PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1181130
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1181130
The carbon fiber market is projected to grow from USD 6.5 Billion in 2022 to USD 11.9 Billion by 2027, at a CAGR of 13.0% during the forecasted period and USD 21.7 Billion by 2032, at a CAGR of 12.9% during the forecasted period. The market is driven by factors like the stringent eco-friendly regulations & rising popularity of 3d printing, Carbon fiber is being extensively deployed in the automotive industry for the creation of 3D-printed car parts. Carbon fiber is used in a variety of industries, including Physical and mechanical properties of carbon fiber make it an efficient and reliable material for industries like aerospace, defence, sports equipment, wind energy turbines, automotive industry, and others. Aerospace & Defense sector is market driving factor of Carbon fiber for its excellent properties. carbon fibers have high tensile strength, superior chemical resistance and temperature tolerance, low weight and distinguished thermal expansion. These properties of the fiber are expected to raise its demand in the imminent time, which in turn is predicted to boost the market growth. Furthermore, imposition of stringent eco-friendly regulations in developed and developing nations is projected to offer abundant growth opportunities to the market in the upcoming years.
''In terms of volume, Standard Modulus-based carbon fiber accounted for the largest share of the overall carbon fiber market.''
In terms of volume, the by modulus type segment of carbon fiber based on Standard Modulus-based carbon fiber accounted for 60.3% of the overall carbon fiber market in 2021. On the other hand, owing to its low cost and the large number of applications, standard modulus carbon fibers are in high demand from the wind energy industry and are growing at a much faster rate compared to the other grades. It is used in sporting goods, automotive, aerospace, and general-purpose tubing applications. Standard modulus carbon fiber is rated at 33-34 MSI, which means it has a tensile strength of 33 million pounds per square inch. Some of the major manufacturers of standard modulus carbon fibers are Mitsubishi Chemical Corporation, SGL Group, Hexcel Corporation, Solvay, Toray Industries, and DowAksa.
"During the forecast period, the carbon fiber market in Pipe & Tank industry is expected to register the highest CAGR.''
Pipe & Tank industry is the most important end-use industry for carbon fiber. During the forecast period, the carbon fiber market in Pipe & Tank industry has the highest 20% CAGR. Owing to the high focus on reducing carbon footprint, there is increasing demand from CNG and hydrogen tank manufacturers. This is expected to drive the market for PAN-based carbon fibers in the pipe & tank industry.
"During the forecast period, the carbon fiber market in Europe is projected to register the highest CAGR."
Europe dominated the global market for carbon fiber. Many manufacturers of carbon fiber and their products are present in the region. Germany held a significant share of the global carbon fiber market and is expected to grow significantly during the forecast period. The growing automotive and aerospace & defense are driving the growth of the carbon fiber market in this region.
Toray Industries Inc., (Japan), DowAksa (Turkey), Mitsubishi Chemical corporation (Japan), Solvay (Belgium), Teijin Limited (Japan), SGL Carbon (Germany), Hexcel Corporation (US), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Formosa Plastics Corporation (Taiwan), Jiangsu Hengshen Co., Ltd. (China), and Jilin Chemical Fiber Group Co., Ltd. (China).
This report covers the global carbon fiber market and forecasts the market size until 2032. It includes the following market segmentation- Carbon Fiber Market, By Raw Material Type (Pan, Pitch), By Fiber Type (Virgin, Recycled), By Modulus (Standard, Intermediate, High), By Product Type (Continuous, Long, Short), By Application (Composites, Non-Composites), By End-use Industry (Aerospace & Defense, Automotive, Wind Energy, Pipes & Tanks, Sporting Goods, and Others), By Region- Forecast to 2032. 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, agreement, contract, 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.