DUBLIN--(BUSINESS WIRE)--The "North America Carbon Fiber Market - Segmented by Raw Material, Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The North America carbon fiber market is expected to grow at a CAGR of 13.45 % during the forecast period (2018 - 2023)
The major factors driving the growth of the North America carbon fiber market are the increasing demand for fuel-efficient and lightweight vehicles as well as the robust demand from aerospace & defense sector.
There is demand for durable system and body parts that offer better performance and are also lightweight. In a typical automobile, the use of fibers is 50% by volume and 10% of the weight. In the United States, the government increased the fuel efficiency requirements for new automobiles to 54.5 miles per gallon by 2025 for the United States market, therefore, the companies have started using the lightweight materials, such as carbon fiber, to make their vehicles lightweight and fuel-efficient.
The major automotive manufacturers, such as BMW, Mercedes-Benz, McLaren, Chevrolet, and Lamborghini, have committed themselves to increasing the usage of carbon fiber, such as CFRP components, in their vehicles as they significantly contribute to the reduction in weight. There are a few companies, such as Daimler and Toray Industries, provide CFRP automotive parts to its consumers.
United States the Market Leader
The aerospace & defense industry of the United States is the largest in the world. The exports value of the United States was almost USD 1.5 trillion, with a major share in exports held by commercial aircrafts. The defense exports were primarily to China, France, and the UK. The exports are further expected to increase from several countries, like China and India, which is further expected to boost the aircraft production in the country, thereby, having a positive impact on the market for carbon fiber.
The construction industry in the country is growing at a slow rate with the increasing residential constructions and office space constructions. The growing investments in the defense and automotive sector in the United States are contributing to the growth of the carbon fiber market in the coming years.
Key Topics Covered:
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
6. Regional Market Analysis (Market Size, Growth, and Forecast)
7. Competitive Landscape
8. Company Profiles
- A&P Technology Inc.
- Advanced Composites Inc
- Applied Sciences Inc
- Cytec Solvay Group
- Formosa Plastics Corporation
- Hexcel Corporation
- Mitsubishi Rayon
- SGL Group
- Teijin Carbon Fibers Inc. (TCF)
- Toray Group
For more information about this report visit https://www.researchandmarkets.com/research/wtwdwk/north_america?w=4