Global Carbon Fiber Market Insights Forecasts to 2032
- The Global Carbon Fiber Market Size was valued at USD 4.8 Billion in 2022.
- The Market is Growing at a CAGR of 11.2% from 2022 to 2032
- The Worldwide Carbon Fiber Market Size is expected to reach USD 13.9 Billion by 2032
- North America is expected to Grow the fastest during the forecast period
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The Global Carbon Fiber Market Size is expected to reach USD 13.9 Billion by 2032, at a CAGR of 11.2% during the forecast period 2022 to 2032.
Carbon fiber is a lightweight and incredibly strong material that has found numerous applications across various industries, including aerospace, automotive, sports equipment, wind energy, construction, and more. It is composed of thin, strong crystalline filaments of carbon that are bound together with a polymer matrix material, such as epoxy. To generate the finished product, a composite material made of these fibers is woven together and strengthened with a polymer matrix (such as epoxy). There are various processes involved in making carbon fiber. Precursor materials, such as polyacrylonitrile (PAN) fibers or pitch fibers, are initially carbonized by being heated to high temperatures in an oxygen-free atmosphere. By doing this, non-carbon components are removed, and the carbon atoms are positioned to form close-knit structures. Carbon fibers are fibers with a diameter of 5 to 10 micrometers that are made primarily of carbon atoms. High stiffness, high-temperature resistance, high tensile strength, low weight, good chemical resistance, and minimal thermal expansion are only a few benefits of carbon fibers. These characteristics of carbon fiber have made them highly preferred in competition sports, the military, aircraft, motorsports, and civil engineering. However, they are rather expensive when compared to other fibers of a comparable type, such as glass or plastic.
Global Carbon Fiber Market Report Coverage
|Market Size in 2022:||USD 4.8 Billion|
|Forecast Period:||2022 - 2032|
|Forecast Period 2022 - 2032 CAGR:||11.2%|
|2032 Value Projection:||USD 13.9 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Raw Material Type, By Tow Size, By Application, By End-use Industry, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||Toray Industries Inc., DowAksa, Mitsubishi Chemical Corporation, Solvay, Teijin Limited, SGL Carbon, Hexcel Corporation, Hyosung Advanced Materials, Zhongfu Shenyang Carbon Co., Ltd., Formosa Plastics Corporation, Jiangsu Hengshen Co., Ltd., Jilin Chemical Fiber Group Co., Ltd. and other key vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The increasing environmental regulations are implemented in both developed and developing countries and the demand for more sustainable construction materials has increased significantly. Carbon fibers and their associated composites offer the potential to reduce weight and improve fuel efficiency. This has led to an increased demand for activated carbon fiber in the luxury and sports car markets. Additionally, carbon fiber is being widely used in the automotive industry to create 3D-printed parts that are much more lightweight and dimensionally stable. This is due to the high strength and stiffness of carbon fiber, which helps to prevent the part from shrinking as it cools, further contributing to the rapid growth of the carbon fiber market.
Growing urban populations will result in more traffic on the roads and a need for competitive modes of transportation that can ease congestion and cut down on travel time. Electric vertical take-off and landing (eVTOL) air taxis are one of the new transportation technologies that will shorten travel distances while maintaining competitive fares. The expanding global automotive sector and the increased need for lightweight automobiles are driving market expansion. Due to the increasing demand for personal automobiles, particularly electric ones, and the increase in the number of young people, various automakers have increased their output.
Carbon composites are commonly employed in the aerospace, automotive, construction, oil & and gas, and wind energy industries due to their high efficiency and lightweight qualities. The cost of making carbon fiber contributes to the product's overall price increase. The expensive nature of the product prevents carbon composites from being widely used in a variety of industries.
In addition, strict laws have been implemented over the generation of graphite fiber in several industrialized and emerging nations, including China, India, the United States, Japan, and Brazil, due to the release of dangerous and destructive gases into the environment during the manufacturing process. Governments all around the world are tightening these rules even more, which has an impact on consumer demand and limits industry expansion.
By Raw Material Insights
The Pan segment is dominating the market with the largest revenue share over the forecast period.
Based on raw materials, the global carbon fiber market is segmented into pan and pitch. Among these, the pan segment is dominating the market with the largest revenue share of 38.6% over the forecast period, due to increased demand from end-use industries. The increased demand for PAN-based graphite fiber is ascribed to its features, which include cost-effectiveness, high modulus, high tensile strength, and higher fiber quality. Increased demand for products for aerospace and defense, automotive, and sporting goods applications is expected to boost the segment's share even further.
By Tow Size Insights
The small tow segment is expected to hold the largest share of the Global Carbon Fiber Market during the forecast period.
