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Global Carbon Fiber Market is expected to reach a market size of ~US$ 7 billion by 2028 – Ken Research

Global Carbon Fiber Market was valued at ~US$ 3 billion in 2017. It is estimated to be ~US$ 4 billion by 2022 and is expected to reach a market size of ~US$ 7 billion by 2028 growing at a CAGR of ~10% during the forecast period (2022-2028) driven by rising demand from the aerospace and automotive industries.

Global Carbon Fiber Market RevenueFor more information, Request a Free Sample Report

Key Growth Drivers

  • Due to the increased need for electricity and increased cost-effectiveness, wind turbines are being built or planned with larger rotor diameters (energy cost). Due to their high strength, stiffness, and low density, carbon fiber-based composites play a significant role in wind turbines. They can be utilized to create rotor blade structures that are svelte, aerodynamically effective, and rigid enough to sustain high stresses. Wind turbine blades constructed of carbon fiber are 25% lighter than those made of conventional fiberglass.
  • Although manufacturers are concentrating on making inexpensive carbon fibers, mass production and commercialization will take some time. Carbon fiber prices must be reduced by mass production if they are to compete with PAN fibers. Due to its high price, carbon fiber’s uses are currently limited.
  • Production declined as a result of COVID-19 across several industries, including the automobile, building, and aerospace sectors. The COVID-19 epidemic has had a significant negative impact on the worldwide automotive supply industry. The majority of the world’s auto manufacturing and sales have abruptly stopped. Additionally, COVID-19 had a significant negative impact on the aerospace and defense sector, a significant end-user of the carbon fiber market, in 2020.

Key Trends by Market Segment

By Tow Size: Small towsegment held the largest market share in 2021, as small tow fibers have a high modulus and tensile strength, which makes them widely used in the aerospace sector. Typically, it refers to rovings with 24,000 (24K) or fewer strands.

  • Carbon fiber is made up of fibers that contain 92% carbon. A tow is created when several parallel filaments are gathered together. Small tow fibers are those with up to 24,000 strands.
  • Due to their high tensile strength and high modulus when used to create composites, which are employed in many applications, little tow fibers are widely used in the aerospace sector. When compared to large tow fibers, small tow fibers are more expensive.

Global Carbon Fiber market Revenue ShareFor more information, Request a Free Sample Report

By Raw Material: PAN-based segment held the largest market share in 2021 owing to it being more affordable and producing fiber of higher quality

  • Due to its affordability, high modulus, high tensile strength, and superior fiber quality, it is widely used in aerospace & military, automotive, and sporting goods applications.
  • As there is a growing need for carbon fiber with a higher strength-to-weight ratio, PAN precursor is frequently used because of its superior material qualities. The segment growth is also anticipated to be supported by PAN’s lower cost when compared to pitch-based carbon fiber.

By Type: Recycled carbon fiber segment held the largest market share in 2021, the increased demand from the footwear sector is a major driver of market expansion.

  • Demand for lightweight materials is rising in the automotive, aerospace, and defense sectors, Due to its superior advantages like affordability, energy efficiency, lightweight, and environmental sustainability, recycled carbon fiber is being used more and more in the automotive, aerospace, and defense industries.
  • The demand for recycled carbon fibers is rising as a result of the increased environmental rules imposed by regulatory organizations like the European Union (EU) and the US Environmental Protection Agency (EPA) to limit carbon emissions.

By End-User: Aerospace and defensesegment held the largest market share in 2021, due to the increasing need for lightweight materials in Aerospace and Defense. Further expansion of the application base in the air transport sector is anticipated due to the aviation industry’s rapid growth.

  • PAN-based and pitch-based carbon fibers are in significant demand for the production of commercial aircraft and satellites, respectively. Commercial aviation manufacturers have a significant need for PAN-based carbon fibers for next-generation aircraft to increase their fuel efficiency due to their low weight and corrosion resistance.
  • On the other hand, pitch-based carbon fibers are employed in the production of satellites to make antennas, space radiators, reflectors, heat sinks, and electronic casings, among other things, due to their high thermal conductivity.

