Carbon Fiber Resin Market Overview
The recent shift toward the development of light vehicles and the diversification in energy baskets of countries from traditional sources of power such as fossil fuels to clean power sources such as wind power are the major trends, which are identified to impact the global carbon fiber resin market. Carbon fibers are known to reduce the overall vehicular weight, and develop improved and high-performance wind turbines, thereby, are preferred as ideal materials for construction of automobiles, airplanes, and wind turbines.
Carbon fiber resins are derivatives of carbon and other elements that are processed to form carbon fibers. These are cured by application of heat to form the final fibers. These resins possess appreciable physical and chemical properties such as high strength, significant chemical resistance, corrosion resistance, and high viscosity, which make them an ideal material for usage in exterior and interior parts for airplanes. In the report, the carbon fiber resin market is segmented on the basis of resin type, raw material, application, and region.
The carbon fiber resin market is bifurcated on the basis of resin type into thermoset and thermoplastic. Thermoset and thermoplastic resins are used as matrix to produce carbon fiber composites. Thermoset resins account for larger market share in comparison to thermoplastic, owing to their high strength and resistance to high temperature. Moreover, they are applied in automotive, and aerospace and defense industries in areas where strong, and heat and temperature-resistant materials are required. Thermoset resins include epoxy, polyester, and vinyl ester resin. On the other hand, thermoplastics include resins, such as polyamide and polypropylene.
Based on the raw material, the carbon fiber resin market is classified into PAN and pitch. PAN category held larger market share during the historical period, owing to its superior material properties. Furthermore, lower cost of PAN as compared to pitch-based carbon fiber and demand for higher strength to weight ratio carbon fiber, is expected to support the market growth of this category in the future.
The carbon fiber resin market is categorized on basis of application into aerospace and defense, wind energy, automotive, sports equipment, electrical and electronics, marine, and construction. Increasing need for energy-efficient and lightweight wind turbines is expected to drive demand for these resins during the forecast period. The aerospace and defense category is also expected to hold a significant market share on account of its growing requirement for lightweight materials. Furthermore, growth in the aviation industry is further expected to augur demand for these resins.
Based on region, the carbon fiber resin market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East and Africa. Historically, APAC occupied a significant share in the market. North America accounted for a significant demand of carbon fiber resins in the recent past. Additionally, high growth in the aerospace and defense, automotive, and wind energy industries and increasing demand for high performance resins, especially from the aerospace industry are expected to drive the carbon fiber resin market in the coming years.
Carbon Fiber Resin Market Dynamics
The carbon fiber resin market is expected to be driven by regulations and move toward fuel efficiency in automotive and aerospace industries. Moreover, recent regulation such as the Corporate Average Fuel Economy (CAFE) standards require manufacturers to meet minimum fuel economy requirements for their fleets of vehicles sold in the U.S., is further expected to draw demand for lightweight carbon fiber-based composite materials, thereby driving demand for these resins during the forecast period.
The high cost of carbon fiber is a major restraining factor, which reduces its application in low-cost and non-premium segment of automobiles. Further, the material witnesses stiff competition from substitutes such as carbon steel and polymer derivatives. These factors are likely to hinder its profound application and restrain the carbon fiber resin market growth to some extent in the future.
Carbon Fiber Resin Market Competitive Landscape
Some of the major companies operating in the global carbon fiber resin market are Huntsman Corporation, Alpha Owens-Corning, BASF SE, Hexion Inc., Polynt S.P.A., Ashland Inc., Olin Corporation, 3M Company, Aliancys AG, and Kukdo Chemical Co. Ltd.
The industry participants have integrated their business operations and produce raw materials and final products. This helps companies to leverage technological capabilities and produce economically competitive products.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.