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Carbon Fiber Market is growing at a CAGR of 9.55% during the forecast period 2017 to 2022

December 12
11:24 2018

Carbon Fiber Market | Research Cosmos
Carbon fiber market is expected to increase its growth in the forecast period due to its unique application needs like combining of several thousand carbon fibers to form a yarn that may be used as a fabric.

Carbon Fiber Market Overview:

Carbon Fiber is a long, thin strand of material about 0.0004-0.0008mm in diameter and composed mostly of carbon atoms. Though carbon fiber is stronger and stiffer than steel, it is lighter than steel, making it the ideal manufacturing material for many parts. Carbon fiber is made of thin, strong crystalline filaments of carbon that is used to strengthen material. They can be thinner than a strand of human hair and gets its strength when twisted together, which is then woven together to form cloth. If needed to take a permanent shape, carbon fiber can be laid over a mold and coated in resin or plastic. Carbon fiber is high in tensile strength, low weight and high temperature tolerant with less thermal expansion. Due to this, it is very popular in many industries such as aerospace, automotive, military, and recreational applications like bike frames, aircraft wings, containers and automobile components.

Carbon Fiber Market Size:

Carbon Fiber Market was valued at USD 12320 million in 2017 and projected to reach USD 19160 million by 2022 growing at a CAGR of 9.55% during the forecast period 2017 to 2022.

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Carbon Fiber Market Drivers and Restraints:

Carbon fiber market is expected to increase its growth in the forecast period due to its unique application needs like combining of several thousand carbon fibers to form a yarn that may be used as a fabric. The yarn and fabric are further wounded or molded to form several composite materials. Carbon fiber market is witnessing a rapid growth by the key applications by making of materials that are used in aircraft, space craft, racing car bodies, bicycle frames, fishing rods, automobile springs and sail boats. However, there is a decline in market due to its higher cost compared to other materials and it consists of electric conductor which may affects radioactive waves that can be overcome by tremendous research and development in the forecast period.

Carbon Fiber Market Geographical Segmentation:

Geographically, North America is the dominant market for the carbon fiber market due to its aerospace industrialization and expected to continue in forecast period. Asia Pacific is the second largest market due to its rapid urbanization and infrastructural development of industries. Europe is witnessing the high growth due to the use of carbon in 3D printing, which is expected to create new opportunities in the global market growth.

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Key Players of Carbon Fiber Market

Some of the key players of the market are Hexcel corporation, Kemrock industries, Kureha Corporation, Mitsubishi Corporation, Hyosung.

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