The APAC carbon fiber market is accounted to US$ 988.2 Mn in 2018 and is expected to grow at a CAGR of 12.4% during the forecast period 2019 - 2027, to account to US$ 2,794.8 Mn by 2027.
The APAC carbon fiber market is segmented on the basis of precursors as PAN-based and pitch. The PAN-based APAC carbon fiber market is estimated to hold a dominant share in the market. Polyacrylonitrile (PAN) contains ~68% of carbon and is one of the most widely used precursors in carbon fiber manufacturing. PAN is polymerized from acrylonitrile (AN) by the commonly used, inhibitory azo compounds and peroxides through the polymerization process. Suspension polymerization and solution polymerization are the two major types of this process. The solution polymerization is the preferred method as the PAN solution that is produced can be directly used as a fiber spinning dope on the removal of unreacted monomers. To produce PAN with higher molecular weights, the solvent needs to have a low chain transfer coefficient. The most commonly used solvents in this process are sodium thiocyanate, zinc chloride, and dimethyl sulfoxide.
The APAC carbon fiber market is segmented based on form as composites and non-composites. The composites segment accounts for the largest share in the APAC carbon fiber market, while the non-composites segment also contributes a significant share in the market. The carbon fiber reinforced polymers are advanced composite materials that are used in a wide variety of applications, from the sports equipment to the aerospace and automotive sector. Carbon fibers, when bound with plastic polymer resin, produce a composite material that is durable, extremely strong, and lightweight that can be used in various forms, including tubes, tows, and fabrics. The steady decrease in the prices, coupled with the availability of multiple carbon fibers and polymer matrix materials, have helped the carbon fiber polymer composite materials to achieve an essential position in the Asia Pacific market. Epoxy is the most commonly used carbon fiber composite material.
Increasing demand to utilize renewable resources has led to an upsurge for the installation and demand for wind farms, with wide 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 is an upcoming component for the construction of wind turbines, specifically the blades. The companies operating in the market have discovered that the longer the blades are on a turbine, the more energy can be generated. The carbon fiber plays a vital role in the wind energy industry. Large blades are typically designed by stiffness and deflection, rather than taking into consideration the material strength. The high stiffness characteristic of carbon fiber lowers the blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Carbon fiber is added in the spar cap, which is known to be the backbone of the blade.
APAC carbon fiber market is segmented on the country as China, India, Japan, South Korea, Taiwan, and Rest of APAC. Japan has a major share in the APAC carbon fiber market, which is followed by China. The market for carbon fiber in Japan is increasing due to the dense presence of the automobile industry and the electronics industry. Japan is considered a few of the leading car producers in the world. The domestic sales of vehicles in Japan has increased with the increase in production capacities and a surge in export. Thus, the robust automotive foothold of the automotive industry and an increase in production and export of vehicles is expected to deliver substantial growth opportunity for the growth of the carbon fiber market.
Some of the players present in APAC Carbon fiber market are DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, and Toray Industries, Inc.
The overall APAC Carbon fiber market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the APAC carbon fiber market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific carbon fiber market.