Pitch-Based Carbon Fiber industry
Highlights:
The global market is estimated to be
valued at USD 104,337.2 Million by 2027 exhibiting a CAGR of over 6.0%. The
demand for carbon fibers has increased in the aerospace & defense industry
since the past two decades owing to their superior performance characteristics
over metals. Carbon fiber exhibits high tensile strength, chemical resistance,
stiffness, low thermal expansion, and low weight properties. Its lightweight
yet durable property is particularly driving its demand in the aerospace &
defense industry.
Back in the 1900s, the aerospace
industry used aluminum as a primary construction material for aircraft as it is
a durable metal. However, aluminum is heavier as compared to carbon fiber,
which increases the overall weight of an aircraft. Also, the weight of
passengers and cargoes (luggage) also add to the overall weight of aircraft.
The high weight of aircraft increases the consumption of fuel by the engine.
With the limitations associated with
aluminum, the aerospace industry switched from aluminum toward carbon fiber as
the primary material in the construction of aircraft, as carbon fiber exhibits
excellent properties such as lightweight and durability. In 2003, Boeing Co
(Chicago, US) was the first airline company to use carbon fiber, as the primary
construction material for 787 commercial jetliner, which included parts such as
fuselage (cockpit, cockpit windscreens, doors, passenger windows, avionics,
cockpit seating, and wiring), wings, tail, and other structures. Furthermore,
Airbus was the second airline company to manufacture aircraft (A350 XWB and
A380) using carbon fiber composites. The use of carbon fiber composites has
reduced fuel consumption and emissions, reduced the need for maintenance,
tooling, and assembly costs. It also delivers an enhanced passenger experience
by damping engine vibration. It is expected that over the next 20 years, nearly
9,000 new wide-bodied aircraft are due for delivery, which will be built using
carbon fiber composites. Thus, the growing demand for carbon fiber in the
aerospace & defense industry is expected to boost the growth of the global Pitch-Based
Carbon Fiber industry during the forecast period.
Carbon fibers are finding increasing
applications across various end-use industries due to their advantages such as
stiffness, high tensile strength, lightweight, chemical resistance,
high-temperature tolerance, and low thermal expansion. They are obtained by
pyrolysis of an appropriate precursor fiber. Other than pitch, carbon fibers
are produced by pyrolysis of polyacrylonitrile (PAN) or rayon precursors.
Polyacrylonitrile (PAN) is the predominant precursor used for producing carbon
fiber due to its properties such as superior strength, high stability, and
higher carbon yield. About 90 % of the carbon fiber is produced from PAN and
the rest is made from rayon or petroleum pitch. The growth in the adoption of
PAN-based carbon fibers is further attributed to its lower cost as compared to
petroleum pitch or rayon precursors. PAN-based carbon fiber is widely used in
several industries such as automotive, aerospace & defense, sporting goods,
and construction. The demand has increased as these industries are looking for
solutions that save energy, make more durable products, and are environmentally
friendly. Thus, the availability of PAN-based carbon fibers at low cost and
relatively similar performance characteristics is expected to be the major
factor hampering the growth of the global Pitch-Based Carbon Fiber industry
during the forecast period.
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Segmental Analysis
According to MRFR analysis, the
global Pitch-Based Carbon Fiber industry has been segmented based on type,
application, and region.
By type, the global Pitch-Based
Carbon Fiber industry has been categorized into composites and non-composites.
Among these, the composites segment accounted for the largest share of over 90%
by value in 2018, predominantly due to the extensive use in the aerospace,
construction, automotive, and energy sector. The composites segment is expected
to register a CAGR of over 6.5% during the forecast period.
On the basis of application, the
global Pitch-Based Carbon Fiber industry has been classified into aerospace and
defense, wind energy, sports & leisure, automotive, construction, and
others. The aerospace and defense segment accounted for the largest share by
value in 2018 due to the high demand for pitch carbon fiber in the
manufacturing aerospace and defense tools and equipment. The increasing
application of pitch-based carbon fiber in automotive, energy and construction
is further expected to boost the growth of the segment during the forecast
period.
Market Players
Market Research Future (MRFR)
recognizes the following companies as the key players in the global Pitch-Based
Carbon Fiber industry: Hexal Corporation (US), Hyosung Corporation (South
Korea), SGL Carbon (Germany), Mitsubishi Chemical Corporation (Japan), Teijin
Limited (Japan), Cytec Industries, Inc (US), Toray Industries Inc (Japan),
DowAksa (Georgia), OJSC «SvetlogorskKhimvolokno» (Belarus), Nippon Graphite
Fiber Co., Ltd (Japan).
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Carbon Fiber industry” @ https://www.marketresearchfuture.com/sample_request/8215
Regional Analysis
The regions analyzed under the scope
of the global Pitch-Based Carbon Fiber industry are Asia-Pacific, Europe, North
America, Latin America, and the Middle East and Africa. According to MRFR
analysis, Asia-Pacific was the dominant regional market with a share of over
35% in 2018 and is expected to enroll a CAGR of over 7.0% during the reviewed
period. Asia-Pacific is trailed by North America, which represented the
second-largest share of around 30% in 2018. The Latin American and the Middle
East and African markets are likely to grow at a moderate rate during the
review period, 2019–2030.
NOTE: Our Team of Researchers is
Studying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.
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