Carbon Fiber Resin Market To Grow From USD 292.7 Million In 2016 To USD 532.7 Million By 2021
Aerospace & defense application segment is expected to play a vital role in the Carbon fiber resin market
Carbon fiber resins have high demand in the aerospace & defense application because of their properties such as high strength, viscosity, corrosion resistance, good curing, and chemical resistance. MarketsandMarkets expects the global carbon fiber resin market to grow from USD 292.7 million in 2016 to USD 532.7 million by 2021, at a compound annual growth rate (CAGR) of 12.7% from 2016 to 2021.
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The aerospace & defense application accounts for the largest share of the carbon fiber resin market globally, and the trend is expected to follow during the forecast period. Carbon fiber resins find various applications in the aerospace & defense industry due to their high strength-to-weight ratio and superior mechanical properties. Carbon fiber resins are generally used in secondary structures such as fairings, seat structures, luggage racks, and galley equipment.
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Automotive application in the carbon fiber resin market is expected to witness a healthy CAGR between 2016 and 2021. The automotive industry is beginning to use carbon fiber resin to manufacture low-weight cars that provide good performance and luxury with economical pricing. With the introduction of CAFÉ requirements in the North American and European regions, it has become even more important for the automotive industry to reduce the weight of vehicles, which eventually leads to lesser carbon emission. Most common automotive components where carbon fiber and carbon fiber resins are used are exterior body parts, hoods, bonnets, and test plates among others.
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North America dominated the carbon fiber resin market globally in 2015, both, by value and volume, and the trend is expected to continue in the future. High growth in the aerospace & defense, automotive, and wind energy industries and increasing demand for high performance resin especially from the aerospace industry are expected to drive the carbon fiber resin market in the region. High demand of materials made from carbon fiber resin is anticipated from European and Asia-Pacific regions. Germany and France are the major countries driving the carbon fiber resin market in the European region. Countries such as Japan and China are also experiencing high demand for carbon fiber resin in the Asia-Pacific region.