The global carbon fiber resin market is expected to be worth USD 574 million in 2022 and to grow at a 15.3% CAGR to USD 2,377 million by 2032. Carbon fiber demand is expected to be less than 5% of global fiber consumption in 2022, with a fourfold increase over the next ten years. The carbon fiber resin market refers to the market for resins that are used in the production of carbon fiber reinforced composites. Carbon fiber reinforced composites are high-strength and lightweight materials that are used in various industries, including aerospace, automotive, sports equipment, and construction.
The carbon fiber resin market has been growing in recent years, driven by the increasing demand for lightweight and high-strength materials in various applications. Carbon fiber reinforced composites offer several advantages over traditional materials such as metals, including higher strength-to-weight ratios, greater fatigue resistance, and improved corrosion resistance.
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Key Takeaways:
- North America is the market leader, accounting for 31.5% of global sales in 2022.
- The carbon fiber resin market in Canada is expected to expand rapidly.
- As the authority leading hub for automobile parts manufacturing, China is expected to dominate the APAC market, accounting for two-fifths of sales.
- India is a fast-growing economy that is benefiting from economic growth and is expected to drive sales in the carbon fiber resin market.
- More than 45% of the global market is accounted for by the United States, China, and Germany.
- Carbon fiber resins market will be driven by the aerospace and defense industries, as well as rising energy demand. Application in the production of wind turbine blades will also result in rapid growth.
Competitive Landscape:
The global carbon fiber resin market is highly competitive and fragmented in nature with the presence of several leading players. Majority of these players are collaborating with end users to generate more sales and are also focusing on new launches to gain competitive edge.
For instance,
- Toray Composite Materials America Inc., a global leader and innovator of carbon fiber materials, will unveil the Toray 2700 in July 2021. This is a patented epoxy-based 2700 high-performance resin technology designed specifically for aerospace programs.
- Nissan announced an innovation for mass production of carbon fiber parts and compression resin transfer molding in September 2020 to accurately follow the manufacturing process and have a shorter development process.
Key Companies Profiled by Fact.MR
- ESE Industries
- Huntsman Corporation
- Alpha Owens-Corning
- Hexion Inc.
- Ashland Inc.
- BASF SE
- 3M
- Kukdo Chemical Co. Ltd.
- Olin Corporation
- Aliancys
- Polynt S.p.A
Key Questions Covered in the Carbon Fiber Resin Market Report
- What is the global carbon fiber resin market scenario?
- How far is the global demand expected to reach over the forecast period?
- Who are the dominant players in the global carbon fiber resin market?
- Which is the most leading region in the carbon fiber resin market?
The global carbon fiber resin market is expected to continue to grow in the coming years, driven by the increasing demand for lightweight and high-strength materials in various industries. However, there are also several challenges facing the market, such as the high cost of carbon fiber reinforced composites and the limited availability of carbon fiber raw materials.
