Carbon Fiber Market Analysis, Cost Structures, Market Status and Forecasts to 2025
Research Dive has recently added a new report on Carbon Fiber Market Size Share which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of Carbon Fiber Market Size Share
Carbon fibers are about 5-10 micrometers in diameter and are mostly composed of carbon atoms. They are formed in a crystal-like structure that are strong and have high tensile strength. Carbon fibers are lightweight, flexible, have good temperature tolerance, and are electrical and thermal conductors. Some major applications of carbon fibers are in civil engineering, aerospace and defense, wind turbines, sports, pressure vessels, and other industries. Moreover, carbon fibers are considered stronger than steel in terms of strength to weight ratios. Since the process of making carbon fibers is complex and highly specialized, carbon fibers are quite expensive.
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Forecast Analysis of the North America Carbon Fiber Market
Increased utilization of carbon fibers in the automotive industry because of high tensile strength, temperature tolerance, and flexibility along with strict government regulations to reduce greenhouse gas emissions are some factors expected to drive the growth of the North America carbon fiber market by 2025. Moreover, the extensive use of carbon fibers in wind turbines and other industries like civil engineering, sports, aerospace and defense, etc. due to flexibility and radiolucent properties is also predicted to offer abundant market growth opportunities during the forecast period. However, high price of carbon fibers is the prime factor to impede the market growth.
The North America carbon fiber market is projected to witness prominent growth opportunities by 2025 due to rapid business expansion of some key market players in the emerging markets and strategic collaborations, acquisitions, and partnerships among them to increase their footprint in the region.
According to the report published by Research Dive, the North America carbon fiber market is estimated to register a revenue of $2,331 million by 2025, growing at a CAGR of 11.0% during the forecast period 2018-2025. Some key market players are Mitsubishi Chemical Corporation, Formosa Plastics Corporation, U.S.A., Hexcel Corporation, Nippon Graphite Fiber Co., Ltd., Solvay, TORAY INDUSTRIES, INC., DowAksa, 3M, Advanced Composites Inc., and Plasan Carbon Composites.
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Key North America Carbon Fiber Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall, thus helping the North America carbon fiber market to flourish. For instance:
In June 2022, Strohm, the world’s first and leading manufacturer of fully bonded, thermoplastic composite pipe, announced its collaboration with Evonik Industries, a specialty chemicals company, to qualify the use of thermoplastic composite pipe (TCP) technology for offshore wind developers. The companies have collaborated in the past and produced TCP featuring Carbon Fiber PA12 tape for energy transition applications. Currently, the technology is used by conventional energy operators in North and South America.
In May 2021, Hypetex, a renowned manufacturer of colored reinforcements and advanced materials, announced its collaboration with CompositeTechs LLC, a US-based business development leader of composite materials and services. The partnership will include the sales and marketing of the former organization by CompositeTechs to further boost the production of technical colored carbon fiber materials and other reinforcements.
In November 2021, Hexcel Corporation, an American public industrial materials company, announced its partnership with Fairmat, a France-based technology startup. This strategic partnership was aimed to recycle cutoffs generated during carbon fiber prepreg production at Hexcel European operational plants and then use it in composite panels sold in industrial markets.
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