Carbon Fiber Market Size Report - Global Trends and Forecasts 2028

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Chemicals and Materials Carbon Fiber Market
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Carbon Fiber Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material (Polyacrylonitrile-Based and Pitch-Based), Application (Composite Materials, Microelectrodes, and Others), End-Use Industry (Automotive, Aerospace & Defense, Building & Construction, Sporting Goods, Wind Energy, Textiles, Marine, and Others)

Publication Month: Apr 2023 | Report Code: TIPRE00002830 | No. of Pages: 201 | Category: Chemicals and Materials | Status: Published

[Research Report] The carbon fiber market is projected to reach US$ 3,597.28 million in 2022 and is projected to reach US$ 5,809.15 million by 2028; it is expected to register a CAGR of 8.3% from 2022 to 2028.

Carbon fiber is defined as a long thin strand of material that is made up of carbon atoms and has a diameter of ~0.005–0.010mm. Such fibers provide high tensile strength along with high-temperature tolerance and durability. Carbon fibers possess excellent corrosion resistance, higher stiffness and strength, and longer lifespans than other materials, such as aluminum and steel. Hence, these fibers find their application in broad end-use industries, which is further driving the carbon fiber market growth.

In 2022, Asia Pacific held the largest share of the global carbon fiber market and is estimated to register the highest CAGR during the forecast period. The growth of the automotive sector with surging demand for electric vehicles in the region is providing growth opportunities to the carbon fiber market. China in Asia Pacific is home to various industries, including automotive, aerospace, building & construction, electronics, and wind energy. The presence of a robust manufacturing sector in the country drives the demand for advanced materials, including carbon fiber-reinforced plastics, for efficient manufacturing. This factor is significantly driving the growth of the carbon fiber market. Thus, an increase in automotive production, developments in the aircraft industry, and adoption of carbon fiber are driving the Asia Pacific carbon fiber market growth.

Strategic Insights

Report Coverage - Carbon Fiber Market
Report CoverageDetails
Market Size Value inUS$ 3,457.74 million in 2022
Market Size Value byUS$ 5,605.57 million by 2028
Growth rateCAGR of 8.3% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages201
No. of Tables115
No. of Charts & Figures111
Historical data availableYes
Segments coveredRaw Material, Application, and End-Use Industry
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Impact of COVID-19 Pandemic on Carbon Fiber Market

The COVID-19 outbreak created disruptions in the operational efficiencies of industrial bases, which led to a halt in the expansion of manufacturing facilities in Europe. These sites recorded negligible production levels in the first half of 2020 due to the shortage of laborers, which resulted in the disruption of raw material supply chains. In addition, the automotive industry experienced a slowdown due to the lack of supply of various automotive parts and low demand for vehicles. However, several industries showed signs of resurgence in late 2021 due to the resolution of the supply constraints affecting these industries. According to the European Commission, construction output in the European Union increased by 3.9% in January 2022 compared to December 2021; similarly, construction-related manufacturing increased by 3.9% in Europe.

Carbon Fiber Market Breakdown, by Region

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Market Insights

Rising Demand for Carbon Fiber in Wind Energy Industry Drives Carbon Fiber Market

Growing demand to utilize renewable resources has led to a surge in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. Wind turbine manufacturers strive to produce more efficient and longer blades that are lighter in weight. Advanced composite materials such as carbon fiber are widely used in wind turbines, specifically for manufacturing blades. The companies operating in the carbon fiber market have discovered that the longer the blades are on a turbine, the more energy can be generated. Carbon fiber plays a very important role in the wind energy industry. The high stiffness characteristic of carbon fiber reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance.

Raw Material Insights

Based on raw material, the carbon fiber market is bifurcated into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held a larger carbon fiber market share during the forecast period. The pitch-based carbon fibers consist of ~80% carbon, along with the axially oriented graphene layer planes that have different transverse microstructures. The composition of pitch varies according to the processing conditions and source tar. Pitch-based carbon fibers can exist in the radial, flat layer, onion skin, radial folded, or random transverse structural forms. The texture of the pitch-based carbon fiber is developed during the mesophase spinning and is retained during the heat treatment and stabilization steps.

Carbon Fiber Market, by Raw Material – 2022 and 2028

Carbon Fiber Market, by Raw Material – 2022 and 2028

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Application Insights

Based on application, the carbon fiber market is segmented into composite materials, microelectrodes, and others. The composite materials segment held the largest market share during the forecast period, and is also projected to register the highest CAGR during the forecast period. Carbon fibers provide excellent mechanical and tensile strength to composite materials. They also enhance the thermal and chemical stability as well as the thermal and electrical conductivity of composites. Carbon-fiber reinforced composites are widely used across the aerospace, automotive, marine, wind energy, and building & construction industries owing to their lightweight and high flexibility. These properties of carbon fiber composites are driving their demand across various sectors across the globe, fueling the market growth.

End-Use Industry Insights

Based on end-use industry, the carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The automotive segment accounted for the largest market share in 2022. Carbon fiber-reinforced plastics (CFRP) have found a profound application in the automotive industry. Mercedes Benz, BMW, Lamborghini, and other key players operating in the automotive industry are focusing on increasing the implementation of CFRP components in their vehicles as they help in reducing its weight.

