Carbon fibre market worldwide predicted to grow at a CAGR of 10.9%
The global carbon fibre market is projected to reach US$6.36bn by 2025, according to a new report by Grand View Research.
Valued at US2.25bn in 2015, the global carbon fibre market is projected to grow at a CAGR of 10.9% from 2017 to 2025.
Increasing requirements for lightweight and high-strength materials across various end-use industries, primarily automotive and aerospace, is expected to be the key driving factor forcing the market growth over the forecast period.
Europe is anticipated to be the largest as well as fastest growing region owing to the presence of aircraft manufacturing giants and major automobile manufacturers such as BMW, Mercedes and Ferrari.
These companies are putting a significant emphasis on building low-weight, fuel efficient, low emission, environment friendly cars, which directly will lead to the increased consumption of carbon fibre in various applications.
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McLaren recently announced plans to open a factory in Sheffield to manufacture carbon fibre sports cars, and BMW’s i3 is fitted with a carbon fibre passenger unit – the first such mass-produced car.
However, the US carbon fibre market is expected to witness the highest growth from the automotive segment, growing at an estimated CAGR of 13.3% during 2014 to 2025.
The aerospace and defence segment holds the highest market share and is projected to grow at an estimated CAGR of 13.1% over the next nine years.
Increasing demand for commercial aviation on account of increased disposable income and globalisation has driven growth across the aerospace industry over the last few years, which is a key trend that is expected to continue over the forecast period as well.
Global carbon fibre capacity is mainly contributed by Japan, Europe and the US. In 2015, the world's top five companies, Toray, Teijin, SGL, Mitsubishi Rayon and Formosa Plastics, shared 60% of the global carbon fibre capacity together.