Asia-Pacific Carbon Fiber Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Raw Material and End Use Industry

The APAC carbon fiber market is expected to grow from US$ 1,098.99 million in 2019 to US$ 2,571.34 million by 2027; it is estimated to grow at a CAGR of 11.4% from 2020 to 2027. The growing use of carbon in 3D printing is bolstering the market growth. In recent years, 3D printers have attracted attention as a multi-product small volume production technology. 3D printing carbon fiber is the most popular additive manufacturing technology, followed by metal. Carbon fiber is produced from the aligned strands of carbon atoms that exhibit extremely high strength in tension. The thin and brittle nature of carbon fiber makes it easy to break in any application. Moreover, when grouped and adhered together using a bonding agent, the carbon fiber distributes load eventually and form a strong and light composite material. These carbon fiber composites are available in the form of sheets, tubes, or custom-molded features. They are used in various industries, such as aerospace and automotive. Carbon fiber-reinforced plastics are the plastics that are mixed with carbon fibers. Carbon fiber-reinforced plastics are added to the carbon fiber to foster the elasticity and strength of the 3D printed parts. Compared to many of the metals, these composite materials have more strength and much less weight. Additionally, the use of carbon fibers to mix with plastic resins is one of the best strategies to fortify the mechanical properties of 3D printed portions. Carbon fiber-reinforced composite 3D printing is among the most sought-after additive manufacturing technologies. Printing carbon fibers with a 3D printer have become popular over the past few years. It is projected that companies will show an increasing interest in the additive technology due to its advantages such as potential cost reductions, higher part complexity, and functional integration. The increasing usage of carbon fiber in the sporting goods industry is among the other factors expected to positively influence its demand across APAC during the forecast period

The COVID-19 outbreak pandemic is causing a significant economic loss in Asia Pacific. The consequence and impact of the pandemic can be even worse, and it totally depends on the spread of the virus. The governments of various countries in the region are taking possible steps to prevent the spread of the virus by imposing lockdown, which, in turn, is negatively impacting the growth of the APAC carbon fiber market

The APAC carbon fiber market is segmented on the basis of raw material, end use industry, and country.Based on raw material, the market is bifurcated into PAN and Pitch.

In 2019, the PAN segment held a larger market share.Based on end user industry, the APAC carbon fiber market is segmented into automotive, aerospace and defense, construction, sporting goods, wind energy, and others.

The market for the aerospace and defense segment is expected to grow fastest during the forecast period.

The overall APAC carbon fiber market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the APAC carbon fiber market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC carbon fiber market. DowAksa; Formosa Plastic Corporation; Hexcel Corporation; Hyosung Corporation; Kureha Corporation; Mitsubishi Chemical Corporation; SGL Carbon; Solvay; Teijin Limited; and Toray Industries, Inc are among the leading companies operating in the market