Newark, June 06, 2023 (GLOBE NEWSWIRE) -- The global carbon fiber market is expected to grow from USD 4.1 billion in 2021 to USD 9.05 billion by 2030, at a CAGR of 9.2% during the forecast period 2022-2030. The market is anticipated to be driven by the rising demand for carbon composites from the wind energy and aerospace and defense industries. Furthermore, the increasing number of stringent government measures and government funding to reduce carbon emissions by using lightweight vehicles adds impetus to the market's growth during the forecast period.
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The carbon fiber market refers to the global industry involved in the production, distribution, and application of carbon fiber materials. Carbon fiber is a lightweight, high-strength material composed of thin fibers made mostly of carbon atoms. It is renowned for its exceptional mechanical properties, including high tensile strength, low weight, corrosion resistance, and excellent thermal conductivity.
The carbon fiber market has experienced substantial growth in recent years due to the increasing demand from various industries, including aerospace, automotive, wind energy, sports and leisure, and construction.
Key factors driving the growth of the carbon fiber market include:
Lightweight Construction: Carbon fiber offers a high strength-to-weight ratio, making it a popular choice for lightweight construction in industries such as aerospace and automotive. Its use can significantly reduce the weight of vehicles, leading to improved fuel efficiency, reduced emissions, and enhanced performance.
Aerospace Industry: The aerospace industry is one of the major consumers of carbon fiber due to its need for lightweight materials that can withstand extreme conditions. Carbon fiber composites are widely used in aircraft components, including fuselages, wings, and interior parts, as they provide weight savings without compromising structural integrity.
Automotive Industry: Carbon fiber is increasingly being used in the automotive sector to manufacture lightweight components such as body panels, chassis parts, and interior components. This helps automakers meet stringent fuel efficiency and emission regulations while enhancing vehicle performance and safety.
Wind Energy: Carbon fiber is used in the manufacturing of wind turbine blades due to its high strength and fatigue resistance. As the demand for renewable energy grows, the wind energy sector is driving the demand for carbon fiber materials.
Sports and Leisure: Carbon fiber is utilized in the production of sports equipment, including bicycles, tennis rackets, golf clubs, and fishing rods. The material's strength, stiffness, and lightness make it desirable for athletes seeking improved performance.
Increasing Production Capacity: The carbon fiber industry has seen significant investments in production capacity expansions to meet the growing demand. This has led to advancements in manufacturing processes, cost reduction, and increased availability of carbon fiber materials.
However, there are certain challenges associated with the carbon fiber market. These include the high cost of production, which limits its widespread adoption in some industries, and the recycling and disposal of carbon fiber composite waste.
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Despite these challenges, the carbon fiber market is expected to continue its growth trajectory as industries seek lightweight and high-performance materials. Technological advancements, such as the development of cost-effective production methods and recycling techniques, are anticipated to further drive the market's expansion. Additionally, the increasing adoption of carbon fiber in emerging applications, such as electric vehicles and infrastructure development, is expected to contribute to the market's growth in the coming years.
Key Findings of Carbon Fiber Market:
The PAN-based carbon fiber segment dominated the market with market revenue of 2.5 billion in 2021
The raw material segment is divided into PAN-based carbon fiber and Pitch-based & Rayon-based carbon fiber. In 2021, the PAN-based carbon fiber segment dominated the market with a market revenue of 2.5 billion. The segment has been growing owing to its quality and cost-effectiveness.
The continuous segment is expected to grow at the fastest CAGR of 16.6% over the forecast period.
The type segment is divided into continuous, long, and short. Over the forecast period, the continuous segment is expected to grow at the fastest CAGR of 16.6%. The continuous segment has been increasing owing to its strength and rigidity, making it an ideal material for manufacturing parts for automobiles, satellites, and aircraft.
The aerospace and defense segment accounted for the largest share of the market, with 16% in 2021.
The end-use industry segment is divided into sports/Leisure, aerospace & defense, wind turbines, automotive, molding & compounds, pressure vessels, misc. Consumer, sailing/yacht building, marine, civil engineering, pultrusion misc., and others. In 2021, the aerospace & defense segment dominated the market, accounting for around 16% of global revenue. Carbon composites are widely used in the aerospace and defense industry as they are corrosion-resistant and low in weight.
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Regional Segmentation Analysis:
The carbon fiber market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, Middle East, and Africa. Europe is expected to be the largest market during the forecast period. The demand for carbon fiber in Europe has been growing owing to the rising research and development in the aerospace and defense industries and the increasing demand for luxury vehicles in the region. In addition, the European Union Automotive Fuel Economy (UNEP) has made a strict regulatory standard for automotive OEMs to use lightweight vehicles to reduce carbon emissions.
Competitive Analysis:
The major players in the carbon fiber market include Toray Industries, SGL Carbon, Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Holdings, Solvay, Carbon Mods, Cytec Industries Inc., Nippon Graphite Fiber Co., Ltd, and Taekwang Industrial Co., Ltd., among others.
About the report:
The global carbon fiber market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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