Carbon Fiber Composites Market Demand, Industry Size, Top Players, Opportunities, Sales, Revenue And Regional Forecast To 2023
Key Players
The major player operating in the market of global Carbon Fiber composites are Cytec Industries (U.S.), SGL Carbon SE (Germany), Toray Industries, Inc. (Japan), ACP Composites, Inc (U.S.), Clearwater Composites, LLC (U.S.), Owens Corning (U.S.), HITCO Carbon Composites Inc (U.S.), Mitsubishi Rayon Carbon Fibber and Composites, Inc. (U.S.), Polar Manufacturing Limited (U.K.) and Rock West Composites (U.S.).
Industry News
- 31 January 2019: Jeon-Ju city (South Korea), the Korea Institute of Carbon Convergence Technology (KCTECH, Gwangju, South Korea) and KIA Motors company (Seoul, South Korea) announced about the signing of a memorandum of understanding (MOU) for expediting carbon composite parts application in automotive industry.
- 22 March 2019: KCTECH, KIA Motors seek to accelerate carbon fiber used in the Asian automotive industry. The report states that KIA Motors has opened a composite material technical center in KCTECH in South Korea that holds a part of a new collaboration to advance carbon composite parts application in the automotive industry.
Global Carbon Fiber Composites Drivers & Trends
In recent times, the global Carbon Fiber Composites Market is reported with a considerable upswing when it comes to size and valuation. This is happening due to the continual expansion in the automotive industry around the world. With the rising demand for automobiles, the global market of Carbon fiber composites is likely to remain robust by registering a high rise over the years to come.
Segmentation
In the reports of MRFR, the global Carbon fiber composites market has been segmented as product type, application type, and region.
By the mode of application, the market includes structural assembly, power train components, interior, exterior, and others.
Regional Analysis
Region wise, Asia Pacific is accounted to be the fastest and largest growing market for Carbon fiber composites due to countries such as China and India. They are onto the growth path due to the existence of lightweight vehicles as well as enhanced fuel efficiency. With the increased production capacity in terms of volume and new facilities and innovative technological advancements, these are driving the market of Carbon fiber composites on positive notes over Asia Pacific region and is expected to capture over 45% revenue share through 2023.
On the other hand, Europe region will also grow at a higher CAGR in concern with Carbon fiber composites market owing to extensive use of composites. There have been stringent regulations regarding carbon emissions from vehicles and due to that increasing R&D investment along with established automobile industry is noticed and will further propel the regional growth over the forecast timeframe.
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