PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148032
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148032
Carbon fiber market was valued at USD 3,060.7 million in 2021, expanding at a CAGR of 10.7% from 2022 to 2028.
Carbon fibers are long, thin strands of 0.005-0.01 mm in diameter. These fibers give tremendous strength to the vessels or systems into which they are inserted, which aids in the prevention of gas storage system explosions. They give the finished goods excellent tensile strength, high-temperature tolerance, and durability. Carbon fibers outperform other materials in terms of corrosion resistance, stiffness and strength, and longevity, outlasting aluminum and steel. As a result, these fibers are used in a variety of sectors. They are stiff and chemically inert, making compression and stretching difficult.
Carbon fiber market growth is expected to be fueled by rising automotive production and a growing need for lightweight cars. Manufacturers' increased need for vehicle body parts such as hoods, deck lids, bumper beams, and fenders may encourage product demand. The use of carbon fibers boosts vehicle durability, resulting in longer-life auto components. The market is being driven by the usage of composites in racing and premium automobiles.
Companies are implementing ideas and investing in procedures that will lower the total weight of the vehicle. As a result, carbon fiber-reinforced polymer (CFRP) is frequently employed in high-end supercars. The material has an extraordinarily high strength-to-weight ratio and a density as low as 1.6g/cc, making it incredibly light. A lightweight car has the advantage of improved fuel economy, and a 10% weight reduction may save up to 6% to 8% of gasoline in automobiles.
COVID-19 reduced output in a variety of industries, including automotive, construction, and aerospace. The COVID-19 epidemic has had a significant impact on the worldwide automotive supply business. In most regions of the world, automobile manufacturing and sales have ceased abruptly. In addition, COVID-19 will have a significant impact on the aerospace and defense industries, which is a key end-user of carbon fiber.
The Global Carbon Fiber Market is segmented on the basis of Precursor, Tow, and Region.
The market is divided into PAN and pitch segments based on the precursor. During the projected period, the polyacrylonitrile (PAN) segment is expected to dominate the market. Because of its low cost, high modulus, high tensile strength, and higher fiber quality, it is widely used in aerospace and military, automotive, and sports goods applications. During the forecast period, the pitch-based segment may increase at a rapid pace. It is useful for the aerospace and sports sectors because of properties like as low electrical resistivity, low negative coefficient, high thermal conductivity, and high modulus.
The market is divided into two categories based on tow: little tow and huge tow. In 2020, the small tow sector had the lion's share. Because of their excellent modulus and tensile strength, little tow fibers are widely employed in the aerospace sector. It mostly refers to rovings with 24,000 (24K) or fewer strands. The composite fiber tow tests adhere to ASTM D 4018-17 standards. Companies are developing techniques to generate large tow intermediate module. For example, in November 2017, Solvay purchased European Carbon Fiber GmbH (ECF), a large tow PAN fiber producer headquartered in Germany. Solvay will be able to establish a portfolio of large-tow fibers in order to complement the company's existing line of PAN and pitch aerospace-grade fibers as a result of this purchase.
The carbon fiber market is highly concentrated, with the top five manufacturers controlling more than 67 percent of the total worldwide manufacturing capacity. The majority of significant players are working on acquisitions, new product releases, and strategic alliances to expand their product portfolios, widen their market reach, and gain a competitive advantage over other key players. Additionally, aircraft manufacturers and their suppliers are concentrating on manufacturing.
For instance, in July 2022, Dassault inked a long-term contract with Hexcel to provide carbon fiber prepreg for the Falcon 10X program. This is the first Dassault business jet program to use sophisticated carbon fiber composites in the fabrication of its aircraft wings.
Key features of the study:
This proposed research study on Carbon Fiber Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Carbon Fiber Market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Carbon Fiber Market
Impact of COVID-19 on Carbon Fiber Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Carbon Fiber Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Carbon Fiber Market, we have also included competitive landscape and key innovator analysis for the Carbon Fiber Market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the Carbon Fiber Market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Carbon Fiber Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CARBON FIBER MARKET KEY PLAYERS
Mitsubishi Chemical Holdings Corporation
Nippon Steel Corporation
Toray Industries Inc.
GLOBAL CARBON FIBER MARKET, BY PRECURSOR
GLOBAL CARBON FIBER MARKET, BY TOW
GLOBAL CARBON FIBER MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA