Home » Chemicals » Carbon Fibers Market Research – Likely To Witness 10 Percent CAGR In The Future

The worldwide carbon fibers market was estimated at around USD 2 billion in 2013. It is anticipated to attain around USD 3.8 billion by 2020. The market is predicted to record a CAGR of about 10 percent through the forecast phase. The mentioned phase lasts from 2014 to 2020. Carbon fibers are produced from carbon. They are used in the manufacture of long lasting and lightweight elements in various manufacturing applications.

For Market Research Report on “Carbon Fibers Market” Visithttp://www.radiantinsights.com/research/global-carbon-fibers-%28cf%29-market-size-regional-outlook-application-analysis-competitive-insights-and-forecasts-2014-to-2024

Polyacrylonitrile based carbon fiber is the most expansively used carbon fiber owing to its outstanding structural features. Hence, it was the biggest product sector of the carbon fibers market in 2013. Polyacrylonitrile based carbon fibers made up in excess of eighty five percent of the worldwide revenue. A broad variety of elements manufactured from carbon fibers and their compounds are used in various consumer industries.

Some of these industries are sports, automotives, aerospace, marine, construction, etc. Due to escalating demand for eco-friendly energy reserves, wind energy was the biggest consumer sector of the carbon fibers market in 2013. It occupied in excess of twenty four percent of the total market size. Automotives is projected to be the most rapidly expanding consumer sector of the carbon fibers market in the coming years.

Escalating demand for lightweight and long lasting elements from the sector of automotives is projected to propel further demand for the carbon fibers market. Europe leaded the carbon fibers market in 2013. It occupied in excess of thirty seven percent of the total share that year. Europe, Asia Pacific and rest of the world are also predicted to register growth over the said phase.

Carbon Fibers Market Research

Information Source: Radiant Insights