Market Research Report
Europe Carbon Fiber Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Raw Material (PAN and Pitch) and End Use Industry (Automotive, Aerospace and Defense, Construction, Sporting Goods, Wind Energy, and Others)
|Europe Carbon Fiber Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Raw Material (PAN and Pitch) and End Use Industry (Automotive, Aerospace and Defense, Construction, Sporting Goods, Wind Energy, and Others)|
Published: May 4, 2021
The Insight Partners
Content info: 108 Pages
Delivery time: 1-2 business days
The Europe carbon fiber market is expected to grow from US$ 721.82 million in 2019 to US$ 1,504.51 million by 2027; it is estimated to grow at a CAGR of 9.8% from 2020 to 2027. The escalating usage of carbon fiber in the wind energy industry is bolstering the growth of the market in Europe. Growing demand for renewable resources has led to a surge in the installation for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. The wind turbine manufacturers strive to produce more efficient and longer blades. Advanced composite materials such as carbon fiber are becoming a major part of the construction of wind turbines, specifically the blades. According to the studies conducted by companies operating in the market, longer the blades on a turbine, more is the energy it generates. Carbon fibers plays a crucial role in the wind energy industry. Large blades are typically designed for stiffness and deflection, rather than taking material strength into consideration. Carbon fibers, if used in the turbines, enable high stiffness characteristic that reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Carbon fibers are added in the spar cap, which is the backbone of the blade. These fibers are also considered as an effective alternative to the glass fibers used in the wind turbines, as they make the blades thinner, stiffer, and lighter. Furthermore, they have relatively low damage tolerance, compressive strength, and ultimate strain. Thus, carbon fiber has come up as an impactful technology for turbine manufacturers such as Vestas Wind Systems A/S and Gamesa Technology Corp. These companies use carbon fiber in select structural parts of the blades. Lighter blades require less robust turbine and tower components, and hence, the cascading cost savings justify the additional cost of carbon. The rising demands from the automotive and aerospace applications are among the other factors expected to positively influence the demand for carbon fiber in Europe during the forecast period.
In Europe, currently the UK and Russia are the hardest-hit countries due to the COVID-19 outbreak pandemic. It is suffering an economic hit due to the lack of revenues generated from various industries, as the country recorded the highest number of COVID-19 confirmed cases followed by France, Spain, Italy, and Germany. Many member states have implemented drastic measures and travel restrictions, including partially closing their borders. These measures are impacting the growth of the Europe carbon fiber market.
The Europe 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 Europe 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 Europe 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 Europe 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 Europe 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