Carbon Fiber Market Insights:
The Carbon Fiber Market was analyzed which was worth USD 3.9 Billion in the year 2021, expecting a CAGR of 8.71% during the forecast period (2022-2030), and the market is projected to be valued at USD 8.27 Billion by 2030.
Carbon fiber is a high-strength, lightweight and durable material made from carbon fibers. The fibers are created from long, thin strands of carbon that are woven or pressed together to form a composite material with exceptional strength, stiffness, and thermal stability. Carbon fiber composites are used in a wide range of applications, including aerospace, automotive, construction, wind energy, and sports equipment, due to their high performance characteristics and ability to replace traditional materials like metals and plastics.
Carbon Fiber Market rising demand for lightweight and high-strength materials in the aerospace and automotive industries, leading to increased use of carbon fiber composites in the manufacture of aircraft and vehicles. Also growing popularity of carbon fiber composites in the construction industry due to its high strength-to-weight ratio and durability, making it ideal for use in high-stress applications such as bridges and high-rise buildings. Increased investment in wind energy, leading to an increased demand for carbon fiber composites in the manufacture of wind turbine blades, which need to be strong, lightweight, and durable. The carbon fiber market is expanding into new end-use industries such as medical and military due to its superior performance characteristics.
The cost of carbon fiber composites is significantly higher compared to traditional materials such as metals and plastics, making it less accessible for certain end-use industries. This high cost can make it difficult for small and medium-sized enterprises to adopt carbon fiber composites, limiting the growth of the market. The lack of recycling and reusability options for carbon fiber composites has raised environmental concerns and is limiting its adoption in certain industries. As a result, there is a need for cost-effective and environmentally sustainable recycling solutions that can make carbon fiber composites more accessible to a wider range of industries.
The growing need for lightweight and strong materials in the aerospace and automotive industries is presenting new opportunities for the use of carbon fiber composites. As planes and cars continue to strive for lighter weight and increased fuel efficiency, the demand for carbon fiber will continue to rise. The rising popularity of carbon fiber composites in the construction industry offers opportunities for market growth and advancement. With its exceptional strength-to-weight ratio and toughness, carbon fiber composites are well suited for demanding applications like bridges and tall buildings. The growth prospects of the carbon fiber market lie in its entry into novel industries like medical and military, presenting opportunities for development and advancement.
The carbon fiber market was greatly impacted by the COVID-19 pandemic, resulting from worldwide lockdowns and supply chain disruptions. This led to a decline in production and demand for carbon fiber composites, particularly in the major end-use industries like aerospace and automotive. The COVID-19 pandemic also hastened the move towards automation and digitization in manufacturing, offering potential for new utilization of carbon fiber composites. The impact of COVID-19 on the carbon fiber market is intricate and diverse, with both detrimental and positive impacts.
Carbon Fiber Market Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||8.27 Billion|
|By Raw Material Type||PAN–based carbon fiber, Pitch–based carbon fiber, Rayon–based carbon fiber|
|By Fiber Type||Virgin carbon fiber, Recycled carbon fiber|
|By Application||Composite, Non-Composite|
|By Modulus Type||Standard Modulus, Intermediate modulus, High modulus|
|By Tow||Large Tow, Small Tow|
|By End User||Aviation, Aerospace & Defense, Automotive, Wind Turbines, Sports & Leisure, Construction, Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa|
|Key Players||SGL Group, Mitsubishi Rayon Co. Ltd., Toray Industries Inc., Hexcel Corporation., Teijin Limited, Plastics Corporation, Hexcel Corporation, Solvay, Hyosung, DowAksa, Jiangsu Hengshen Co. Ltd., BASF SE,SGL Group, Mitsubishi Rayon Co., Ltd., Teijin Limited|
By Raw Material Type
The market for carbon fiber is segmented based on raw material type, with PAN-based, pitch-based, and rayon-based carbon fiber being the most commonly used types. PAN-based carbon fiber is the most commonly used due to its high strength-to-weight ratio and high stiffness, while pitch-based carbon fiber is known for its high thermal stability and resistance to chemical corrosion. Rayon-based carbon fiber is the least expensive option but is used in lower-performance applications. The demand for carbon fiber is driven by the increasing demand for lightweight and high-performance materials in various industries.
By Fiber Type
The carbon fiber market is segmented based on fiber type into virgin carbon fiber and recycled carbon fiber. Virgin carbon fiber is made from raw materials and is commonly used in high-performance applications due to its consistent quality and properties. Recycled carbon fiber is made from waste or scrap carbon fiber material and is commonly used in lower-performance applications. The demand for recycled carbon fiber is increasing due to the growing trend towards sustainability and reducing waste in the carbon fiber industry. The fiber type of carbon fiber plays a critical role in determining its properties and applications, making the segmentation by fiber type an important aspect of the carbon fiber market.
The market has been divided into two categories based on application: composite and non-composite. Composite carbon fiber is made from a combination of carbon fiber and polymer matrix and is utilized in high-performance industries such as aerospace, automotive, sports equipment, and construction. On the other hand, non-composite carbon fiber is used in non-composite applications like carbon fiber reinforced plastics, carbon fiber reinforced concrete, and carbon fiber reinforced ceramics. The demand for lightweight and high-strength materials in various industries drives the usage of carbon fiber in both composite and non-composite applications. The classification by application offers a comprehensive understanding of the carbon fiber market and its various end-use industries.
The Carbon Fiber market is segmented by region into North America, Europe, Asia Pacific, Middle East and Africa, and South America. The North American market is expected to witness significant growth due to the increasing demand for carbon fiber in the aerospace and wind energy industries. The presence of major aerospace companies such as Boeing and General Electric is expected to drive the market in the region. Asia-Pacific is expected to be the fastest growing region, driven by the increasing demand from the automotive and construction industries. The presence of major carbon fiber manufacturers such as Toho Tenax and Mitsubishi Rayon is expected to drive the market in the region.The South American market is expected to witness moderate growth due to the increasing demand for carbon fiber in the automotive and wind energy industries
Carbon Fiber Market Competitive Landscape:
The carbon fiber market is highly competitive with a large number of players operating in the market. Some of the key players in the carbon fiber market include
- SGL Group
- Mitsubishi Rayon Co. Ltd.
- Toray Industries Inc.
- Hexcel Corporation.
- Teijin Limited, Plastics Corporation
- Hexcel Corporation
- Jiangsu Hengshen Co. Ltd.
- BASF SE
- SGL Group
- Mitsubishi Rayon Co., Ltd.
- Teijin Limited
These players are focusing on expanding their production capacity, investing in research and development, and acquiring smaller players to increase their market share.
Recent developments in the carbon fiber market include Toray Industries expanding production capacity in Japan and the US, Teijin acquiring Continental Structural Plastics, SGL Group constructing a new plant in Moses Lake, Owens Corning acquiring Paroc Group, Hexcel expanding production capacity in Europe and the US, and Mitsubishi Chemical building a new plant in Japan. These developments reflect the growth and competitiveness in the carbon fiber market.
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