The Global Carbon Fiber Market size was at $2,215 million in 2015, and is expected to grow at a CAGR of 11.1% to reach $4,650 million by 2022. Carbon fiber is composed of carbon atoms bonded together to form a long chain, which is 5-10 µm in diameter. These carbon atoms form a microscopic crystal, which exhibits high strength-to-weight ratio. The carbon fiber market is segmented based on raw material, type, form, and end-use industry. By raw material, it is bifurcated into PAN-based carbon fiber and pitch-based & rayon-based carbon fiber. By type, the market is divided into continuous, long, and short. By form, the market is divided as composite and non-composite. Based on end-use industry, the carbon fiber market is categorized into aerospace & defense, sports/leisure, wind turbines, molding & compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht building, and others (misc. energy, oil & gas, medical, and industrial rollers). Excellent physical and mechanical properties of these fibers, such as lightweight, tensile strength, impact resistance, makes them fuel efficient, reliable, and a preferred choice in sectors such as aerospace & defense, sports, wind turbines, and automotive.
Top Investment Pocket
Wind turbines is the most lucrative application for carbon fiber market, owing to increase in demand and consumption of green energy. High tensile strength of carbon fiber enables wind turbines to withstand harsh weather conditions, whereas its lightweight nature improves its efficiency. The wind turbines segment is expected to grow at highest CAGR of 13.6% during the forecast period. Automotive is the second most attractive application for carbon fiber market industry, owing to its superior strength-to-weight ratio and corrosion resistance; it is expected to grow at a CAGR of 13.3%. In 2015, these two segments collectively accounted for approximately 18% of the market, in terms of revenue.
Based on form, composites captured the largest carbon fiber market share, owing to its benefits such as high strength, high thermal & electrical conductivity coupled with high modulus. These properties make carbon fiber useful as an additive for enhancing the electrical or thermal conductivity, and also ideal across end-use industries such as aerospace & defense, automotive, sports, and wind.
According to the International Towers Cranes 2012, the Latin American construction industry accounted for approximately $550 billion, growing at 6% annually, while the Middle East and African construction industry accounted for about $450 million, growing at 5% annually. These factors are expected to increase the consumption of carbon fiber in civil engineering sector in LAMEA region during the forecast period.
The key players operating in the global carbon fiber market are Toray Industries Inc., Hexcel Corporation, Mitsubishi Rayon Co. Ltd., Teijin Limited, Hyosung, SGL Group, Cytec Industries Inc., Dowaksa, OJSC Svetlogorskkhimvolokno, and Nippon Graphite Fiber Corporation.
Other players (not profiled in the report) operating in this market are Zoltek Companies, Inc., Toho Tenax Co., Formosa Plastics, Crosby Composites, Plasan Carbon Composites, TenCate, AKSA, Mitsubishi Plastics, Gurit, and GKN.
- This report provides an extensive analysis of the current carbon fiber market trends, future estimations, and dynamics from 2014 to 2022 of the global carbon fiber market, which assist to identify the prevailing opportunities.
- Geographically, the carbon fiber market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- Extensive market analysis predicts the applications that are currently used along with the variants that may gain prominence in the future.
- Detailed analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled and their strategies are analyzed thoroughly, which portrays the competitive market outlook.
Carbon Fiber Market Key Segments
By Raw Material
- Pan-Based Carbon Fiber
- Pitch-Based & Rayon-Based Carbon Fiber
- Continuous Carbon Fiber
- Long Carbon Fiber
- Short Carbon Fiber
- Composite Carbon Fiber
- Non-Composite Carbon Fiber
By End-Use Industry
- Aerospace & Défense
- Wind Turbines
- Molding & Compounds
- Pressure Vessels
- Civil Engineering
- Pultrusion Misc.
- Misc. Consumer
- Sailing/Yacht Building
- Others (Misc. Energy, Oil & Gas, Medical, and Industrial Rollers)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA