Global carbon fiber market is expected to foresee significant growth owing to rising demand of composite materials for large base of industry!
- Vikas Kumar
- October 11, 2021
- CHEMICAL, NEWS
- Carbon fiber market, Carbon fiber market Growth, Carbon fiber market news, Carbon fiber market Share, Carbon fiber market Size, Carbon fiber market Trend
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Global carbon fiber market stood around $4 billion in 2020 and it is expected to grow at a CAGR of ~8% during the forecast period. This is mainlyattributable to the increasing adoption of components which are light in weight and simultaneously offer the same or better quality compared to conventional products. Further, increasing investment by the industry to lower the commercialization cost of carbon fiber also fueling the market growth.
Growing usage of high-performance materials which has the ability to maintain its quality under unwanted condition is increasing the demand of carbon composite and reinforced plastics materials from a large base of industries like aerospace & defence, automotive, and transportation which eventually increase the demand of carbon fiber. For instance, aircrafts like Boeing 787 and Airbus A350 have been largely made of the material mix of carbon fibers and polymer resins. Further, Boeing 787 Dreamliner passenger plane is composed of 50% composite material by weight, with most of the composite material being carbon fiber laminate or carbon fiber sandwich. In addition, automotive sector is increasingly utilizing carbon fiber to reduce the overall weight of vehicle resulting in more efficiency and helps in reducing carbon emission.
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COVID-19 had a negative impact on the market owing to halted production activity in automotive, aerospace & defence, and other manufacturing areas. Currently, the demand of carbon fiber is highly dependent on these industries, therefore due to halted production demand of carbon fiber was also dropped. However, wind energy showcase growth amidst COVID-19 which somewhat maintain the demand of carbon fiber in 2020.
- Based on raw material, the market is bifurcated into polyacrylonitrile (PAN) and pitch. Of both, PAN held the largest market share in 2020 and is expected to retain its position during the forecast period. Owing to its property like thermal stability, high resistance and elasticity modulus, low-density, industry prefer to use the precursor for the manufacturing of carbon fiber
- Based on tow type, the market is bifurcated into regular tow and large tow. Among these, regular tow held the significant market share in 2020 and the demand is expected to increase owing to increasing usage in aerospace & defence, automotive, and pressure vessel among others.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of APAC), and Rest of World. Asia-Pacific region is likely to showcase robust growth owing to growing aerospace & defence and automotive industry. Further, increasing focus on renewable energy like wind is boosting the demand of carbon fiber as it is used in producing thin wind turbine blades. Some of the major companies profiled in the report includes Hexcel Corporation, Mitsubishi Chemical Holdings, Toray, Solvay, Formosa Plastic Corporation, Jiangsu Hengshen Co. Ltd., DowAksa, Teijin Limited, SGL Carbon, and Hyosung Advanced Material.
Global Carbon fiber Market Segmentation
Market Insight, by Raw Material
Market Insight, by Fiber Type
Market Insight, by Product Type
Market Insight, by Tow Type
Market Insight, by Modulus
Market Insight, by Application
Market Insight, by End User
- Aerospace & Defence
- Wind Energy
- Electrical & Electronics
Market Insight, by Region
- North America Carbon Fiber Market
- United States
- Europe Carbon Fiber Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Carbon Fiber Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Carbon Fiber Market
Top Company Profiles
- Teijin Limited
- SGL Carbon
- Mitsubishi Chemical Holdings
- Hexcel Corporation
- Formosa Plastic Corporation
- Jiangsu Hengshen Co. Ltd.
- Hyosung Advanced Materials