented into sports/leisure, aerospace & defense, wind turbines, automotive, pressure vehicles, civil engineering, mouldings & compounds, marine, misc. consumer, sailing/yacht building, pultrusion misc., and others. The rising use of carbon fiber in numerous end-use industries is expected to surge the growth of the North America carbon fiber market.
- Based on country, the North America carbon fiber market is studied across several countries such as Canada, the U.S., and Mexico. The US is projected to witness swift growth and lead the market during the forecast period. This growth is majorly due to the increasing applications of carbon fiber and growing initiatives to decrease greenhouse gas emissions in this country.
Dynamics of the North America Carbon Fiber Market
The prime factor boosting the growth of the North America carbon fiber market is the increasing applications of carbon fiber in the automotive sector owing to its excellent strength as well as flexibility. Moreover, increasing implementation of rules and regulations by government bodies to curb greenhouse gas emissions is projected to unlock groundbreaking opportunities for the market's growth in the forecast period. However, the dearth in the availability of carbon fiber owing to its lengthy production period is anticipated to hinder the market growth in the estimated timeframe.
Key Players of the Market
The leading players of the North America carbon fiber market are
- Hexcel Corporation
- Nippon Graphite Fiber Co. Ltd
- 3M
- Solvay
- Plasan Carbon Composites
- TORAY INDUSTRIES INC.
- Advanced Composites Inc.
- Mitsubishi Chemical Corporation
- DowAksa
- Formosa Plastics Corporation
These players execute several business tactics, such as acquisitions, mergers, R&D activities, new product developments, and many others, to achieve a robust position in the market.
For instance, in November 2021, Hexcel Corporation, a foremost manufacturer of carbon fiber reinforcements and resin systems, joined hands with Fairmat, a company that aims to improve the recycling process for sophisticated composite materials, to recycle carbon fiber prepreg composites.
Moreover, the report offers other key details of the leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
More about North America Carbon Fiber Market:
- A Startup Company to Invent an Innovative Use of Carbon Fiber in The Treatment of Fractured Bones
- Strategic Partnerships Like That Between Hexcel Corporation and Fairmat to Drive the North America Carbon Fiber Market
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