The global carbon fiber market analysis is expected to gain momentum owing to increasing demand for bicycles by fitness enthusiasts and increasing incidence of heart-related ailments across the globe.
Carbon fiber is a polymer that has high tensile strength and is lightweight. It is five times stronger than steel and is mainly composed of carbon atoms. It is made up of strong, thin crystalline filaments of carbon that imparts strength to a material. Additionally, it possesses a high chemical resistance property and is tolerant of excessive heat making it an ideal choice amongst designers and engineers during the manufacturing of materials.
ethodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand for Bicycles to Favor Growth
According to the US Bicycle Industry, around 15 to 20 million units of bicycles are sold in the US every year. Increasing incidence of heart-related ailments and growing awareness regarding health and fitness amongst the people is expected to propel the demand for bicycles. Increasing demand for bicycles and technological advancement is driving the manufacturers to produce bicycles with a well-built carbon frame that aids in the drastic reduction of weight and high tensile strength. Therefore, the growing demand for superior quality and light-weight bicycles is expected to drive the global carbon fiber market in the forthcoming years.
Developed Aerospace Sector in Europe to Aid Growth
Among the regions, the market in Europe is likely to remain at the forefront and hold the highest global carbon fiber market share during the forecast period. This is attributable to developed end-use industries such as aerospace, automotive, and wind energy in countries such as Germany and France. On the other hand, North America is expected to hold the second position in the market during the projected horizon. This is ascribable to increasing adoption of technology and growing awareness for health and fitness amongst the people between 2019 and 2026.
Gain More Insights into the Carbon Fiber Market Research Report:https://www.fortunebusinessinsights.com/industry-reports/carbon-fiber-market-101719
List of the Companies Operating in the Market:
Mitsubishi Chemical Carbon Fiber and Composites Inc.
SGL Carbon SE, Teijin Limited
Toray Industries Inc
Jiangsu Hengshen Co. Ltd.
Zhongfu Shenying Carbon Fiber Co. Ltd
Weihai Guangwei Composites Co. Ltd.
Teijin Announces Expansion of Carbon Fiber Production to Strengthen Product Portfolio
In June 2020, Teijin Carbon Europe GmbH, a leading carbon fiber supplier, announced its plan to expand the production capacity by 40% for its German-produced chopped carbon fiber. According to the company, the expansion of its production capacity is aimed at catering to the increasing demand from European electronics manufacturers and medical industries. The global carbon fiber market report mentions that the companies are striving to gain maximum in terms of revenue by adopting strategies such as the expansion of facilities, product expansion offerings, partnership, and collaboration during the forecast period.