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A01613 | Pages: 446 | Charts: 83 | Tables: 276 |
The global carbon fiber market size 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.
Introduction
Carbon fiber is a high-strength, lightweight material composed of thin, crystalline filaments of carbon, typically woven together and embedded in a resin matrix to form a composite. Known for its exceptional strength-to-weight ratio, corrosion resistance, and high thermal and electrical conductivity, carbon fiber is widely used in aerospace, automotive, sports equipment, and industrial applications. Its rigidity and durability make it an ideal alternative to traditional materials such as steel and aluminum, particularly in industries where weight reduction and performance optimization are critical.
Key Market insight:
Market Dynamics
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.
[TYPEGRAPH]
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.
[RAWMATERIALGRAPH]
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.
[FORMGRAPH]
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.
[ENDUSEINDUSTRYGRAPH]
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.
[REGIONGRAPH]
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.
Competitive Analysis
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. 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
Recent Key Strategies and Developments
In February 2022, Teijin Limited announced partnership with Fuji Design Co., Ltd., a Japan-based manufacturer specializing in recycled carbon fibers. The collaboration aimed to establish a business for producing, supplying, and commercializing carbon fiber-reinforced plastic (CFRP) products derived from recycled carbon fibers.
In July 2022, Hexcel entered into a long-term agreement with Dassault to supply carbon fiber prepreg for the Falcon 10X program. This marks the first Dassault business jet to feature high-performance advanced carbon fiber composites in the manufacturing of its aircraft wings.
Key Market Segments
Key Market Players