Global Carbon Fiber market is anticipated to expand significantly through 2028 due to the growing demand from the automotive and aviation industries. In 2021, the carbon fiber demand in North America amounted to nearly 43550 tonnes.
Global Carbon Fiber market is expected to expand during the projected period due to growing demand from the automotive and aviation industries as it offers excellent mechanical & physical properties which help in the production of their body parts. Carbon fiber, also known as graphite fiber. High tensile strength, good chemical resistance, high stiffness, high corrosion resistance and low weight are some of the properties of carbon fibers that help to utilize in various applications. It is more robust than steel and aluminium. Some companies use carbon fiber for developing 3D printing filaments.For instance, in 2020, MakerBot introduced METHOD to print nylon-reinforced carbon fiber for industrial purposes.
Rising Demand from Automobile Industry
The need for lightweight automobiles is expected to increase along with automotive manufacturing, which would fuel the market’s expansion for carbon fiber. The demand for the product may be boosted by manufacturers’ growing need for vehicle body pieces such as fenders, hoods, bumper beams, and deck lids. Carbon fibers boost a vehicle’s toughness, resulting in longer-lasting auto parts, accelerating the growth of the Carbon Fiber market in the upcoming years.Automobile companies are accepting approaches and investing in processes that reduce the overall vehicle weight for better fuel economy. Honda, Polestar, Audi, General Motors, and BMW 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.For instance, in May 2019, General Motors partnered with Teijin, a Japanese business specializing in information technology, chemicals, and pharmaceuticals. Utilize Carbon Fiber Reinforced Plastics (CFRTP) in its high-production vehicle for the mass manufacture automobiles.With the use of these light-weight composites result in the production of light weight & fuel-efficient vehicles which help to reduce the fuel consumption as well as the emission of harmful greenhouse gases.For instance, according to the Environmental Protection Agency U.S., the transportation sector accounts for over 29% of greenhouse gas emissions. Agency mandate that by 2025, the average fuel economy standard must meet 54.5 miles per gallon.Additionally, as carbon fibers possess high-strength and light-weight characteristics, due to which they are widely used in the manufacturing sports equipment such as tennis racquets, pickleball paddles, oars, hockey sticks, archery, fishing rods, baseball bats, and bicycles. Carbon fibers provides design flexibility thus used in designing a highly-specific applications. Desired shape of equipment is very critical for its performance and can easily be achieved by using carbon fiber composites. Along with this, carbon fiber helps to boost the performance of golfers and bikers.For instance, SGL Carbon produced carbon fiber reinforced composites which are successfully used in a variety of sports such as golf, hockey and baseball, kayaking and cycling.Therefore, the above factors are driving the demand for the carbon fiber market in various sporting equipment.Download FREE Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=2712
Growing Demand from the Aerospace & Defence Sector
Airbus and Boeing’s increasing aircraft output is projected to fuel market expansion. In the aircraft sector, carbon fiber based composite materials is utilized for brackets, wide-body wings, engine blades, interiors, rotors, and single-aisle wings, among other things. In addition, aerospace engineers are attempting to increase the safety and sustainability of flying, which has resulted in using carbon fiber composite materials in space shuttles, aircraft, and helicopters. In the current scenario, modern aircraft use more than 40% of composites for manufacturing. Carbon fiber enables less maintenance because they do not rust.For instance, the Dreamliner passenger jet Boeing 787 has a weight-per-unit-volume ratio of around 50% composite material, with the majority being carbon sandwich or laminate. The aircraft’s fuselage, wings, tail, and main body are made from fiber-based materials.In addition, in the defense sector, carbon fiber-reinforced plastics (CFRP) is utilized in ground defence, missile defence, and military marine. Therefore, the increasing demand for carbon fiber is gaining popularity in the market.Additionally, carbon fiber composite materials are used in marine engineering construction. It mainly uses its lightweight, high-strength, and corrosion-resistant properties to replace traditional steel building materials in the form of tendons and structural parts to solve the problems of seawater erosion of steel bars and high transportation costs over long distances. It has been used in offshore islands and reefs, docks, floating platforms, and light towers. Racing and recreational yachts, sailboats, catamarans, ferries, and other types of boats using carbon fiber which help in the weight reduction that is crucial to a ship’s stability, speed, and fuel efficiency.For instance, Torayca Carbon Fibers T700S is used for shipbuilding having compatibility with all three common types of resins (epoxy, vinyl ester and polyester) and used to produce hulls, masts, decks, structures and interior design elements.
