Gurugram, India, April 20, 2023 (GLOBE NEWSWIRE) -- The market is probably being driven by rising demand for Carbon fiber in aerospace and automotive industries, the Carbon Fiber Market is Forecasted to Reach US$ 7 Bn by 2028 says Ken Research Study.
Carbon atoms make up the majority of carbon fibers, which have a diameter of 5 to 10 micrometers. High stiffness, good tensile strength, low weight, high chemical resistance, high-temperature tolerance, and minimal thermal expansion are only a few benefits of carbon fibers. Due to these qualities, carbon fiber is particularly common in the fields of motorsports, aircraft, civil engineering, military, and other competitive sports. They are relatively expensive compared to fibers similar to them, like glass or plastic fibers.
According to Ken Research estimates, the Global Carbon Fiber Market – which grew from US$ 4 billion in 2022 – is expected to grow further into a ~US$ 7 billion opportunity by 2028.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
- Stringent Environmental Rules will Encourage the use of Carbon Fibers and Similar Composites in Automobile Applications
The market is anticipated to be stimulated by the implementation of strict eco-friendly legislation in both developed and developing nations. As carbon fibers reduce weight and improve fuel efficiency, these and similar composites are in greater demand from luxury and sports car manufacturers for brake applications.
The widespread manufacturing of these fibers leads to greater penetration of regular cars. In wealthy countries, strict environmental restrictions are already in place. But they are also gaining ground in developing nations like India. A plan for reducing CO2 emissions through CAFE rules was drafted in the National Auto Policy (draft), 2018 document. The policy projected Indian CO2 reduction targets to meet those set by other countries by 2025 and asked for defining corporate average CO2 per kilometer targets for all passenger car manufacturers starting in 2020. The Indian automobile market is likely to adopt and incorporate carbon fibers and related technologies more widely thanks to such measures.
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- Demand for Lightweight Automobiles is Expected to Increase Along with Automotive Manufacturing, Likely Fuel the Market's Expansion
The demand for the product is boosted by manufacturers' growing need for vehicle body pieces such as fenders, deck lids, bumper beams, and hoods. Utilizing carbon fibers boosts a vehicle's toughness, resulting in longer-lasting auto parts. The market is being driven primarily by the usage of composites in luxury and motorsports vehicles. Businesses are implementing tactics and investing in procedures that can lighten the weight of the entire vehicle. As a result, high-end supercars frequently utilize the use of carbon fiber reinforced polymer (CFRP). With a density of about 1.6g/cc and a very good strength-to-weight ratio, the material is incredibly light. Better fuel economy is a benefit of lightweight cars, and a 10% weight loss can result in a 6%–8% fuel savings for cars. Audi, BMW, Honda, Polestar, and General Motors are just a few of the automakers concentrating on working with producers of carbon composite materials for mass manufacturing and investing in their processes to support affordable composite materials.
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- High Costs of Carbon Fiber will Hamper the Market Growth
Due to their 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 composites 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 US$ 21.5 per kg for non-aerospace grade materials.
The automobile and aerospace industries will employ the product on a much larger scale if the price is reduced. There are numerous attempts underway to save costs, one of which is the creation of low-cost, high-yield precursors for manufacturers. The cost of CF will be greatly decreased. Additionally, researchers at the Oak Ridge National Laboratory (ORNL) of the U.S. Department of Energy demonstrated a production technique that will cut the cost of the product by up to 50% and the energy utilized in its production by more than 60%.
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 below link:-
Global Carbon Fiber Market
According to Ken Research Analysis, the Global Oleochemicals Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and is expected to reach approximately US$ 50 billion by 2028. The opportunity to replace conventional petroleum-based products in various sectors along with the easy availability of raw materials required for the production of oleochemicals is positively impacting the market.
Petroleum is a fossil fuel that when used poses a risk to the environment. Governments are enforcing stricter regulations for the sparing use of petroleum which can be replaced by oleochemicals. Due to its numerous environmental benefits, biofuel generated from oleochemicals is growing in popularity when compared to petroleum-based diesel fuel as it can be produced from both plant and animal feedstock, making it simple to generate. All of these factors are thus contributing to the growth of the oleochemicals market.
According to Ken Research Analysis, the Global Composites Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 120 billion by 2028. The Composites Market is segmented by fiber type, end-user, resin type, and manufacturing process. In addition, the report also covers market size and forecasts for the four major regions’ Composites Market. The revenue used to size and forecast the market for each segment is US$ billion.
Over the next five years, the Biocomposites market in North America is forecasted to grow at least 12% CAGR, owing to the stable long-term usage among end-user industries and government efforts for use of more eco-friendly products, especially in developed countries such as the USA. Consumer products such as music instruments, casings and cases, furniture, tables, toys, combs, and trays are made from wood and natural fiber plastic granulates. Customer preferences for these products due to their distinct appearance and feel, great quality, and value will help the Biocomposites market to grow.
India adhesives market showcased a stagnant growth rate in the last few years and recorded a CAGR of 7.5% during FY’15-FY’20. Surging demand for water based adhesives in India is contributing to the growth of the adhesives industry in India. Government initiatives such as Make in India and Smart Cities projects are contributing to adhesive market growth. There is significant demand from the Western Region of India. Fluctuating raw material prices (VAM), which move in tandem with crude oil prices, high setup costs and high R&D expenditure required in the adhesives market is posing as a challenge to the adhesives industry in India. Global companies are expanding their presence to target a larger target audience across India. The market witnessed a decline in the demand for adhesives during the Q2 of 2020 owing to COVID-19 situation.
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