Carbon Fiber Market : A Strong Growth Outlook from 2023 to 2035
Global Carbon Fiber Market Key Insights
During the forecast period of 2023-2035, the global carbon fiber market is expected to reach an estimated value of ~USD 6.8 billion by 2035, by expanding at a CAGR of ~8.5%. The market further generated a revenue of ~USD 2.3 billion in the year 2022. Major key factors propelling the growth of carbon fiber market worldwide are the growing demand for carbon fiber from wind energy and aerospace sector, and surge in consumption of green energy.
Market Definition of Carbon Fiber
A polymer, carbon fiber is also referred to as graphite fiber. It is made of a lightweight material that is incredibly robust. Carbon fiber is twice as rigid and five times stronger than steel. Carbon fiber has various advantages, including high stiffness, high tensile strength, high strength-to-weight ratio, good chemical resistance, high temperature tolerance, and low thermal expansion, making it a perfect material for manufacturing a variety of parts. Popular applications include specialized, high-performance goods including aircraft, racecars, and sporting goods. As a result, engineers and designers prefer to manufacture with carbon fiber.
Global Carbon Fiber Market: Growth Drivers
The growth of the global carbon fiber market can majorly be attributed to the growing demand for carbon fiber in wind energy production. Carbon fiber offers well-known benefits for lowering wind turbine blade bulk owing to its much-improved stiffness and tensile capabilities when compared to fiberglass. Also, there has been growing demand for electricity generated by wind. The production of electricity from wind grew by a record of 273 TWh in 2021 (up 17%). This growth rate was the greatest among all renewable power technologies and was 55% greater than what was achieved in 2020. Additionally, the market is anticipated to be further stimulated by the implementation of strict eco-friendly legislation in both developed and developing nations for CO2 emission from automotive. The National Auto Policy (draft), 2018 had outlined a roadmap for lowering CO2 emissions through CAFE regulations. By 2020, all manufacturers of passenger cars were obliged to set corporate average CO2 gm per km targets in accordance with the policy, whereas by 2025, India was expected to have CO2 reduction targets that were on par with those established by developed countries. With the help of such initiatives, the Indian automotive market would be able to adopt and incorporate carbon fibers and related materials more widely.
The global carbon fiber market is also estimated to grow majorly on account of the following:
- Growing Demand for Electric Car
- Rising Usage of Carbon Fiber in 3D Printing
- Surge in Usage of Metal Matrix Material in Diverse Application
Global Carbon Fiber Market: Restraining Factor
Owing to its high performance and lightweight characteristics, carbon composites are frequently utilized in the aerospace, automotive, construction, oil & gas, and wind energy industries. However, the product is more expensive than metal. A significant barrier preventing the widespread use of carbon fibers in many industries is the product’s price. The yield and price of the precursor used to make CF have a direct impact on its price. Currently, PAN-based carbon fibers have a conversion efficiency of just 50% and cost an average of USD 21.5 per kg for non-aerospace grade materials. Hence this factor is estimated to hinder the growth of the market.
Global Carbon Fiber Market Segmentation
- By Type (Virgin Fiber, and Recycled Fiber)
- By Raw Material (Polyacrylonitrile, Petroleum, and Rayon)
- By End-User (Aerospace & Defense, Alternative Energy, Automotive, Construction, Sporting Goods, and Others)
The aerospace & defense segment is anticipated to hold the largest market share over the forecast period. The growth of this segment can be attributed to growing production of satellite and commercial aerospace. According to all prior years combined, 1,283 satellites were launched in 2020, making it the most spacecraft ever launched in a single year. On the other hand, as of the end of April 2021, approximately 850 satellites—or 66.25% more than in 2020—had been launched.
- By Region
The Europe carbon fiber market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions, backed by rising demand for fuel-efficient and lightweight vehicles, and large base of electric car manufacturers in the region. For instance, in Europe, the production of light weight vehicles surpassed 22 million units in 2019 and is expected to reach 24 million by the end of 2024. In addition to these, increased use of carbon fibers in the region’s aviation industry and rising investments by automakers in the development of cost-effective carbon composite materials are also anticipated to fuel market expansion in the upcoming years.
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The market research report on global carbon fiber also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Carbon Fiber Market
Some of the key players of the global carbon fiber market are TORAY INDUSTRIES INC., Hexcel Corporation, Mitsubishi Chemical Corporation, TEIJIN LIMITED, SGL Carbon, Solvay SA, Formosa M Co., Ltd., ZOLTEK Corporation, Advanced Composites, Inc., HYOSUNG ADVANCED MATERIALS, and others.
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