Increasing Demand from Wind Energy Industry
Due to the high electricity demand, wind turbines with larger rotor diameters economically play a vital role. Due to their low density, stiffness, and high strength, carbon fiber-based composites play a significant role in wind turbines. They may be utilized to create rotor blade constructions that are svelte, aerodynamically effective, and rigid enough to sustain high loads.Carbon fiber wind turbine blades are 25% lighter than conventional ones. Because of this, carbon fiber blades are longer in size and use in low-wind areas. Because carbon fiber materials have a high fatigue resistance, switching to them may also increase blade life. All these factors are anticipated to boost the market.For instance, ZOLTEK Corporation produce ZOLTEK PX35 products have been used in wind turbine bladesAdditionally, the usage of carbon fibers makes the 3D printing process much more optimized and streamlined. As a result, 3D printing is gaining traction globally and being used in various industries such as medical industry. Thus, increasing demand for carbon fiber in 3D printing technologies is expected to drive the market growth during the forecast period.For instance, Simplify3D uses carbon fiber filaments contain short fibers that are infused into a PLA or ABS base material to help increase strength and stiffness.However, carbon fiber is expensive to produce, and its manufacturing process is complex and time-consuming. The high cost of carbon fiber is a significant barrier to its adoption in many industries, particularly in the automotive and construction sectors, where cost is a critical factor. In the automotive industry, carbon fiber composites are only used in high-end and luxury cars. In addition, the use of carbon fiber has some environmental challenges as the manufacturing process of carbon fiber produces a significant amount of waste and emits greenhouse gases. The carbon fiber products are not biodegradable and can take centuries to decompose which restrain the growth of market. Moreover, availability of alternative substitute of carbon fibers such as glass fiber, copper, natural fibers, aluminum, and basalt fiber, and natural fiber having similar end-use applications and are durable & cost effective. Carbon fiber composites have a wide range of properties, depending on the manufacturing process and raw materials used. The lack of standardization in material properties and testing methods can lead to inconsistencies in product quality and performance which pose a serious challenge to the growth of the market.
Recent Developments
- In July 2022, Hexcel and Dassault negotiated a long-term contract to supply carbon fiber prepreg for the Falcon 10X program.Hexcel and Archer Aviation Inc. signed a letter of intent in April 2022 regarding a potential partnership for producing high-performance carbon fiber for use in Archer’s production aircraft.To establish a company for producing, supplying, and commercializing carbon fiber reinforced plastic products made from recycled carbon fibers using carbon fiber with a low environmental impact process, Teijin Limited announced a partnership with the Japan-based manufacturer of recycled carbon fibers Fuji Design Co in February 2022.In February 2021, Teijin Limited announced its new Tenax PW (power series) and Tenax BM (beam series) brands of carbon fiber intermediate materials for sports applications.
Market Segmentation
Global Carbon Fiber Market is segmented based on raw material, product type, fiber type, modulus, application, end-use industry, and region. Based on raw material, the market is divided into pan-based, pitch-based, and rayon-based. Based on the product type, the market is categorized into continuous, long, and short. Based on the fiber type, the market is fragmented into virgin and recycled. Based on the modulus, the market is divided into standard, intermediate, and high. Based on the application, the market is segmented into composite and non-composite. Based on the end-use industry, the market is categorized into automotive, aerospace & defense, wind energy, marine, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa.
Market Players
Hexcel Corporation, Nippon Graphite Fiber Co., Ltd., Toray Composite Materials America, Inc., SGL Carbon SE, 3M Co., Mitsubishi Chemical Corporation, Teijin Carbon Europe GmbH, Arrow Technical Textiles Private Limited, DowAksa Advanced Composites Holdings BV, Kureha Corporation are some of the key players of Global Carbon Fiber Market.
