“Asia-Pacific Carbon Fiber Market Share – Growth, Trends, And Forecast (2019 – 2024)”: Is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
Major Companies Include are:
Toray Industries Inc., Hexcel Corp., Mitsubishi Rayon Co. Ltd, SGL Group, Formosa Plastics, and Teijin Ltd others.
The Asia-Pacific carbon fiber market was valued at USD 774.15 million in 2017 and is expected to expand to at a CAGR of 16.36% during the forecast periodm 2018 -2023.
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The major factors driving the carbon fiber market in this region are the growing demand in the sports goods, construction, and automotive industries, as well as the emerging wind energy applications and the increasing demand in the aerospace & defense industry. The increasing automotive demand along with the rising need for lightweight vehicles is expected to further drive the demand over the forecast period.
Accelerating Usage in Aerospace and Defense
The aerospace & defense industry in China is growing at a significant pace. The rising population and urbanization, along with growing income in the country, have led to the increase in demand for commercial aircrafts in the country. India is projected to be the third-largest country in terms of the civil aviation industry by 2023. The rapidly growing aviation industry is further expected to expand the application of carbon fiber in the air transport sector. Aircraft manufacturers, such as Boeing and Airbus, are utilizing carbon fibers in the manufacturing of aircrafts and aircraft parts, which in turn, is aiding in reducing the weight of aircrafts by approximately 50%. The defense industry in South Korea is growing at a fast in the recent years due to the antagonistic actions from North Korea, moreover, the increase in the R&D activities further play a key role in driving the market growth in the region.
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Construction & Infrastructure is the Fastest Growing Segment
The market in the construction industry is huge in China, as the government is expected to actively invest around USD 11.4 billion in the infrastructure development projects. Owing to the various infrastructure development initiatives by the government of India, the construction industry in the country has seen a surge in the recent years. Additionally, over the past few years, India has become the major hosts of numerous international and national events because of their business potential. Thereby, increasing the demand for hotels, shopping malls, high-rise buildings, arenas, and stadiums (both outdoor and indoor), and boosting the demand for carbon fiber market. The construction sector in South Korea, supported by the infrastructure projects related to 2018 Winter Olympic Games in Pyeongchang, Gangwon province, will further drive the market in Asia-Pacific.
Japan to Lead the Market
Japan is estimated to grow at the highest CAGR of 18.23% during the forecast period, compared to other markets in Asia-Pacific. The Japanese sports goods industry is expected to play a key role in driving the market growth. The industry is poised with some opportunities in the form of Rugby World Cup and Tokyo Olympics in 2020. The growth in this industry will reflect the increase in demand for carbon fiber in the country.
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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