Your Shopping Cart Is Empty
| Report Code: A01613 | Jul 2023 | Pages: 446 | ||
| Tables: 276 | Charts: 83 |
| |
The global carbon fiber market was valued at $5.5 billion in 2022, and is projected to reach $16.0 billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.
Key Market insight:
As the world becomes more conscious of environmental issues, there is a growing demand for sustainable materials. Carbon fiber's lightweight nature and potential for reducing emissions in transportation and other industries have made it an attractive option for environmentally conscious companies which in turn led to rise in the production of carbon fiber in the coming years.
Carbon fiber is a lightweight and extremely strong material known for its high tensile strength and low weight-to-strength ratio. It is composed of thin strands of carbon atoms bonded together in a crystalline arrangement. These fibers are woven together to form a composite material, which is reinforced with a polymer matrix (such as epoxy) to create the final product.
The production of carbon fiber involves several steps. Initially, precursor materials, such as polyacrylonitrile (PAN) fibers or pitch fibers, are subjected to high temperatures in an oxygen-free environment to carbonize them. This process eliminates non-carbon elements and aligns the carbon atoms into tightly bonded structures.
Expansion of automotive industry is projected to boost the carbon fiber market
The automotive industry increasingly uses carbon fiber to reduce vehicle weight and improve fuel efficiency. Carbon fiber components help to enhance performance, safety, and overall design aesthetics in high-end sports cars and electric vehicles. d. This factor is anticipated to drive the market during the forecast period.
Challenging and energy intensive process of carbon fiber is projected to restrain the market growth
However, recycling carbon fiber composites is more challenging compared to traditional materials. The separation of carbon fibers from the polymer matrix is anticipated to be a complex and energy-intensive process. Proper recycling methods and infrastructure are still being developed to address the issue of carbon fiber waste and to improve sustainability in the industry. This factor is projected to restrain market growth.
Emergence of renewable energy sector has enhanced the potential sales of carbon fiber market
The renewable energy sector, particularly wind energy, provides a significant opportunity for carbon fiber. Wind turbine blades, which require strength, stiffness, and fatigue resistance, is projected to benefit from the lightweight and high-performance properties of carbon fiber composites. The carbon fiber market is expected to expand in this sector as the demand for renewable energy continues to rise. Furthermore, the use of carbon fiber in infrastructure and construction applications is a developing opportunity.
Carbon fiber reinforcement can strengthen and extend the lifespan of concrete structures, bridges, and buildings. In addition, the lightweight nature of carbon fiber is anticipated to simplify construction processes and reduce transportation costs for large-scale projects. These factors are expected to offer remunerative opportunities for the carbon fiber market during the forecast period.
The carbon fiber market is segmented on the basis of raw material, type, form, end-use industry, and region. On the basis of raw material, the market is bifurcated into PAN-based carbon fiber, and pitch-based & rayon-based carbon fiber. On the basis of type, it is categorized into continuous, long, and short carbon fibers. On the basis of form the market is bifurcated into composite and non-composite carbon fibers. On the basis of end-use industry, the market is fragmented into aerospace & defense, sports/leisure, wind turbines, molding & compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht building, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The Europe carbon fiber market size is projected to grow at the highest CAGR of 11.7% during the forecast period and accounted for 36% of carbon fiber market share in 2022. This is due to the fact that, Germany is known for its advanced manufacturing capabilities and technological expertise. The focus of the country on research and development, along with its strong engineering and manufacturing sectors, supports the growth of the carbon fiber market. Advanced manufacturing technologies such as automated fiber placement (AFP) and resin infusion contribute to efficient and cost-effective carbon fiber production in the Europe region. Furthermore, the UK has ongoing infrastructure development projects, including bridges, buildings, and transportation systems.
Carbon fiber composites are utilized in the construction industry for applications such as reinforcing structures, seismic retrofitting, and corrosion-resistant materials. The demand for sustainable and high-performance materials drives the use of carbon fiber in construction sector of the UK. These factors are offering most remunerative opportunities in the European region for carbon fiber market.
On the basis of type, the continuous carbon fiber segment dominated the global market in 2022 and is anticipated to grow at a CAGR of 11.4% during forecast period. Carbon fibers are inherently resistant to corrosion and chemical attack. This makes them a preferred choice in industries where exposure to harsh environments, such as marine and chemical processing, is common.
Structures reinforced with continuous carbon fiber composites are anticipated to withstand corrosive conditions for extended periods, reducing maintenance and replacement costs. This factor is projected to enhance the demand for continuous carbon fiber segment. Continuous carbon fiber production has benefited from advancements in manufacturing technologies, such as automated fiber placement (AFP) and automated tape laying (ATL). These technologies allow for precise and efficient placement of carbon fibers, enabling cost-effective production and reducing material waste. Continuous carbon fiber composites are expected to contribute to environmental sustainability.
On the basis of raw material, the PAN-based carbon fiber segment dominated the global market in 2022 and is anticipated to grow at a CAGR of 11.4% during forecast period. PAN-based carbon fiber materials are preferred for use in the aerospace industry owing to their high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity. There is no significant growth in technology used to manufacture PAN precursors and carbon fibers, and thus there is high scope for improvement in process and product areas. This factor is expected to enhance the overall market demand for PAN-based carbon fiber market.
On the basis of form, the composite carbon fiber segment was the largest revenue generator in 2022, and is anticipated to grow at a CAGR of 11.4% during the forecast period. Composite carbon fiber refers to the use of carbon fiber reinforcement in composite materials. It involves combining carbon fibers with a polymer matrix, such as epoxy or thermoplastics, to create a composite material that exhibits enhanced mechanical properties. Carbon fiber is known for its exceptional strength, stiffness, and low weight.
