The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Carbon Fiber Resin Market is likely to witness an impressive CAGR of 11.5% during the forecast period.
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Based on the resin type, the market is segmented as thermoset resin and thermoplastic resin. The thermoset resin segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. It includes epoxy, polyester, and vinyl ester resin. Thermoset resins have high strength and resistance to temperature in comparison to thermoplastic resin, resulting to its larger applications in the automotive and aerospace & defense industries that require more heat and temperature-resistant materials. All these factors are likely to drive the growth of the segment during the forecast period.
Based on the application type, the market is segmented as aerospace & defense, wind energy, automotive, sporting goods, civil engineering, marine, electrical & electronics, pipe & tank, and others. The aerospace & defense industry segment dominates the market driven by its focus towards harnessing wind energy along with the demand for greener automotive, which has led to the increase in demand for carbon fiber resins.
In terms of regions, North America is estimated to be the largest as well as fastest-growing market for carbon fiber resin during the forecast period, with the US being the major country with excellent growth opportunities. The North American market is driven by the high demand for materials with lightweight and superior mechanical properties, majorly in the U.S. Europe and Asia-Pacific are also expected to offer promising growth opportunities during the forecast period.
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The Carbon Fiber Resin Market analysis report discusses the following heads in great detail:
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