Based on the tow size, the global carbon fiber market is classified into large tow and small tow. Among these, the small tow segment is expected to hold the largest share of the Carbon Fiber market during the forecast period. Carbon fiber is made up of yarns that are 92% carbon. A tow is formed by grouping some parallel filaments. Tiny tow fibers have filaments with up to 24,000 strands. Tiny tow fibers are commonly used in the aerospace industry due to their high tensile strength and modulus when composites are used in various applications. Small-tow fibers are more expensive than large-tow fibers. The small town is expected to be the most significant and fastest-growing segment between 2023 and 2032.
By application Insights
The composite carbon fiber segment is expected to hold the largest share of the Global sports technology Market during the forecast period.
Based on application, the global carbon fiber market is segmented into composite carbon fiber and non-composite carbon fiber. Among these, the composite carbon fiber segment is dominating the market with the largest revenue share of 57.2% over 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. The product is becoming more well-known in the sporting world. The market for sports/leisure applications will rise as high-performance and lightweight materials are increasingly used in sporting goods. Major tennis players can hit the ball faster because of the materials used to create lighter, specially designed rackets. Carbon composite lightens the weight of the bicycle in high-performance cycling, enhancing lap times.
By End-Uses Insights
The End-uses segment accounted for the largest revenue share of more than 34.5% over the forecast period.
Based on end-uses, the global carbon fiber market is segmented into aerospace and defense, sports/leisure, wind turbines, molding and compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht building, and others. Among these, the aerospace & defense segment is dominating the market with the largest revenue share of 34.5% over the forecast period. Furthermore, the increase in international passenger and cargo travel has increased the demand for airplanes. These elements are anticipated to eventually increase market demand for carbon fibers. This is explained by the fact that they contribute to weight reduction in comparison to conventional metallic materials. Additionally, modernization of the defense equipment and government investment have improved the defense industry's overall performance. For instance, according to a February 2023 story in the Economics Times. In the construction of military aircraft, such as fighter planes, bombers, and unmanned aerial vehicles (UAVs), carbon fiber composites are frequently employed. Carbon fiber's small weight contributes to increased maneuverability, range, and fuel efficiency while maintaining high structural integrity and stiffness.
Europe dominates the market with the largest market share over the forecast period.
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Europe is dominating the market with more than 31.8% market share over the forecast period. The existence of a large number of electric car manufacturers and the increased demand for lightweight and fuel-efficient vehicles are to Opposite for the region's market's faster growth. The aerospace and defense sector's increased use of graphite fiber is projected to have a significant impact on the market expansion. The amount of money invested by automakers in R&D to create affordable carbon composite materials has a big impact on the local market.
Asia-Pacific, on the contrary, is expected to grow the fastest during the forecast period. The region's growth is interconnected with rising urbanization and increased government spending on infrastructural projects. Market expansion will be fueled by the expanding usage of construction composites in China and India while constructing homes, bridges, and tunnels. A significant market opportunity for product adoption in the construction industry has been established by the existence of top construction businesses throughout Asia and the Pacific.
The North American market is expected to register a substantial CAGR growth rate during the forecast period. North America is an industrialized region with thriving automotive, aerospace, and defense industries. The region boasts a high quality of living and a developed market for luxury cars, which has fueled the automobile industry's continuous expansion.
List of Key Market Players
- Toray Industries Inc.
- Mitsubishi Chemical Corporation
- Teijin Limited
- SGL Carbon
- Hexcel Corporation
- Hyosung Advanced Materials
- Zhongfu Shenyang Carbon Co., Ltd.
- Formosa Plastics Corporation
- Jiangsu Hengshen Co., Ltd.
- Jilin Chemical Fiber Group Co., Ltd.
Key Market Developments
- In February 2023, FeTex Tech Industries, a global supplier of materials acquired SGL Carbon operations in Gardena, California, United States. The Gardena site manufactures carbon fiber composite heating. The major aim of the acquisition was to increase the market share of Tex Tech Industries in the global market.
- In July 2022, Hexcel announced that it has signed a long-term agreement with Dassault to supply carbon fiber prepreg for the Falcon 10X program. This is the first Dassault business jet program to incorporate high-performance advanced carbon fiber composites in the manufacture of its aircraft wings.
- In September 2022, For the aerospace, industrial, automotive, and race car applications, Solvay introduced LTM 350, a next-generation epoxy prepreg carbon fiber tooling material that is intended to significantly reduce costs and turnaround times.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Carbon Fiber Market based on the below-mentioned segments:
Carbon Fiber Market, Raw Material Type Analysis
Carbon Fiber Market, Tow Size Type Analysis
- Large tow
- Small tow
Carbon Fiber Market, Application Analysis
- Composites carbon fiber
- Non-Composites carbon fiber
Carbon Fiber Market, End-use Analysis
- Aerospace and defense
- Wind Turbines
- Molding and Compound
- Pressure Vessels
- Civil Engineering
- Pultrusion Misc.
Carbon Fiber Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & and Africa
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