Carbon fibers provide high tensile strength, flexural strength, and impact resistance when used as a reinforcement in composites. They are typically oriented and aligned in specific directions within the matrix to optimize the mechanical properties of the composite material. This factor is projected to boost the sales of carbon fiber market for composite-based carbon fiber segment during the forecast period.
On the basis of end use industry, the aerospace and defense segment was the largest revenue generator in 2022, and is anticipated to grow at a CAGR of 10.6% during the forecast period. The aerospace and defense industry plays a significant role in the growth of the carbon fibers market. Furthermore, the upsurge in international passengers and freight trafficking has led to a rise in demand for aircraft. These factors are expected to eventually boost the demand for carbon fibers market. This is attributed to the fact that they help in reducing weight compared to traditional metallic materials.
Moreover, government investment in the defense industry along with modernization in the defense equipment has enhanced the overall performance of the defense industry. For instance, according to an article published by Economics Times in February 2023, defense sector of India has allotted $72 billion budget in 2023. Carbon fiber composites are widely used in military aircraft structures, including fighter jets, bombers, and unmanned aerial vehicles (UAVs). The lightweight nature of carbon fiber helps improve maneuverability, range, and fuel efficiency while maintaining high structural integrity and stiffness.
The global carbon fiber market profiles leading players that include DowAksa Advanced Composites Holding B.V, Formosa Europe, Solvay, TORAY INDUSTRIES, INC., Nippon Steel Corporation, Mitsubishi Chemical Group Corporation, SGL Carbon, Hyosung Co Public, Teijin Limited, and ZOLTEK. Â The global carbon fiber market report provides in-depth competitive analysis as well as profiles of these major players.
Impact Analysis of Russia/Ukraine War
Carbon Fiber Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2032 | USD 16 billion |
| Growth Rate | CAGR of 11.4% |
| Forecast period | 2022 - 2032 |
| Report Pages | 446 |
| By Type |
|
| By Raw Material |
|
| By Form |
|
| By End Use Industry |
|
| By Region |
|
| Key Market Players | Solvay, DowAksa, TORAY INDUSTRIES, INC., ZOLTEK, SGL Carbon, Mitsubishi Chemical Group Corporation, Nippon Steel Corporation, Formosa Europe, TEIJIN LIMITED. |
Analyst Review
According to to CXOs of leading companies, the global carbon fiber market is expected to exhibit high growth potential due to rise in demand for lightweight, high-strength materials across various end-use industries such as aerospace & defense, automotive, and building & construction. Moreover, the surge in demand for lightweight, fuel-efficient cars encourages automotive manufacturers to adopt carbon fiber.
Carbon fibers enable the manufacturers to considerably reduce the weight of the vehicle without compromising on strength. The product is being utilized to produce a variety of automotive components, including interior body panels, floors, chassis components, diffusers, and spoilers.
The CXOs further added that aerospace-grade carbon fiber has progressively replaced traditional materials, on account of their lightweight and high-strength attributes. The product is being increasingly adopted in the production of a variety of aerospace components such as helicopter blades, fuselage components, aircraft flooring, and antennas. Thus, the rapid expansion of the automotive and aerospace industries across the developing economies, such as China, India, and Brazil, is expected to significantly contribute toward the growth of the carbon fiber market during the forecast period.
A carbon fiber is a long carbon strand with 5-10 m in diameter. These strands are combined with epoxy or wound or molded into shape to form various composite materials. Composite form of carbon fibers is used to develop aircraft and spacecraft parts, racing car bodies, golf club shafts, bicycle frames, fishing rods, automobile springs, sailboat masts, and other components, where a material of lightweight and high strength is needed.
Use of carbon fiber in manufacturing wind turbines has witnessed the highest growth rate globally. Carbon fiber as a reinforcement instead of glass fiber is used, owing to its superior mechanical strength without compromising its flexibility. Carbon fibers are used to produce spar caps and root end of wind blades to impart structural stability and strength by reducing the dampening.
A. Carbon fiber is a strong and lightweight material composed of thin, strong crystalline filaments of carbon atoms. It is known for its exceptional strength-to-weight ratio, making it ideal for applications where high strength and low weight are essential.
A. Europe has accounted for thr largest regional market for carbon fiber market.
A. Governments and private enterprises are investing heavily in research and development to further improve carbon fiber properties and explore new applications. These investments have accelerated the development of advanced carbon fiber composites.
A. DowAksa, Formosa Europe, Mitsubishi Chemical Group Corporation, Nippon Steel Corporation, SGL Carbon, Solvay, TEIJIN LIMITED., TORAY INDUSTRIES, INC., ZOLTEK.
A. The carbon fiber market is segmented on the basis of raw material, type, form, end-use industry, and region. On the basis of raw material, the market is bifurcated into PAN-based carbon fiber, and pitch-based & rayon-based carbon fiber. On the basis of type, it is categorized into continuous, long, and short carbon fibers. On the basis of form the market is bifurcated into composite and non-composite carbon fibers.
A. The global carbon fiber industry generated $5.5 billion in 2022, and is estimated to reach $16 billion by 2032, witnessing a CAGR of 11.4% from 2023 to 2032.
A. Aerospace and defense sector is the leading application of carbon fiber market.
Start reading instantly.
This Report and over 67,068+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Contact Details
Need to talk to an expert? Book your free consultation and let our research experts help you with your needs/problems.
Global Report 
Regional Report
Country Report
Related Report