AttributeDetailsBase Year2022Historic Data2018 – 2021Estimated Year2023Forecast Period2024 – 2028Quantitative UnitsRevenue in USD Million, Volume in Units, and CAGR for 2018-2022 and 2023-2028Report coverageRevenue forecast, volume forecast, company share, competitive landscape, growth factors, and trendsSegments coveredRaw MaterialProduct TypeFiber TypeModulusApplicationEnd Use IndustryRegional scopeNorth America, Europe, Asia Pacific, South America, Middle East & AfricaCountry scopeUnited States, Mexico, Canada, France, Germany, United Kingdom, Spain, Italy, Belgium, Sweden, China, India, South Korea, Japan, Malaysia, Thailand, Brazil, Argentina, South Africa, Saudi Arabia, UAEKey companies profiledHexcel Corporation, Nippon Graphite Fiber Co., Ltd., Toray Composite Materials America, Inc., SGL Carbon SE, 3M Co., Mitsubishi Chemical Corporation, Teijin Carbon Europe GmbH, Arrow Technical Textiles Private Limited, DowAksa Advanced Composites Holdings BV, Kureha CorporationCustomization scope10% free report customization with purchase. Addition or alteration to country, regional & segment scope.Pricing and purchase optionsAvail customized purchase options to meet your exact research needs. Explore purchase optionsDelivery FormatPDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
In this report, global carbon fiber market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
- Pan-BasedPitch-BasedRayon-Based
- ContinuousLongShort
- VirginRecycled
- StandardIntermediateHigh
- CompositeNon-Composite
- AutomotiveAerospace & DefenseWind EnergyMarineOthers
- North America
- United StatesMexicoCanada
- FranceGermanyUnited KingdomSpainItalyBelgiumSweden
- ChinaIndiaSouth KoreaJapanMalaysiaThailand
- BrazilArgentina
- South AfricaSaudi ArabiaUAE
- Research Methodology
2.1. Objective of the Study2.2. Baseline Methodology2.3. Key Industry Partners2.4. Major Association and Secondary Sources2.5. Forecasting Methodology2.6. Data Triangulation & Validation2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market3.2. Overview of Key Market Segmentations3.3. Overview of Key Market Players3.4. Overview of Key Regions/Countries3.5. Overview of Market Drivers, Challenges, Trends
- Voice of CustomerGlobal Carbon Fiber Market Outlook
5.1. Market Size & Forecast5.1.1. By Value & Volume5.2. Market Share & Forecast5.2.1. By Raw Material (Pan-Based, Pitch-Based, Rayon-Based)5.2.2. By Product Type (Continuous, Long, Short)5.2.3. By Fiber Type (Virgin, Recycled)5.2.4. By Modulus (Standard, Intermediate, High)5.2.5. By Application (Composite, Non-Composite)5.2.6. By End Use Industry (Automotive, Aerospace & Defense, Wind Energy, Marine, Others)5.2.7. By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)5.2.8. By Company (2022)5.3. Market Map5.3.1. By Raw Material5.3.2. By Product Type5.3.3. By Fiber Type5.3.4. By Modulus5.3.5. By Application5.3.6. By End Use Industry5.3.7. By Region
- North America Carbon Fiber Market Outlook
