Expansions and Agreements, Partnerships & Joint Ventures are the Key Development Strategies Adopted by the Leading Market Players to Drive the Carbon Fiber Market

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Carbon fiber is a long, thin strand of material made from carbon; the carbon content is greater than 90% for standard modulus carbon and almost 100% for high modulus carbon fiber. Carbon fibers are used in various industries for aircraft & spacecraft parts, bicycle frames, golf shafts, badminton rackets, automobile springs, sailboat mats, automotive structural parts, and various other parts. The carbon fiber market is projected to reach USD 8.00 Billion by 2026, growing at a CAGR of 10.8%, from 2016 to 2026.

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The major manufacturers profiled in this report are, Toray Industries, Inc. (Japan), Hexcel Corporation (U.S.), SGL Group (Germany), Teijin Ltd. (Japan), Mitsubishi Rayon Co. Ltd. (Japan), DowAksa (Turkey), and Hyosung (Korea). These companies have adopted various organic and inorganic growth strategies such as, expansions and agreements, partnerships & joint ventures to strengthen their global presence and increase their penetration into the global carbon fiber market.

The key companies offering carbon fiber are mainly involved in expansions and agreements, partnership & joint ventures to strengthen their positions in the carbon fiber market. Expansions was the key strategy adopted and had a share of 39.66% of all the growth strategies adopted by leading companies between 2011 to 2016. This strategy helped the companies to expand their presence in other regions and to cater to the increasing demand for carbon fiber from end-user industries. Companies also adopted the agreements, partnerships and joint ventures strategies to expand their product reach globally and take advantage of each other’s competencies to compete in the market. This strategy accounted for 22.41% of all the growth strategies adopted by the leading players.

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Toray Industries, Inc. (Japan) and SGL Group (Germany) were the major players that undertook the maximum number of growth strategies between 2012 and 2016 in the carbon fiber market. Toray Industries, Inc. is one of the leading companies and the largest contributors to the growth of the global carbon fiber market. It accounted for the largest share of all the development activities undertaken in the global carbon fiber market between 2012 and 2016. The company serves various industries including, aerospace & defense, automotive, electronics, and infrastructure. As a part of its growth strategy, the company focuses on expansions to meet the requirements of end-use industries globally. For instance, Toray subsidiary Carbon Magic Co., Ltd. (Thailand) recently expanded its production capacity with the opening of a new facility which will manufacture Carbon Fiber Reinforced Plastic (CFRP) parts.

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