(MENAFN- iCrowdNewsWire) The global carbon fiber wrap market is likely to grow at a 12.5% CAGR between 2017- 2023, reveals the new Market Research Future (MRFR) report. Carbon fiber wrap is an innovative and cost-effective solution to improve aesthetics and restore & strengthen the world's infrastructure. It offers multiple benefits such as thermal compatibility, corrosion resistance, and high strength with low weight. The best part is flexible wraps can be made to any shape, it has a low total cost, minimal noise, and disruption during installation or preparation, does not need heavy equipment and welding, faster repair compared to other alternatives, and excellent fatigue behavior.
Various factors are adding to the global carbon fiber wrap market growth. These factors, as stated by the new MRFR report, include rapid development of the sports industry, and increasing use in the construction industry as well as offshore, aerospace and defense, and wind energy. Owing to its unique characteristics such as low thermal & electrical conductivity, X-ray transparency, low coefficient of thermal expansion (CTE), high chemical resistance, durability & impact resistance, carbon fiber wrap has wide applications in concrete structures, sports components, consumer electronics, automobiles and others which again are adding market growth.
On the contrary, the long-time of production cycle and high cost of carbon fiber are factors that may limit the carbon fiber wrap market growth over the forecast period.
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Notable players profiled in the carbon fiber wrap market report include TORAY INDUSTRIES, INC., Mitsubishi Chemical Carbon Fiber and Composites, Inc., Vartega Inc., Rvinyl.com, Inc., Slickwraps, Inc., Grafityp UK Limited, Metrorestyling.com, Sika Group, AXEVINYL, Cytec Solvay Group, SGL Group – The Carbon Company, DowAksa, and 3M.
The Market Research Future Report provides an inclusive segmental analysis of the global carbon fiber wrap market based on end use industry and type of lay-up.
By type of lay-up, the carbon fiber wrap market is segmented into pre-impregnated carbon fiber lay-up and wet carbon fiber lay-up.
By end use industry, the carbon fiber wrap market is segmented into wind energy, sports, aerospace and defense, construction, consumer goods, automobile, and others. Of these, the automobile industry will have a major share in the market over the forecast period.
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By region, the global carbon fiber wrap market report covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, Europe is likely to lead the market over the forecast period for the presence of top automotive manufacturers in Russia, France, Spain, Germany, and the UK.
The carbon fiber wrap market in the APAC region is predicted to have healthy growth over the forecast period for its growing demand in the region's various economies such as South Korea, Thailand Australia, Singapore, Malaysia, Taiwan, Japan, India, and China. Besides, preference of consumers for automobile parts that is carbon fiber wrap-based such as mobiles, laptops, motorcycle, car interiors, rear wing, car hood, and sporting materials like bicycles, bats, hockey sticks,fishing rods, , snowboards, skis, racquets, and golf shafts, and rapid commercial construction activities for supporting the developing countries growing economies are also adding market growth.
The carbon fiber wrap market in North America is predicted to have healthy growth over the forecast period for rising commercial construction activities and the rapidly growing aerospace industry. The US is the key contributor in the region for increasing adoption rate from the aerospace industry and large defense budget.
The carbon fiber wrap market in Latin America and the MEA is predicted to have stable growth over the forecast period for growing residential, commercial, and institutional construction activities in the UAE, Qatar, Kuwait, and Saudi Arabia, rising sales of passenger cars in Mexico and Brazil, and increasing disposable income.
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