Market Research Report
Carbon Fiber Market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy) and Region - Global Forecast to 2031
|Carbon Fiber Market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy) and Region - Global Forecast to 2031|
Published: July 7, 2021
Content info: 344 Pages
Delivery time: 1-2 business days
The global Carbon fiber market size is projected to grow from USD 3.7 billion in 2020 to USD 8.9 billion by 2031, at a CAGR of 8.6% between 2020 and 2031. Carbon fibers are fibers about 5-10 micrometres in diameter and composed mostly of carbon atoms. Carbon fibers have several advantages including high stiffness, high tensile strength, low weight, high chemical resistance, high temperature tolerance and low thermal expansion. These properties have made carbon fiber very popular in aerospace, civil engineering, military, and motorsports, along with other competition sports. Increasing demand from wind energy and aerospace & defense industries is expected to drive the growth of the market between 2021 and 2031.
"PAN-based carbon fiber to register higher CAGR during the forecast period"
The PAN-based carbon fiber segment dominated the carbon fiber market due to its high strength modulus in comparison to pitch-based carbon fibers. PAN-based carbon fiber is used more due to its cost-effectiveness and better quality of fiber produced. The market for PAN-based carbon fibers is expected to be driven by wind energy and pipe & tank industries during the forecast period.
"Continuous carbon fibers to grow at the fastest rate between 2021 and 2031."
Continuous carbon fiber offers higher tensile strength compared to other types of carbon fiber products. It can be used in layup, weaving, prepreg, filament winding, braiding, and pultrusion processes for manufacturing composite parts for different industries such as aerospace & defense, automotive, wind energy, sporting goods, and other industries. Thus, continuous fibers are expected to grow at the highest rate during the forecast period.
"Composite applications to grow at a rapid pace during the forecast period"
The carbon fiber market, by application, is expected to be driven by the composite segment, The growth is due to the wide-scale use of the composite form of carbon fiber in various industries such as aerospace & defense, automotive, and wind energy.
"Pipe & tank industry is expected to register the highest CAGR between 2021 and 2031"
There is a significant rise in the use of PAN-based carbon fiber composites in pressure vessels and cylinders due to their lightweight properties, which makes tanks 20-25% lighter than steel cylinders. The superior mechanical properties of carbon fiber pipes, such as superior anti-corrosion properties, low conductivity, and longer lifecycles, make them the preferred material in various industries. Carbon fiber is used in type III and type IV compressed natural gas (CNG) and hydrogen cylinders. These cylinders are used in heavy-duty vehicles such as trucks and buses, which help reduce the overall weight of vehicles and improve the mileage of vehicles. This is expected to trigger the growth of carbon fibers in the pipe & tank industry
This report covers the global Carbon fiber market and forecasts the market size until 2031. It includes the following market segmentation - raw material (PAN and Pitch), product type (Continuous, Long, and Short carbon fiber), fiber type (Virgin, and Recycled carbon fiber), modulus (Standard, Intermediate, and High modulus), application (Composite and Non-Composite), end-use industry (Aerospace & defense, Automotive, Wind Energy, Sporting goods, Electrical & electronics, Civil engineering, Pipe & tank, Marine and Others) and Region (APAC, Europe, North America, Latin America, and MEA). Porter's Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global Carbon fiber market.
1. This report segments the global carbon fiber market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the Carbon fiber market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, expansion and acquisition.
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall Carbon fiber market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.