Market Trends of Asia-Pacific Carbon Fiber Industry
This section covers the major market trends shaping the APAC Carbon Fiber Market according to our research experts:
Aerospace and Defense Segment to Dominate the Market
- In Asia-Pacific, the aerospace and defense segment accounts for the largest share in the market based on the end-user industry. Over the past few years, several new products have been added in this field. Carbon fibers are a perfect choice for numerous aerospace and defense applications as they provide strength, endurance, and stability as required.
- Conventional metal structures are increasingly replaced by carbon fiber-reinforced plastics (CFRP) in aircraft due to their light yet stiff design structures. From the interior of an airplane or a jet to the rotor blades of a helicopter, composite materials are emerging as an integral part of the aerospace industry.
- China is one of the largest manufacturers of aircraft and one of the largest markets for domestic air passengers. Moreover, the aircraft parts and assembly manufacturing sector in the country is growing at a rapid pace, with the presence of over 200 small aircraft parts manufacturers.
- In January 2021, India cleared an INR 48,000 crore (USD 6317.38 million) deal to manufacture 83 thome-developed Light Combat Aircraft (LCA Mk1A) for the air force, in a big boost to the domestic aviation industry, with hundreds of vendors expected to get orders under the Make in India program.
- Owing to the aforementioned factors, the aerospace and defense segment excepted to dominate the market during the forecast period.
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Japan to Lead the Market Growth
- Japan is the fastest-growing carbon fiber market compared to other markets in Asia-Pacific.
- The Japanese automotive industry is one of the world's largest and most renowned automotive industries. According to OCIA, in 2021, Japan produced a total of 5,866,312 units (Q1-Q3), at a growth rate of 3% compared to the same period in 2020 (Q1-Q3). The growth in this industry is likely to reflect the increase in demand for carbon fiber in the country.
- Also, the Japanese electrical and electronics sector is one of the most advanced sectors in the world. In terms of computers, gaming stations, cell phones, and other critical computer components, the country is a world leader.
- According to the Japan Electronics and Information Technology Industries Association (JEITA), the electronics industry in Japan registered JPY 10,954.3 billion in revenue in 2021, which was around 90% of the previous year's value. Thus, growth in the electronics industry is likely to boost the market for carbon fibers in the country.
- Overall, the growing demand from various end-user industries is projected to drive the market in the country during the forecast period.
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