6.1. Market Size & Forecast 6.1.1. By Value & Volume6.2. Market Share & Forecast6.2.1. By Raw Material6.2.2. By Product Type6.2.3. By Fiber Type6.2.4. By Modulus6.2.5. By Application6.2.6. By End Use Industry6.2.7. By Country6.3. Pricing Analysis6.4. North America: Country Analysis6.4.1. United States Carbon Fiber Market Outlook6.4.1.1. Market Size & Forecast6.4.1.1.1. By Value & Volume6.4.1.2. Market Share & Forecast6.4.1.2.1. By Raw Material6.4.1.2.2. By Product Type6.4.1.2.3. By Fiber Type6.4.1.2.4. By Modulus6.4.1.2.5. By Application6.4.1.2.6. By End Use Industry6.4.2. Mexico Carbon Fiber Market Outlook6.4.2.1. Market Size & Forecast6.4.2.1.1. By Value & Volume6.4.2.2. Market Share & Forecast6.4.2.2.1. By Raw Material6.4.2.2.2. By Product Type6.4.2.2.3. By Fiber Type6.4.2.2.4. By Modulus6.4.2.2.5. By Application6.4.2.2.6. By End Use Industry6.4.3. Canada Carbon Fiber Market Outlook6.4.3.1. Market Size & Forecast6.4.3.1.1. By Value & Volume6.4.3.2. Market Share & Forecast6.4.3.2.1. By Raw Material6.4.3.2.2. By Product Type6.4.3.2.3. By Fiber Type6.4.3.2.4. By Modulus6.4.3.2.5. By Application6.4.3.2.6. By End Use Industry
- Europe Carbon Fiber Market Outlook
7.1. Market Size & Forecast 7.1.1. By Value & Volume7.2. Market Share & Forecast7.2.1. By Raw Material7.2.2. By Product Type7.2.3. By Fiber Type7.2.4. By Modulus7.2.5. By Application7.2.6. By End Use Industry7.2.7. By Country7.3. Pricing Analysis7.4. Europe: Country Analysis7.4.1. France Carbon Fiber Market Outlook7.4.1.1. Market Size & Forecast7.4.1.1.1. By Value & Volume7.4.1.2. Market Share & Forecast7.4.1.2.1. By Raw Material7.4.1.2.2. By Product Type7.4.1.2.3. By Fiber Type7.4.1.2.4. By Modulus7.4.1.2.5. By Application7.4.1.2.6. By End Use Industry7.4.2. Germany Carbon Fiber Market Outlook7.4.2.1. Market Size & Forecast7.4.2.1.1. By Value & Volume7.4.2.2. Market Share & Forecast7.4.2.2.1. By Raw Material7.4.2.2.2. By Product Type7.4.2.2.3. By Fiber Type7.4.2.2.4. By Modulus7.4.2.2.5. By Application7.4.2.2.6. By End Use Industry7.4.3. United Kingdom Carbon Fiber Market Outlook7.4.3.1. Market Size & Forecast7.4.3.1.1. By Value & Volume7.4.3.2. Market Share & Forecast7.4.3.2.1. By Raw Material7.4.3.2.2. By Product Type7.4.3.2.3. By Fiber Type7.4.3.2.4. By Modulus7.4.3.2.5. By Application7.4.3.2.6. By End Use Industry7.4.4. Spain Carbon Fiber Market Outlook7.4.4.1. Market Size & Forecast7.4.4.1.1. By Value & Volume7.4.4.2. Market Share & Forecast7.4.4.2.1. By Raw Material7.4.4.2.2. By Product Type7.4.4.2.3. By Fiber Type7.4.4.2.4. By Modulus7.4.4.2.5. By Application7.4.4.2.6. By End Use Industry7.4.5. Italy Carbon Fiber Market Outlook7.4.5.1. Market Size & Forecast7.4.5.1.1. By Value & Volume7.4.5.2. Market Share & Forecast7.4.5.2.1. By Raw Material7.4.5.2.2. By Product Type7.4.5.2.3. By Fiber Type7.4.5.2.4. By Modulus7.4.5.2.5. By Application7.4.5.2.6. By End Use Industry7.4.6. Belgium Carbon Fiber Market Outlook7.4.6.1. Market Size & Forecast7.4.6.1.1. By Value & Volume7.4.6.2. Market Share & Forecast7.4.6.2.1. By Raw Material7.4.6.2.2. By Product Type7.4.6.2.3. By Fiber Type7.4.6.2.4. By Modulus7.4.6.2.5. By Application7.4.6.2.6. By End Use Industry7.4.7. Sweden Carbon Fiber Market Outlook7.4.7.1. Market Size & Forecast7.4.7.1.1. By Value & Volume7.4.7.2. Market Share & Forecast7.4.7.2.1. By Raw Material7.4.7.2.2. By Product Type7.4.7.2.3. By Fiber Type7.4.7.2.4. By Modulus7.4.7.2.5. By Application7.4.7.2.6. By End Use Industry