The LAMEA carbon fiber market is estimated to grow significantly during the forecast period. The market growth is attributed to the significant presence of major end-user industries of carbon fiber in the region. According to SIPRI, Saudi Arabia had a military expenditure of nearly $63.7 billion, $70.4 billion, and $67.6 billion in 2016, 2017, and 2018, respectively. Moreover, the military expenditure of Israel and Iran was $15.9 billion and $13.2 billion in 2018, respectively. The well-developed aerospace & defense industry of Israel and significant trade relations with the US for military and defense projects create considerable demand for the carbon fiber in the region.
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The LAMEA carbon fiber market is segmented on the basis of raw material, fiber type, and industry vertical. On the basis of raw material, the market is sub-segmented into PAN and petroleum pitch & rayon. Based on the fiber type, the market is classified into virgin carbon fiber and recycled carbon fiber. Based on the industry verticals, the market are classified into aerospace & defense, automotive, construction infrastructure, and others such as sporting goods. Among these, the aerospace & defense industry segment accounted for a major share in the market. The market value is attributed to the increased production by the major aerospace and defense manufacturers. Further, demand by the aerospace & defense industry is primarily attributed to the demand for military aircraft that utilize advanced composites, including both commercial and military aviation.
Some of the global companies operating in the LAMEA carbon fiber market include Hexcel Corp., Mitsubishi Chemical Carbon Fiber and Composites, Inc., Solvay SA Toray Industries Inc., and others. The market players are considerably contributing to market growth by adopting various strategies to stay competitive in the market.
LAMEA Carbon Fiber Market- Segmentation
By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch & Rayon
By Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon Fiber
By Industry Verticals
- Aerospace & Defense
- Automotive
- Construction Infrastructure
- Others (Sporting Goods)
A full report of LAMEA Carbon Fiber Market is available at: https://www.omrglobal.com/industry-reports/lamea-carbon-fiber-market
LAMEA Carbon Fiber Market– Segment by Region
- Latin America
- Middle East
- Africa
