The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Carbon Fiber Resin Market.
It was estimated prior to this unanticipated outbreak that the Carbon Fiber Resin Market was expected to grow at a CAGR of 11.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Carbon fiber resins are the derivatives of carbon and other elements, processed with the application of heat to form final fibers. These resins possess properties such as high strength, good chemical resistance, corrosion resistance, and high velocity, which make them the ideal material for the interior and exterior parts of an airplane.
Carbon fiber resins are of different types, i.e. thermoset resin and thermoplastic resin, that are used in various end-use industries, such as aerospace & defense, wind energy, automotive, sporting goods, civil engineering, marine, electrical & electronics, pipe & tank, and others.
This report studies the carbon fiber resin market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the resin type, the market is segmented as thermoset resin and thermoplastic resin. The thermoset resin segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. It includes epoxy, polyester, and vinyl ester resin. Thermoset resins have high strength and resistance to temperature in comparison to thermoplastic resin, resulting to its larger applications in the automotive and aerospace & defense industries that require more heat and temperature-resistant materials. All these factors are likely to drive the growth of the segment during the forecast period.
Based on the application type, the market is segmented as aerospace & defense, wind energy, automotive, sporting goods, civil engineering, marine, electrical & electronics, pipe & tank, and others. The aerospace & defense industry segment dominates the market driven by its focus towards harnessing wind energy along with the demand for greener automotive, which has led to the increase in demand for carbon fiber resins.
In terms of regions, North America is estimated to be the largest as well as fastest-growing market for carbon fiber resin during the forecast period, with the US being the major country with excellent growth opportunities. The North American market is driven by the high demand for materials with lightweight and superior mechanical properties, majorly in the U.S. Europe and Asia-Pacific are also expected to offer promising growth opportunities during the forecast period.
Key Players:
Some of the major players in the carbon fiber resin market are-
- Huntsman Corporation
- Alpha Owens-Corning
- BASF SE
- Hexion Inc
- Polynt S.P.A
- Ashland Inc
- Olin Corporation
- The 3M Company
- Aliancys AG
- Kukdo Chemical Co. Ltd.