Industry Experts. Experts v3766/ Publisher Sample

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1 Industry Experts Experts v3766/ Publisher Sample Phone: (US) or or (Int'l) Hours: Monday - Thursday: 5:30am - 6:30pm EST Fridays: 5:30am - 5:30pm EST customerservice@marketresearch.com MarketResearch.com

2 PUBLISHED:JAN2013 A GLOBALMARKETOVERVIEW Thestudyreviews,analyzesandprojectstheglobalmarketfor CarbonFibersandCarbonFiberReinforcedPlastics(CFRP) fortheperiod ,andalsodiscussestheglobal CarbonFiberInstaledCapacities. 2013alrightsreserved

3 GLOBAL MARKET PERSPECTIVE INTRODUCTION Carbon fibers have gained an immense importance in a range of applications in industrial sectors such as wind energy, automotive, civil engineering, pressure vessels as well as in aerospace & military, motorsports and other sporting goods because of their superior characteristics like enhanced stiffness & tensile strength, low weight, improved chemical resistance & temperature tolerance and low thermal expansion. The industries, having the high growth potential for carbon fiber reinforced plastics (CFRP) and intern carbon fibers in the near future include automotive, wind energy, aerospace & defense, offshore oil & gas applications and composite pressure vessels among others. Global volume demand for CFRP, estimated at around xx thousand metric tons in 2012, is expected to maintain a CAGR of xx.x% to reach 210 thousand metric tons by In terms of value, demand for CFRP, estimated at US$xx.xx billion in 2012 is expected to record a CAGR of xx.x% over in reaching US$xx.x billion by In tandem with the CFRP market, global demand for carbon fibers in terms of volume, estimated at xx thousand metric tons in 2012 and forecast to be xx.x thousand metric tons in 2013, is further projected to reach xxx thousand metric tons by 2020, registering a CAGR of xx.x%. In terms of value, consumption of carbon fibers globally is estimated to stand at US$x.xx billion in 2012 and projected to reach around US$x billion by Carbon fiber reinforced plastics (CFRPs) and other composite materials have had a tremendous impact on the aerospace industry, with weight reduction being the key to conserve fuel. Aerospace applications, ranging from passenger airlines to fighter planes, have adopted the use of carbon fibers extensively in structures and components due to their versatility. For instance, the Boeing 787 uses as much as xx% of carbon composites by weight in its airframe and primary structure. Airbus, too, has not been far behind, with its A350XWB being fabricated using xx% of composites by weight. Commercial aircraft OEMs would be busy for the next 6-7 years, based on the delivery schedules announced by them. Clearing order backlogs would require transport OEMs and their supply chains in enhancing total unit production capacity over the coming half-a-decade. Other notable programs in the aviation industry, which are set to use carbon fiber composites, include Bombardier s C-Series, Commercial Aircraft Corporation of China s (COMAC) COMAC C919 series, Honda Aircraft Company s HondaJet, Mitsubishi Aircraft Corporation s Mitsubishi Regional Jet (MRJ) and Irkut MS-21 from the United Aircraft Corporation (UAC). These programs including other aerospace applications are adequate to suggest that the demand for carbon fiber composites from the aviation industry would continue to maintain steady growth. Carbon fiber consumption in global aerospace & defense applications, estimated at 8 thousand metric tons in 2012, is expected to reach xx.x thousand metric tons by 2020, maintaining a CAGR of xx.x%. -1-

