New York, USA, June 27, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the North America carbon fiber market is predicted to generate a revenue of $2,331 million and grow at a healthy CAGR of 11.0% during the forecast timeframe from 2018 to 2025.
As per our analysts, with the increasing penetration of carbon fiber components in the automotive industry, the North America carbon fiber market is expected to witness remarkable growth during the estimated period. Besides, the increasing initiatives taken by the governments to control greenhouse gas emissions are expected to fortify the growth of the market over the forecast period. Moreover, the growing demand for high-performance carbon fibers in the aerospace and defense sector is projected to bolster the growth of the market during the analysis timeframe. However, the higher costs and longer production cycle of carbon fiber may hinder the growth of the market throughout the forecast period.
Segments of the North America Carbon Fiber Market
The report has divided the market into segments based on raw material, type, form, end-user, and region.
Raw Material: PAN-Based Sub-Segment to be Most Profitable
The PAN-based carbon fiber sub-segment is expected to grow at a higher CAGR during the estimated timeframe. The increasing demand and current trends of using PAN-based carbon fiber in automotive, aerospace & defense, and sporting goods applications owing to its high resistance to most chemicals and solvents, and other beneficial characteristics such as hardness, rigidity, and many more, is expected to upsurge the growth of the market sub-segment over the forecast period.
Type: Continuous Sub-Segment to be Most Productive
The continuous carbon fiber sub-segment is predicted to dominate the market throughout the estimated period. The growing usage of continuous carbon fiber in a wide range of applications due to its high tensile strength and low density is expected to augment the growth of the North America carbon fiber market during the analysis timeframe.
Form: Composite Sub-Segment to be Most Lucrative
The composite sub-segment is predicted to grow at a noteworthy CAGR and continue a steady growth during the estimated period. The increasing demand for composite carbon fiber in automobiles for weight reduction and increased fuel efficiency is predicted to uplift the growth of the market sub-segment over the forecast period.
End-User: Aerospace & Defense Sub-Segment to be Most Beneficial
The aerospace and defense sub-segment is expected to hold the highest share of the market during the analysis period. The growing aircraft production by leading manufacturers for both commercial and military purposes is predicted to propel the growth of the market sub-segment over the forecast period.
Region: U.S. to Have Major Share of the North America Carbon Fiber Market
The U.S. is expected to hold the maximum share of the North America carbon fiber market and is attributed to be the fastest-growing region during the estimated period. The increasing trends to reduce carbon emissions and growing penetration of carbon fiber in the automotive industry of this region are expected to drive the regional growth of the market over the analysis period.
Key Players of the Market
The major players of the North America carbon fiber market include
- Advanced Composites Inc.
- Hexcel Corporation
- Formosa Plastics Corporation
- U.S.A.
- Solvay
- DowAksa
- Plasan Carbon Composites
- Nippon Graphite Fiber Co., Ltd.
- TORAY INDUSTRIES, INC.
- 3M
- Mitsubishi Chemical Corporation
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the industry.
For instance, in December 2021, Hexcel Corporation, a leading producer of carbon fiber reinforcements and resin systems, collaborated with METYX, a renowned manufacturer of high-performance technical textiles, including: multiaxial (e-glass, aramid, carbon, and hybrids). With this collaboration, the companies aimed to manufacture high-performance extruded carbon profiles made from polyurethane resin and unidirectional carbon fiber for wind energy applications.
Further, the report also summarizes other crucial aspects including SWOT analysis, the latest strategic development, product portfolio, and the financial performance of the key players.
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