Carbon Fiber Market to Reach $5.80Bn by 2028 at 8.3% CAGR with Polyacrylonitrile-based Segment Driving Growth During 2022–2028 | The Insight Partners

The global carbon fiber market is being driven by the increasing demand for carbon fiber in the wind energy industry and growing usage of carbon fiber in the sporting goods Industry. Asia Pacific accounted for the largest share of the global carbon fiber market

Pune, India, June 29, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Carbon Fiber Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis –by Raw Material, Application, End-Use Industry, and Geography,” the market is expected to grow from US$ 3.59 billion in 2022 to US$ 5.80 billion by 2028; it is estimated to record a CAGR of 8.3% from 2022 to 2028.

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Carbon Fiber Market Report Scope, Segmentations, Regional & Country Scope:

Report CoverageDetails
Market Size Value inUS$ 3.59 Billion in 2022
Market Size Value byUS$ 5.80 Billion 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
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies CoveredSGL 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

Global Carbon Fiber Market: Competitive Landscape and Key Developments

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 are among the key players operating in the carbon fiber market. These companies have a wide presence across the globe, allowing them to serve many customers.

Asia Pacific held the largest share of the carbon fiber market in 2022. The high disposable income of people in Asia Pacific is surging the sales for commercial and passenger vehicles, bolstering the need for vehicles. Additionally, increasing investments by leading automotive OEMs and rising EV manufacturing capabilities in Asia Pacific are propelling the demand for conventional and electric vehicles in the region. The growth of the vehicle components manufacturing industry in Asia Pacific is attributed to the growing automotive industry in the region. Carbon fiber is widely used in manufacturing of composites for vehicle. Thus, with the growing automotive industry, the demand for carbon fiber is also increasing across the region.

Increasing Demand from Aerospace Industry Drives Carbon Fiber Market

The aerospace sector extensively uses carbon fiber composites in aircraft manufacturing. The aerospace industry has witnessed a shift towards greater utilization of composite materials, with carbon fiber being a prominent choice. Carbon fiber composites are employed in various aircraft components, including wings, fuselages, empennages, and interior parts. In addition, the aerospace industry has been focusing on fuel efficiency and reducing carbon emissions. The lightweight nature of carbon fiber materials helps reduce fuel consumption, resulting in lower carbon dioxide (CO2) emissions. Carbon fiber composites enable the design of more aerodynamic aircraft, further improving fuel efficiency and reducing environmental impact. The increasing integration of carbon fiber composites in aircraft structure by the desire to maximize strength while minimizing weight and improve fuel economy, which ultimately propels the carbon fiber market growth.

Carbon Fiber Market: Segmental Overview

Based on raw material, the carbon fiber market is bifurcated into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held the largest market share in 2022. Polyacrylonitrile-based carbon fiber exhibits excellent mechanical properties, such as high tensile strength, stiffness, and fatigue resistance. These properties make them highly desirable for applications where strength and lightweight characteristics are crucial such as aerospace, automotive, and sports equipment. The development of advanced manufacturing technologies has contributed to the growth of polyacrylonitrile-based carbon fiber. Growing technological advancement and rising demand from end-use industries, led to the dominance of the polyacrylonitrile-based segment in 2022.

Based on application, the carbon fiber market is segmented into composite materials, microelectrodes, and others. The composite materials segment is expected to register the highest CAGR during the forecast period. Carbon fiber is known for its exceptional strength-to-weight ratio. When incorporated into composite materials, such as carbon-fiber reinforced polymers (CFRP), it significantly enhances the strength and stiffness of the composite while keeping it lightweight. This characteristic is particularly advantageous in industries like aerospace, automotive, and sporting goods, where reducing weight while maintaining structural integrity is crucial for improved performance and fuel efficiency. The growing demand from these industries is expected to fuel the carbon fiber market growth for the composite materials segment.

Based on end use industry, the carbon fiber market is segmented into automotive, aerospace & defense, building & construction, sporting goods, wind energy, textiles, marine, and others. The wind energy segment is expected to register the highest CAGR during the forecast period. Wind turbine blades need to be lightweight yet strong to maximize energy production and withstand various environmental conditions. Carbon fiber composites offer excellent strength-to-weight ratios, making them ideal for constructing large, lightweight turbine blades. In addition, wind turbine blades are subjected to cyclic loading and fatigue stress due to constant exposure to wind gusts and varying wind speeds. Carbon fiber composites exhibit excellent fatigue resistance, ensuring the longevity and reliability of wind turbine blades. The use of carbon fiber in blade construction reduces the risk of fatigue-induced failure and maintenance requirements, making it a preferred material in the wind energy sector.    

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Impact of COVID-19 Pandemic on Carbon Fiber Market

Before the onset of the COVID-19 pandemic, the demand for carbon fiber was mainly driven by the automotive, aerospace, wind energy, building & construction, sporting goods, and marine industries. In addition, the shortage of manpower resulted in the deceleration of carbon fiber production and distribution operations. Disruptions in the global supply chain and the shutdown of tire production facilities hampered the demand for carbon fiber. Lockdowns imposed by different countries in 2020 hindered the ability of industries to maintain inventory levels. Several sectors that heavily rely on carbon fiber, such as aerospace and automotive, experienced a significant decline in demand during the pandemic. The aviation industry faced reduced air travel, leading to decreased aircraft production and lower demand for carbon fiber materials. The automotive sector also witnessed a slump in sales, impacting the demand for carbon fiber components.

In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including the end use industries of carbon fiber, witnessed a recovery in their operations. The pandemic has heightened global awareness of the need for sustainability and resilience. Industries are increasingly adopting sustainable practices and materials, including carbon fiber composites, to reduce carbon emission, and improve energy efficiency. As a result, the demand for carbon fiber in sectors like renewable energy, electric vehicles, and green construction has remained relatively resilient and is contributing to the carbon fiber market’s recovery.  

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