Research Nester assesses the growth and market size of the global carbon fiber resin market which is anticipated to be on account of the growing importance of lightweight composite materials and the need for reducing global warming.
Research Nester’s recent market research analysis on “Carbon Fiber Resin Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global carbon fiber resin market in terms of market segmentation by resin type, form type, application, and by region.
Growing Demand for Fuel-Efficient Vehicles to Promote Global Market Share of Carbon Fiber Resin
The global carbon fiber resin market is estimated to grow majorly on account of the rising need for building lightweight vehicles to achieve fuel efficiency. By reducing the weight of a vehicle, carbon fiber helps improve its fuel efficiency and overall performance. Lighter vehicles require less energy to move, leading to lower fuel consumption and reduced emissions. Furthermore, the higher integration of fuel cells in automotive, data centers, and energy storage facilities is also expected to expand the market growth.
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Besides this, the rising use of wind energy for generating power is also expected to drive market growth. Carbon fiber composites are extensively used in the construction of wind turbine blades. The lightweight and high strength of carbon fiber makes it an ideal material for these large blades, enabling them to capture wind energy efficiently. Carbon fiber reinforced blades allow wind turbines to generate more electricity with less resistance, contributing to improved wind energy conversion and reduced reliance on fossil fuels.
Some of the major growth factors and challenges that are associated with the growth of the global carbon fiber resin market are:
Growth Drivers:
• Surging Use of Fuel Cells
• Rising Need for Achieving Carbon-Neutrality
Challenges:
Carbon fiber is complicated to make, and the glue systems used to connect the fibers are also costly. These are some of the major factors anticipated to hamper the global market size of carbon fiber resin. Carbon fiber composites are subject to strict regulations in particular industries, such as automotive and aerospace, due to safety and certification requirements. On the other hand, there are various problems occur while recycling the waste of carbon fiber resin which further impedes the market growth. Owing to their complicated compositions and the requirement to separate the fibers from the resin, carbon fiber composites are difficult to reproduce. Waste management will remain a challenge until proper recycling processes are established and full recycling solutions are available.
The global carbon fiber resin market is divided into five applications: wind energy, automotive, aerospace & defense, marine, electrical & electronics, civil engineering, and sporting goods. The aerospace and defense segment is expected to generate the most revenue by the end of 2035, expanding at a considerable CAGR during the forecast period. The segment growth is expected on account of rising air traffic which increases the demand for deploying more airplanes. Moreover, the government of various nations is investing significantly in the defense sector. The United States, China, India, the United Kingdom, and Russia were the top five countries with the highest spending in the defense sector in 2021, accounting for 62% of overall spending. Furthermore, on the basis of resin type, the thermoset resin is expected to dominate the market growth.
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By region, the Asia Pacific carbon fiber resin market will be responsible for a significant market share by growing at a notable CAGR over the forecast period. The market's expansion can be ascribed mostly to surging car manufacturing. China's automotive sector generated around 23.8 million passenger cars in 2022. The demand for convenient mobility develops in tandem with the population. The region is known for being home to some of the world's greatest automobile manufacturers. With its high levels of production, the automotive sector, which comprises the manufacturing of motor vehicles as well as aftermarket components, establishes a large number of sales of passenger cars and commercial vehicles for the region. In addition, growing dependence on clean energy is also expected to drive market growth in the Asia-Pacific region.
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This report also provides the existing competitive scenario of some of the key players of the global carbon fiber resin market which includes company profiling of Kukdo Chemical Co. Ltd., AOC Holdings, LLC, Huntsman International LLC, Hexion Inc, Aliancys AG, Polynt S.P.A, The 3M Company, Ashaland Inc, BASF SE, and Olin Corporation.
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