Growth of the electronics industry is a significant factor influencing growth of the global market.
Carbon fiber LFT market Size – USD 2,614.8 Million in 2019, Growth – at a CAGR of 10.3%, Trends –Surging demand for reducing VOC generation
The global Carbon fiber LFT Market is forecast to reach a market size of USD 5,749.3 Million by 2027, and register a significantly high revenue growth rate over the next seven years, according to a new report by Reports and Data. Growing demand for Carbon fiber LFT can be attributed to growth of the electronics industry. Carbon fiber LFT possess high impact resistance and function as a buffer for delicate electronic components and parts and comply with several regulatory policies and norms in the electronics industry. Carbon fiber LFT also have very good temperature resistance and low water absorption capacity, which are critical for the proper functioning and safety of electric devices. Furthermore, in electronic applications, Carbon fiber LFT like Polyamides are considered suitable for the passing of specific tests like GWIT, as these have excellent flame regarding capability.
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Top Companies: Lanxess AG, PlastiComp Inc., Solvay, BASF SE, Celanese Corporation, Mitsubishi Chemical Holdings, Daicel Polymer Ltd., Avient Corporation, Toray Industries Inc., and Asahi Kasei Corporation.
Further Key Finding from the Report Suggestion:
- Polypropylene possesses a tactile, slippery surface and is considered optimal for use in low friction automotive applications, including gears. Polypropylene provides exceptional elasticity and fatigue resistance providing enhanced durability and strength. Also, high electrical resistance of polypropylene finds widespread application in producing electrical products and cables.
- Carbon fiber LFT adaptability to numerous fabrication methods and high temperature resistance has stimulated the market growth. Additionally, Carbon fiber LFT are increasingly used as alternates to metals due to their cost-efficiency.
- Carbon fiber LFT market in Europe accounted for the largest revenue share in 2019, owing to growing sales of electric vehicles, growing demand for fuel-efficiency, and stringent regulatory policies to curb vehicle emission in the region. Besides, growing demand for consumer goods and presence of leading aircraft manufacturers in the region drive the market growth.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
The global Carbon fiber LFT market is segmented into:
Resin Type Outlook (Revenue, USD Million; 2017-2027)
- Polyether Ether Ketone
Fiber Type Outlook (Revenue, USD Million; 2017-2027)
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- Consumer Goods
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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