The Global Pan-Based Carbon Fibers Market was valued at USD 3.24 billion in 2018 and is projected to exhibit a CAGR of 11.6% during the forecast period. The growing demand for polymer reinforced carbon fiber composites is expected to boost the growth of the global PAN-based carbon fibers market. Furthermore, the growing aerospace & defense industry is likely to ensure a stable revenue source to the global PAN-based carbon fibers market during the forecast period.
Competitive Analysis
Some of the key players operating in the global PAN-based carbon fibers market are SGL Carbon (Germany), Hexcel Corporation (US), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Toray Industries Inc. (Japan), Formosa Plastics Corporation (Taiwan), Cytec Industries, Inc (US), and Hyosung Corporation (South Korea).
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Segmental Analysis
The global PAN-based carbon fibers market has been segmented by type, application, and region.
By type, the global PAN carbon fibers market has been segmented into composites and non-composites. The composites segment held a larger market share in 2018 by value and volume due to the increasing demand for carbon fiber reinforced composites across various industry verticals. The segment is expected to register a higher CAGR during the forecast period.
On the basis of application, the global PAN-based carbon fibers market has been segmented into aerospace & defense, automotive, construction, wind energy, sports & leisure, and others. The aerospace & defense segment accounted for the largest share of over 50% in 2018 and is expected to exhibit the highest CAGR during the forecast period.
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The growth of this segment is attributed to the extensive use of carbon fibers in the manufacturing of aircraft body parts owing to its excellent strength to weight ratio, which increases the overall efficiency of the aircraft. Furthermore, the increased government spending on defense equipment is also contributing to the growth of the segment.
Regional Analysis
The global PAN-based carbon fibers market has been studied with respect to five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The Asia-Pacific market held the largest share in 2018 and is expected to register the highest CAGR during the forecast period.
North America accounted for the second-largest market share in 2018, which is further trailed by Europe. The Latin American and the Middle East & African markets are expected to witness healthy growth during the forecast period.
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