The major players operating in the carbon fiber market include SGL Carbon SE, DowAksa Advanced Composite Material Industries Ltd Co, Formosa Plastics Corp, Hexcel Corp, Hyosung Advanced Materials Corp, Kureha Corp, Mitsubishi Chemical Corp, Solvay SA, Teijin Ltd, and Toray Industries Inc. These companies are emphasizing on new product launches and geographical expansions to meet the growing consumer demand worldwide. They have a widespread global presence, which allows them to serve a large set of customers across the globe and subsequently increase their market share. These market players focus heavily on new product launches and regional expansions to increase their product range in specialty portfolios.

Report Spotlights

  • Progressive industry trends in the carbon fiber market to help companies develop effective long-term strategies
  • Business growth strategies adopted by the carbon fiber market players in developed and developing countries
  • Quantitative analysis of the market from 2022 to 2028
  • Estimation of global demand for carbon fiber
  • Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in the carbon fiber market
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook, as well as factors driving and restraining the growth of the carbon fiber market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
  • Size of the carbon fiber market at various nodes
  • A detailed overview and carbon fiber industry dynamics
  • Size of the carbon fiber market in various regions with promising growth opportunities

Frequently Asked Questions

What are the key drivers for the growth of the global carbon fiber market?
Rising demand for carbon fiber in wind energy industry driving global carbon fiber market. Growing demand to utilize renewable resources has led to a surge in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. Wind turbine manufacturers strive to produce more efficient and longer blades that lighter in weight. Advanced composite materials such as carbon fiber are widely used in wind turbines, specifically for manufacturing blades. The companies operating in the market have discovered that the longer the blades are on a turbine, the more energy can be generated. Carbon fiber plays a very important role in the wind energy industry.
Can you list some of the major players operating in the global carbon fiber market?
The major players operating in the global carbon fiber market are SGL Carbon SE, DowAksa Advanced Composite Material Industries Ltd Co, Formosa Plastics Corp, Hexcel Corp, Hyosung Advanced Materials Corp, Kureha Corp, Mitsubishi Chemical Corp, Solvay SA, Teijin Ltd, and Toray Industries Inc.
What are the opportunities for carbon fiber in the global market?
Increasing usage of carbon fiber in the sporting goods Industry is anticipated lucrative opportunities for the growth of the carbon fiber market. The high-strength, modulus, and light-weight characteristics of carbon fiber have led to rising demand from the sporting goods manufacturing industry. Sporting goods such as golf shafts, racquets, skis, snowboards, hockey sticks, fishing rods, bats, and bicycles are manufactured using carbon fiber. Carbon fiber provides design flexibility to achieve precise shape of sporting equipment, which is critical to its performance. Carbon fiber helps to enhance the performance of bikers and golfers. The most specific use of carbon fiber in the sporting equipment is seen in the tennis racket. Players can hit faster ball with the lighter racket and control the ball better with a larger area of the racket. The increasing demand for carbon fiber-based sporting equipment provides a lucrative market opportunity for key and new market players.
Based on the raw material, why is the polyacrylonitrile-based segment have the largest revenue share?
Based on raw material, polyacrylonitrile-based segment has largest revenue because, Polyacrylonitrile (PAN) contains ~68% of carbon and is one of the most widely used precursors in carbon fiber manufacturing. PAN is polymerized from acrylonitrile (AN) by the commonly used, inhibitory azo compounds and peroxides through the polymerization process. Suspension polymerization and solution polymerization are the two major types of this process. The solution polymerization is the preferred method as the PAN solution that is produced can be directly used as a fiber spinning dope on the removal of unreacted monomers. To produce PAN with higher molecular weights, the solvent needs to have a low chain transfer coefficient. The most commonly used solvents in this process are sodium thiocyanate, zinc chloride, and dimethyl sulfoxide.
Based on the application, which segment is projected to grow at the fastest CAGR over the forecast period?
Based on the application, composite materials segment is projected to grow at the fastest CAGR over the forecast period. Carbon fibers are widely used to reinforce composite materials. Composites are usually made from polymer matrix that is reinforced with an engineered, man-made, or natural fibers such as glass fibers, carbon fibers, and aramid fibers. Carbon fibers provide excellent mechanical and tensile strength to the composite materials. They also enhance the thermal as chemical stability as well as thermal and electrical conductivity of the composites. Carbon-fiber reinforced composites are widely used across the aerospace, automotive, marine, wind energy, and building and construction industries owing to their lightweight and high flexibility.
What is the largest region of the global carbon fiber market?
Asia Pacific accounted for the largest share of the global carbon fiber market. the growth of automotive sector with surging demand for electric vehicles in the region is also providing strong growth potential to the carbon fiber market. According to the China Passenger Car Association, Tesla Inc delivered 83,135 made-in-China electric vehicles in 2022. Further, the rising demand for carbon fiber across the region’s sporting goods industry to manufacture lightweight and high-performance sporting equipment is also expected to further drive the market growth over the forecast period.

The List of Companies - Carbon Fiber Market 

  1. SGL Carbon SE
  2. DowAksa Advanced Composite Material Industries Ltd Co
  3. Formosa Plastics Corp
  4. Hexcel Corp
  5. Hyosung Advanced Materials Corp
  6. Kureha Corp
  7. Mitsubishi Chemical Corp
  8. Solvay SA
  9. Teijin Ltd
  10. Toray Industries Inc.
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  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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