2020 – 2027 Europe Carbon Fiber Market is Expected to Rise Significantly with Rising Demand from Automotive, Aerospace, Sporting Goods and Energy Industries
The Latest report on Europe Carbon Fiber Market covers all the aspects of the the carbon fiber industry with primary focus on Europe as well as gives an outlook on global Carbon Fiber Market. The report covers key driving factors, opportunities and future trends in the coming years with precise data and statistical representations.
The Europe Carbon Fiber Market is accounted to US$ 724.5 Million in 2018 and is expected to grow at a CAGR of 9.9% during the forecast period 2019 – 2027, to account to US$ 1.76 Billion by 2027.
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The Europe Carbon Fiber Market is segmented on the basis of precursors as – PAN-based and pitch. The PAN-based Europe Carbon Fiber Market is estimated to hold a dominant share in the market. PAN is polymerized from acrylonitrile (AN) by the commonly used, inhibitory azo compounds and peroxides through the polymerization process. Suspension polymerization and solution polymerization are the two major types of this process. To produce PAN with higher molecular weights, the solvent needs to have a low chain transfer coefficient. The most commonly used solvents in this process are sodium thiocyanate, zinc chloride, and dimethyl sulfoxide.
On the other hand, the suspension polymerization method is used to achieve PAN with linear polymers and higher molecular weights. The rising demand for carbon fiber in the industrial applications has led to an upsurge to the manufacturing and production of PAN as it is one of the most widely used precursors.
The Europe Carbon Fiber Market is segmented based on form as composites and non-composites. The composites segment accounts for the largest share in the Europe Carbon Fiber Market, while the non-composites segment also contributes a significant share in the market. The carbon fiber reinforced polymers are advanced composite materials that are used in a wide variety of applications, from the sports equipment to the aerospace and automotive sector.
Carbon fibers, when bound with plastic polymer resin, produce a composite material that is durable, extremely strong, and lightweight that can be used in various forms, including tubes, tows, and fabrics. The steady decrease in the prices, coupled with the availability of multiple carbon fibers and polymer matrix materials, have helped the carbon fiber polymer composite materials to achieve an essential position in the Europe market. The characteristic properties like corrosion resistance, high stiffness, low thermal induction, and other properties have played a critical role in the expansion of the composite material market in the European market.
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The rising demands from automotive and aerospace applications are one of the key drivers for the growth of the Europe Carbon Fiber Market. The automotive manufacturers have been demanding new and innovative high-quality material for producing automotive components. These materials need to have the potential to meet the high-performance need of automotive manufacturers and to meet the needs of the customer and society.
Among the various materials, carbon fiber is considered to be one of the most suitable materials for lightweight automobile parts. Moreover, the carbon-fiber-reinforced composites are used as the essential materials for the surrogate body and other parts of an automobile. The implementation of carbon fiber in the automobile industry has enhanced brake, steering, durability, and high fuel efficiency, which has an impact on energy conservation and minimizing carbon dioxide emissions. Leading automotive manufacturers are implementing carbon fiber for manufacturing components.
Europe Carbon Fiber Market is segmented on the basis of the country as – Germany, the UK, France, Hungary, Russia, and the Rest of Europe. France has a major share in the Europe Carbon Fiber Market, which is followed by the Rest of Europe. The French economy is dominated by machinery, aircraft, chemical, and automotive, among others. The production volume is continuously growing, attributing to the demand from the French as well as international customers. Additionally, France is one of the leading countries in Europe, which has significantly developed the aerospace industry.
The aerospace industry in this country is influenced by the European Defense, aeronautical, and Space Company. Moreover, several research and development initiatives by the government for the growth in the aerospace industry is further expected to flourish the market for carbon fiber in the country.
Some of the players present in Europe Carbon Fiber Market are DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, and Toray Industries, Inc… Amongst the others.
The overall Europe Carbon Fiber Market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe Carbon Fiber Market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe Carbon Fiber Market.
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