The global carbon fiber resin market is witnessing significant growth, due to the increasing demand for carbon fiber composites in end-user industries, such as wind energy, automotive, aerospace and defense, and sporting goods. Moreover, the increasing demand for fuel efficient and lightweight vehicles, and increasing use of carbon fiber in Airbus, aircrafts and Boeing are fueling the growth of the global carbon fiber resin market. Carbon fiber resins provide several beneficial properties to the carbon fiber and its composites, such as high stiffness and strength, corrosion and chemical resistance, and high viscosity; therefore, it is supporting the demand for these resins in all end-user industries. Among the various resin types of carbon fiber, the thermoset resin held the larger share in the global carbon fiber resin market in 2015, and it is anticipated to retain its dominance during the forecast period, due to its high strength and high temperature resistance. Thermoset resins find larger applications in aerospace and defense, and automotive industries, as high thermal resistance materials are required in these industries. Moreover, the automotive application segment in the global carbon fiber resin market is anticipated to witness the highest growth during 2016 - 2022, in comparison to the other application segments.
The growing demand in the emerging economies and increasing compliance for carbon fiber composites in Boeing are creating ample growth opportunities for the global carbon fiber resin market during the forecast period. In addition, the major players in aerospace and defense industries are collaborating with lightweight carbon fiber composites suppliers and manufacturers, and the development of new advanced carbon fiber materials is the key trend witnessed in the global carbon fiber resin market. However, high manufacturing and processing cost and recycling related issues are the key challenges hindering the growth of the global carbon fiber resin market.
Geographically, North America held the largest share in the global carbon fiber resin market in 2015, owing to the high compliance for lightweight composites and high demand of carbon fiber from aerospace and defense, marine and automotive industries. Moreover, North America is also anticipated to be the fastest growing market for carbon fiber resin during 2016 – 2022. The fastest growth in the region is also attributed to the high demand and growth from end-use industries, such as wind energy and defense. Europe became the second largest market for carbon fiber resin in 2015; whereas Asia-Pacific is anticipated to be the second fastest growing market for carbon fiber resin during the forecast period. The higher growth of carbon fiber resin market in Asia-Pacific is attributed to the increasing demand from the emerging economies of the region, such as China and India. In addition, the increasing compliance for lightweight composites, shifting interest of major manufacturers in the end-use industries from developed countries to emerging economies are fueling the growth of the carbon fiber resin market in the region.
The key players operating in the global carbon fiber resin market are Alpha Owens-Corning, BASF SE, Hexion Inc., Huntsman Corporation, Ashland Inc., Polynt, 3M Company, and ALIANCYS AG.