By Geography: Europeheld the largest market share in 2021, strict laws and regulations aimed at decreasing environmental pollution, as well as ongoing initiatives in the European region, are likely to propel the market expansion.

  • With the successful introduction of the Airbus A320 series and the Eurofighter, the aerospace and defense sector in the region is at the forefront of innovation. Carbon fiber manufacturers have been able to enter this market in the region due to the low corporate income tax interest rate and expansion of the aerospace and defense industries in the area.
  • Automotive OEMs must adhere to strict guidelines set forth by the European Union Automotive Fuel Economy (UNEP) standard to reduce carbon emissions by adopting lightweight materials. Additionally, the EU decided to reduce vehicle CO2 emissions by 37.5% by 2030. As a result, the region now uses a lot of carbon fiber in electric vehicles. Offshore wind energy plants are widely spread, particularly in the UK and Germany.

Major Regions By RevenueFor more information, Request a Free Sample Report

Competitive Landscape

The Global Carbon Fiber Market is highly competitive with ~250 players which include globally diversified players, regional players, and country-niche players with their niche in the Carbon Fiber market.

County-niche players constitute ~45% of the total competitors, while the regional players are the second largest by type. Some of the major players in the market include Toray Industries, Inc., Sgl Carbon, Teijin Limited., Mitsubishi Chemical Carbon Fiber and Composites, Inc., Hexcel Corporation, Solvay, Hyosung Advanced Materials., Formosa Plastics Corporation, BASF SE, DowAksa and among others.

Competitive Landscape of Global Fiber MarketRecent Developments Related to Major Players

  • In February 2021, Teijin Limited unveiled two new brands of carbon fiber intermediate materials for sporting purposes, Tenax PW (power series) and Tenax BM (beam series). Tenax PW is a cutting-edge material of aircraft quality that, because of its excellent toughness and longevity, aids in maximizing power and speed.
  • In July 2020, Toray Industries, Inc. declared that it secured a contract with Lilium GmbH to provide carbon fiber and composite materials for the Lilium Jet. For clean, regional air mobility by 2025, Lilium is creating all-electric, vertical takeoff and landing aircraft. To make cars like the Lilium Jet lighter, carbon fiber composite materials are essential.
  • In January 2020, Mitsubishi Chemical Corporation bought c-m-p GmbH, a German carbon fiber prepreg maker, through its subsidiary, Mitsubishi Chemical Advanced Material, to strengthen its position in the carbon fiber and composite material markets.

Conclusion

The Global Carbon Fiber Market is forecasted to continue the growth that is witnessed since 2017, the market is probably being driven by rising demand from the aerospace and automotive industries. Over the forecast period, increased demand for automobiles is anticipated to cause an increase in the need for lightweight vehicles. During the projected period, it is anticipated that the demand for fuel-efficient automobiles and governmental restrictions on automotive emissions would be crucial factors. Though the market is highly competitive with ~250 players, few global players control the dominant market share and regional players also hold a significant market share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, “Global Carbon Fiber Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The Carbon Fiber Market is segmented by raw material, type, tow size, and end-user. In addition, the report also covers market size and forecasts for the four region’s Carbon Fiber Markets. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Raw Material
  • PAN-based
  • Pitch–based
By Type
  • Virgin carbon fiber
  • Recycled carbon fiber
By Tow Size
  • Small tow
  • Large tow
By End-User
  • Aerospace and Defense
  • Automotive
  • Wind Turbines
  • Sporting goods
  • Construction
  • Others
By Geography
  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
  • LAMEA (Latin America, Middle East, Africa)
Leading Companies
  • Toray Industries, Inc.
  • Sgl Carbon
  • Teijin Limited.
  • Mitsubishi Chemical Carbon Fiber and Composites, Inc.
  • Hexcel Corporation
  • Solvay
  • Hyosung Advanced Materials.
  • Formosa Plastics Corporation
  • BASF SE
  • DowAksa

For more insights on the market intelligence, refer to the link below:-

Global Carbon Fiber Market

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