4 KEY MARKET TRENDS Carbon Fiber Composite Adoption High on Agenda of Automobile Industry Surface transportation has been immensely influenced by volatile oil prices and an increasing human contribution to global warming and environmental pollution, with demand for fuel efficient vehicles taking center stage. Automobile manufacturers are seriously viewing the option of cutting down vehicle weight by the use of innovative materials, such as carbon fiber composites in low-cost massproduction cars. However, this segment is expected to record less than anticipated growth, when compared to the mid-priced automobile category. Utilization of carbon fibers has hitherto been the prerogative in very high-end cars for justifying the high material cost, though this scenario has witnessed some change. Carbon fibers, weighing about one-fifth as much as steel even while being comparable or better in stiffness and strength based on fiber grade and orientation, have caught the fancy of automakers. Composites manufactured using carbon fibers are rustproof and corrosion-free, as against steel or aluminum. They also enable in reducing vehicle weight by 50%-70%, which results in enhancing fuel economy. Also, high-strength carbon fibers make the vehicle safer in occasions of severe crashes. In general, the firm establishment of composites and associated technologies in the automobile industry has to take several other factors into account. These include requirement of cycle time and cost abatement, as well as composites that deliver superior performance. If such factors are put in place, it is anticipated that carbon composites would be regular features of mainstream automobiles by This is very much in congruity with plug-in cars, such as the Toyota hybrid Prius, developed in 2006 that just requires to be plugged into a regular household power socket for recharging. Nissan, Chevrolet, Ford and Mitsubishi have since then been instrumental in developing plug-in models, and researchers are of the opinion that by 2050, gasoline engines would be replaced by stronger batteries, lightweight carbon fiber components and mass production of electric cars. The automotive industry currently employs carbon fibers in chassis, spoilers, propeller shafts, roofs and external parts, though the same are exclusively used for racing cars and high-end luxury models. On the other hand, Mercedes, Ford, General Motors and BMW, to name a few, have initiated steps to enhance the use of carbon fibers in vehicle manufacture, thereby reducing vehicle weight, improving fuel consumption and reducing greenhouse gas emissions. In addition, using carbon fibers enables in decreasing total number of vehicle parts, thereby speeding up the manufacturing process with greater flexibility and less cost. -47-

5 Carbon Fiber Installed Capacities by Precursor Type (PAN-Based and Pitch-Based) Total global carbon fiber installed capacity is estimated at xxxxx thousand metric tons in 2012 and forecast to be xxxxx thousand metric tons in Maintaining a CAGR of xxx%, the global carbon fiber installed capacity is further projected to reach xxx.x thousand metric tons by 2017 and 202 thousand metric tons by PAN-based carbon fibers, with an estimated 2012 share of xx.x%, equivalent to xxxxx thousand metric tons, is the dominant precursor type, with Pitch-based carbon fibers accounting for the remaining x.x% (or x.xx thousand metric tons) estimated in that year. Installed capacity of PAN-based carbon fibers is also expected to register a faster CAGR of xx.x% in reaching a projected xxx.x thousand metric tons by 2017, while installed capacity of Pitch-based carbon fibers is slated to witness a sedate x.x% CAGR over the corresponding period in reaching x.xx thousand metric tons by Chart 10: Global Carbon Fiber Installed Capacities ( , 2017 and 2020) by Precursor Type PAN -Based and Pitch-Based in Metric Tons Year PAN based CF Pitch based CF Total CF 2007 xxxxxxxx xxxxxxx xxxxxxxx 2008 xxxxxxxx xxxxxxx xxxxxxxx 2009 xxxxxxxx xxxxxxx xxxxxxxx 2010 xxxxxxxx xxxxxxx xxxxxxxx 2011 xxxxxxxx xxxxxxx xxxxxxxx 2012 xxxxxxxx xxxxxxx xxxxxxxx 2013 xxxxxxxx xxxxxxx xxxxxxxx 2014 xxxxxxxx xxxxxxx xxxxxxxx 2015 xxxxxxxx xxxxxxx xxxxxxxx 2017 xxxxxxxx xxxxxxx xxxxxxxx 2020 xxxxxxxx xxxxxxx xxxxxxxx CAGR% xxxxxxxx xxxxxxx xxxxxxxx CAGR% xxxxxxxx xxxxxxx xxxxxxxx CAGR% xxxxxxxx xxxxxxx xxxxxxxx CAGR% xxxxxxxx xxxxxxx xxxxxxxx PAN based CF Pitch based CF -94-

