Emphasis on Raw Material (PAN, Pitch); Fiber Type (Virgin, Recycled); Application (Composite, Non-composite); End User (Aerospace & Defence; Automotive; Wind Energy, Sport, Electrical & Electronics, Construction, Marine, Others); and Region/Country
The global carbon fiber market was stood around $4 billion in 2022 and is expected to demonstrate the growth of around 13% during the forecast period (2023-2030). With the intention to lower the carbon emission, countries has taken pledges to meet their respective climate goals. Governments are taking several measures and initiative to reduce the carbon emission from various sectors like energy and transportation. This shift towards eco-friendly sustainable future is opening the doors for advance carbon materials. Currently, industries like energy is increasingly focusing on renewable energy like wind. A large number of components used in this sector are made using carbon composites resulting in lightweight and high strength. Further, automotive industry is witnessing tough regulation regarding emission from vehicles. Therefore, companies are lowering vehicle weights to improve fuel economy while maintaining safety and performance.
Since carbon fiber are used in the aerospace & defence, automotive, wind energy, sports, electrical & electronics, and marine among others. Therefore, its demand is highly dependent on these industries. In the light of COVID-19, many of these industries faced negative impact owing to halted operation or insufficient availability of raw materials due to lockdown and border closures. For instance, according to OICA, the production of automotive fall by 16% in 2020, hampering the automotive components market including those are made up of carbon fiber.
Insights Presented in the Report
“Amongst raw material, polyacrylonitrile (PAN) category holds prominent share in the market in 2022.”
Based on type, the market is bifurcated into PAN and pitch. Among both, PAN held the major share in the market in 2022 owing to its high yielding rate along with several crucial properties such as high thermal stability, low density, cost-effectiveness, and high resistance and elasticity modulus.
“Asia-Pacific is likely to showcase robust growth during the forecast period”
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada); Europe (Germany, UK, France, Spain, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Rest of Asia-Pacific) and Rest of World. During the forecast period, Asia-Pacific region is likely to showcase robust growth owing to increasing demand from various end-use industries. he Asia-Pacific region has a strong presence in industries such as aerospace, automotive, wind energy, and sporting goods, which are major consumers of carbon fiber. The growing demand for lightweight and high-strength materials in these industries is expected to drive the market in this region. The Asia-Pacific region, particularly countries like China, Japan, and South Korea, has been investing heavily in expanding their manufacturing capabilities for carbon fiber production. These countries have the advantage of a well-established infrastructure, technological advancements, and access to raw materials. This has led to increased production capacity, making them key players in the market.
Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Carbon Fiber Market Amid Covid-19
6. Global Carbon Fiber Market Revenue (usd Bn), 2020-2030f
7. Market Insights By Raw Material
8. Market Insights By Fiber Type
9. Market Insights By Application
10. Market Insights By End User
11. Market Insights By Region
12. Carbon Fiber Market Dynamics
13. Carbon Fiber Market Opportunities
14. Carbon Fiber Market Trends
15. Demand And Supply Side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for Global Carbon Fiber Market Analysis (2023-2030)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the carbon fiber three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the carbon fiber industry. Post assumption and validation of market numbers through primary interviews, we employed a mixed approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the carbon fiber through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the carbon fiber market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are raw material, fiber type, application, and end user. Further regional and country-level analyses were conducted to evaluate the overall adoption of the carbon fiber globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of carbon fiber. Further, we conducted factor analysis using dependent and independent variables such as growing demand of composite materials from industries and shifting trend towards lightweight high strength products. A thorough analysis was conducted for demand and supply-side scenario considering increasing investment, top partnerships, merger and acquisition, business expansion, and product launches in the carbon fiber industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global carbon fiber market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2030 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the key opinion leaders (KOLs) including top level executives (CXO/VPs, sales head, marketing head, operational head, and regional head, country head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global carbon fiber market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of raw material, fiber type, application, and end user.
The main objective of the carbon fiber market study
The current & future market trends of global carbon fiber were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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