PAN-Based Carbon Fibers Market Worth USD 7.9 Billion by 2030 Witnessing a CAGR of 11.6%
PAN-Based Carbon Fibers Market Insights and Industry Analysis by Product Type (Composite and Non-Composite), Application (Aerospace & Defense, Wind Energy, Sports & Leisure, Automotive, Construction…
PAN-Based Carbon Fibers Market Insights and Industry Analysis by Product Type (Composite and Non-Composite), Application (Aerospace & Defense, Wind Energy, Sports & Leisure, Automotive, Construction and others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, Dec. 28, 2022 (GLOBE NEWSWIRE) -- PAN-Based Carbon Fibers Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), 'PAN-Based Carbon Fibers Market Information by Type, Application and End-Use, and Region - Forecast till 2030', the market is estimated to grow at a 11.6% CAGR to reach USD 7.9 Billion by 2030.
Market Scope
The polyacrylonitrile-based fibre cloth is another name for the pan-based carbon fibre cloth. Graphite carbon fibre, carbon fibre fabric, and pre-oxidized carbon fibre cloth are only a few of the different categories that it falls under. Depending on the requirements of the application, they come in a variety of sizes and shapes. The product has high x-ray permeability, high fatigue strength, good vibration damping, high stiffness, and great heat resistance. These aspects increase the need for pan-based carbon fibre in a variety of industries, including wind energy, sports & leisure, automotive, aerospace & military, etc.
The need for carbon fibre fabric is rising for a variety of applications, which will increase the use of pan-based carbon fibre cloth. Because it can be designed and moulded so easily, carbon fibre fabric is primarily used for exterior components. Additionally, it comes in a range of fabrics, such as satin, twill, and plain textiles. Aerospace & defence as well as the automobile industries use carbon fibre fabrics. As a result, the global market for carbon fibre cloth will rise over the course of the projected period due to the rising demand for the material.
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Report Scope:
Report Attribute
Details
Market Size in 2030
USD 7.9 Billion
CAGR
11.6% (2022–2030)
Base Year
2021
Forecast Period
2022–2030
Historical Data
2020
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Type, Application and End-Use, and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
The surging demand for carbon fibers in the aerospace & defense industry
The growth in the wind energy sector is also contributing to the growth of the product market.
Market Competitive Landscape:
The important vendors in the PAN-based carbon fibers industry are
Hexcel Corporation (US)
Hyosung Corporation (South Korea)
Mitsubishi Chemical Corporation (Japan)
Teijin Limited (Japan)
Cytec Industries Inc (US)
SGL Carbon (Germany)
Toray Industries Inc. (Japan)
Formosa Plastics Corporation (Taiwan)
The main focus of market players is developing new technologies to meet consumer desires. A number of mergers and acquisitions also occur because retaining a substantial market share is an important part of these firms' goals. These factors are projected to have a positive impact on industry growth in the upcoming years.
Market USP Covered:
Market Drivers:
Due to its outstanding strength-to-weight ratio, chemical resistance, and low thermal expansion, carbon fibers is a desirable material across a variety of end-use sectors. In end-use industries like aerospace & military, automotive, wind energy, construction, and sports & leisure, carbon fibers are used extensively. Carbon fibers come in three different varieties: pitch-based, rayon-based, and polyacrylonitrile (PAN)-based. The type of carbon fiber that is most frequently sold on the market is PAN-based.
The PAN-based carbon fiber market primarily benefits from the soaring demand for carbon fibers in the aerospace and defense sector. The development of the product market is also being aided by the expansion of the wind energy industry. Additionally, the growing demand for lightweight vehicles will present expansion potential.
To maintain their market dominance and expand their global footprint, industry participants in the PAN-based carbon fibers market are using a variety of strategies, including growth, mergers and acquisitions, supply/distribution agreements, and new product releases.
Market Restraints:
An important factor limiting the growth of the global PAN-based carbon fibre market during the forecast period is the availability of close alternatives at competitive prices and their rising demand globally.
Browse In-depth Market Research Report (140 Pages) on PAN-Based Carbon Fibers URL
COVID 19 Analysis
COVID-19's influence on various industries was quite drastic as the disease's global case count rose rapidly worldwide. Based on observed occurrences in China and Europe, the U.S. construction industry faced comparable challenges, including disruptions to the material supply chain, labor shortages, and the closure of construction sites and various other operational activities.
Reduced material availability is expected to lead to aggressive buying habits and the potential to increase the national pricing of high-demand items globally. The inability to get supplies inevitably affected the overall rate of progress on many construction projects, which resulted in a decrease in demand for transparent polyamides in addition to potential price hikes.
Market Segmentation
By Type
The PAN carbon fibers market has been segmented into two types: composites and non-composites.
Due to the rising demand for carbon fiber-reinforced composites across numerous industry verticals, the composites category had a greater market share in 2018 both in terms of value and volume. Throughout the forecast period, the category is anticipated to record a higher CAGR.
By Application
The global market has been divided into several categories, with respect to applications, including automotive, construction, wind energy, sports & leisure, and others.
Since 2018 till now, 50% of the market has belonged to the aerospace and military sector, which is also predicted to have the greatest CAGR over the projected period. Due to the extensive usage of carbon fibers in the production of aircraft body parts and their superior strength-to-weight ratio, which raises the aircraft's overall efficiency, this market has experienced growth. Additionally, the industry is expanding as a result of the increased government spending on defense technology.
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Regional Insights
The PAN-based carbon fibers market in the Asia Pacific is the largest and fastest-growing and will continue to be in the lead throughout the given period. By value, the region had a share of about 37% in 2018. Rapid industrialization in the area as a result of the expanding economy is what is driving the expansion of end-use sectors including aerospace and military, automotive, and renewable energy, which in turn is boosting the regional market.
In 2018, the PAN-based carbon fibers market in North America was the second-largest. The US's high level of automobile production and developing aerospace and defense sectors are providing a steady flow of income for the PAN-based carbon fibers market in the area.
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