6 TORAY Industries Inc dominates the global installed capacity of PAN-based Carbon Fibers, estimated at xx.x thousand metric tons in 2012, followed by Zoltek Corp with xx.x thousand metric tons, TOHO TENAX Co Ltd with xx.x thousand metric tons and Mitsubishi Rayon Co Ltd with xx.x thousand metric tons in the same year. TORAY Industries is further expected to maintain its leading position in installed capacity for PAN-based Carbon Fibers, projected to reach xx thousand metric tons by 2017 and xx thousand metric tons by Zoltek would retain its second position over the analysis period, while installed capacity of PAN-based Carbon Fibers for Mitsubishi Rayon is forecast to exceed TOHO TENAX by 2017 to stand at xx.x thousand metric tons, compared to xx.x thousand metric tons for the latter. Chart 18: Glance at 2012 Global Market Share (%) of PAN-Based Carbon Fiber Installed Capacities by Manufacturer Manufacturer 2012 % Share TORAY Industries Inc. xxxxxx xxxxx Zoltek Corporation xxxxxx xxxxx TOHO TENAX Co., Ltd. xxxxxx xxxxx Mitsubishi Rayon Co., Ltd. xxxxxx xxxxx Formosa Plastics Corporation xxxxxx xxxxx SGL Carbon SE xxxxxx xxxxx Hexcel Corporation xxxxxx xxxxx Cytec Engineered Materials Inc. xxxxxx xxxxx AKSA Akrilik Kimya San. A.S. xxxxxx xxxxx Taekwang Industrial Co., Ltd. xxxxxx xxxxx Kemrock Industries and Exports Ltd. xxxxxx xxxxx Argon Ltd. xxxxxx xxxxx Chinese Manufacturers xxxxxx xxxxx Total xxxxxx xxxxx % Share -103-

7 GLOBAL MARKET OVERVIEW Global volume demand for Carbon Fiber Reinforced Plastics (CFRP) is estimated at xx.xx thousand metric tons in 2012 and forecast to be xx.xx thousand metric tons in 2013, growing by xx.x% year-onyear. Expected to maintain a CAGR of xx.x%, volume demand for Carbon Fiber Reinforced Plastics is further projected to reach xxx.x thousand metric tons by In terms of value, demand for Carbon Fiber Reinforced Plastics, estimated at US$xx.xx billion in 2012 and forecast at US$xx.xx billion in 2013 (a y-o-y increase of xx.x%), is expected to record a CAGR of xx.x% over in reaching US$xx.x billion by The global economic downturn in 2008 adversely impacted numerous industries, and demand for Carbon Fiber Reinforced Plastics exhibited declines between the years 2008 and 2009 in both volume (xx.xx%) and value (xx.x%). With the scenario improving in 2010, demand for Carbon Fiber Reinforced Plastics picked up, with volume consumption registering a year-on-year growth of xx.x% and value consumption by xx.x%, with 2011 being a year of stability. Demand for Carbon Fiber Reinforced Plastics over the analysis period is expected to remain relatively steady, though varying on an annual basis. Chart 29: Global Carbon Fiber Reinforced Plastics (CFRP) Market Analysis ( ) in Volume (Metric Tons) and Value (US$ Million) Year Volume (Metric Tons) Value (US$ Millions) 2008 xxxxxxx xxxxxxxxx 2009 xxxxxxx xxxxxxxxx 2010 xxxxxxx xxxxxxxxx 2011 xxxxxxx xxxxxxxxx 2012 xxxxxxx xxxxxxxxx 2013 xxxxxxx xxxxxxxxx 2014 xxxxxxx xxxxxxxxx 2015 xxxxxxx xxxxxxxxx 2016 xxxxxxx xxxxxxxxx 2017 xxxxxxx xxxxxxxxx 2018 xxxxxxx xxxxxxxxx 2019 xxxxxxx xxxxxxxxx 2020 xxxxxxx xxxxxxxxx CAGR% xxxxxxx xxxxxxxxx CAGR% xxxxxxx xxxxxxxxx CAGR% xxxxxxx xxxxxxxxx CAGR% xxxxxxx xxxxxxxxx

8 NORTH AMERICA Carbon Fiber Reinforced Plastics volume demand in North America, estimated at xx.xx thousand metric tons in 2012 and forecast to be xx.xx thousand metric tons in 2013 (up by xx.x% year-on-year), is further projected to reach xx.xx thousand metric tons by 2020, thereby exhibiting a CAGR of xx.x%. In value terms, North American demand for Carbon Fiber Reinforced Plastics is estimated to be US$x.xx billion in 2012, forecast at US$x.xx billion in 2013 (up by xx.x% year-on-year) and expected to maintain a CAGR of xx.x% in reaching US$x.x billion by The year 2009 was testing for North America s Carbon Fiber Reinforced Plastics market, with both volume and value consumption recording decreases of xx.x% and xx.x%, respectively, over In 2010, however, demand for Carbon Fiber Reinforced Plastics in North America witnessed growth in volume by xx.x% and value by xx.x% due to economic recovery, while in 2011, this demand was even more pronounced with respective year-on-year growths of xx.x% and xx.x%. Over the coming years, though, the annual growth rate is expected to steady out. Chart 84: North American Carbon Fiber Reinforced Plastics (CFRP) Market Analysis ( ) in Volume (Metric Tons) and Value (US$ Million) Year Value (US$ Millions) 2008 xxxxxxx xxxxxxxx 2009 xxxxxxx xxxxxxxx 2010 xxxxxxx xxxxxxxx 2011 xxxxxxx xxxxxxxx 2012 xxxxxxx xxxxxxxx 2013 xxxxxxx xxxxxxxx 2014 xxxxxxx xxxxxxxx 2015 xxxxxxx xxxxxxxx 2016 xxxxxxx xxxxxxxx 2017 xxxxxxx xxxxxxxx 2018 xxxxxxx xxxxxxxx 2019 xxxxxxx xxxxxxxx 2020 xxxxxxx xxxxxxxx CAGR% xxxxxxx xxxxxxxx CAGR% xxxxxxx xxxxxxxx CAGR% xxxxxxx xxxxxxxx CAGR% xxxxxxx xxxxxxxx

9 Production capacity of Carbon Fibers in North America is estimated to be xx.xx thousand metric tons in 2012, while consumption in that year is estimated at x.xx thousand metric tons, accounting for xx.x% of capacity. By 2015, proportion of Carbon Fibers consumed in relation to production capacity is expected to increase to xx.x%, with the healthy CAGRs of production capacity (xx.x%) and consumption (xx.x%) expected between 2012 and Chart 86: North American Carbon Fiber Production Capacity and Consumption Analysis ( ) in Year Production Capacity Consumption 2008 xxxxxx xxxxxx 2009 xxxxxx xxxxxx 2010 xxxxxx xxxxxx 2011 xxxxxx xxxxxx 2012 xxxxxx xxxxxx 2013 xxxxxx xxxxxx 2014 xxxxxx xxxxxx 2015 xxxxxx xxxxxx CAGR% xxxxxx xxxxxx CAGR% xxxxxx xxxxxx Production Capacity Consumption -292-

10 Rest of World Carbon Fiber Market Overview by Country Volume Analysis Russia is the largest market for Carbon Fibers in terms of volume consumed, cornering an estimated share of xx.x% in 2012, which translates into xxx metric tons in that year. Forecast to post a year-on-year increase of xx.x% and stand at xxx metric tons in 2013, Russian volume demand for Carbon Fibers is further projected to reach x.xx thousand metric tons by 2020 at a CAGR of xx.x%. Turkey, though accounting for the second largest volume share of xx.x%, is slated to emerge as the fastest region for Carbon Fiber consumption, with a CAGR of xx.x%, which would help the region to reach a projected x.xx thousand metric tons by 2020 from an estimated x.xx thousand metric tons in The scenario between 2008 and 2009 has been very positive for all the regions in Rest of World, with volume demand for Carbon Fibers increasing by xx.xx% in Russia and xx% in Turkey over these years. In 2010, too, both the regions have recorded robust growths of xx.x% and xx% respectively, only to steady down in 2011 with increases of xx% in Russia and xx.x% in Turkey. This scenario is very much expected to be maintained over the analysis period. Chart 145: Rest of World Carbon Fiber Market Analysis ( ) by Country - Russia, Turkey and Other in Year Russia Turkey Others Total 2008 xxxx xxxx xxxx xxxxxx 2009 xxxx xxxx xxxx xxxxxx 2010 xxxx xxxx xxxx xxxxxx 2011 xxxx xxxx xxxx xxxxxx 2012 xxxx xxxx xxxx xxxxxx 2013 xxxx xxxx xxxx xxxxxx 2014 xxxx xxxx xxxx xxxxxx 2015 xxxx xxxx xxxx xxxxxx 2016 xxxx xxxx xxxx xxxxxx 2017 xxxx xxxx xxxx xxxxxx 2018 xxxx xxxx xxxx xxxxxx 2019 xxxx xxxx xxxx xxxxxx 2020 xxxx xxxx xxxx xxxxxx CAGR% xxxx xxxx xxxx xxxxxx CAGR% xxxx xxxx xxxx xxxxxx CAGR% xxxx xxxx xxxx xxxxxx CAGR% xxxx xxxx xxxx xxxxxx Russia Turkey Others -483-