PUBLISHER: Roots Analysis | PRODUCT CODE: 1803906
PUBLISHER: Roots Analysis | PRODUCT CODE: 1803906
As per Roots Analysis, the global carbon fiber market size is estimated to grow from USD 5.48 billion in the current year to USD 17.08 billion by 2035, at a CAGR of 10.89% during the forecast period, till 2035.
The opportunity for carbon fiber market has been distributed across the following segments:
Type of Raw Material
Type of Fiber
Type of Product
Type of Modules
Application
End User
Geography
Carbon Fiber Market: Growth and Trends
Carbon fibers are tiny strands, ranging from 5 to 10 micrometers in thickness, and are primarily made of carbon atoms. Among the three main types of high-performance fibers globally, carbon fiber boasts the greatest strength and specific modulus. These characteristics are contributing to the increasing demand for carbon fiber in various sectors, such as aerospace and defense, automotive, construction, sporting goods, and healthcare.
It is important to note that its cost is higher than that of other metals. However, recent developments in composites are making carbon composites more competitive and cost-efficient. Additionally, the ongoing advancements in fiber reinforcements, carbon fiber resin systems, and manufacturing techniques are further enhancing the uptake of carbon composites across different industries.
The expansion of the carbon fiber sector has been further propelled by the rising need for lightweight, high-performance materials in various fields to improve fuel efficiency and minimize emissions. Additionally, considering the growing preference for lighter, more fuel-efficient vehicles and aircraft, the carbon fiber market is expected to experience significant growth during the forecast period.
Carbon Fiber Market: Key Segments
Based on type of raw material, the global carbon fiber market is segmented into PAN-based (polyacrylonitrile based), and pitch-based. According to our estimates, currently, the PAN-based category captures the majority share of the market.
This can be attributed to the preference for PAN-based carbon fiber materials across different industries, owing to their exceptional strength, minimal thermal expansion and moisture absorption, remarkable lightweight properties, superior specific strength (strength-to-weight ratio), ease of processing, and effective thermal conductivity.
Based on type of fiber, the carbon fiber market is segmented into virgin carbon fiber and recycled carbon fiber. According to our estimates, currently, the recycled carbon fiber segment captures the majority of the market. This growth can be attributed to the similarity in properties between recycled and virgin carbon fiber, along with the cost-effectiveness of recycled options. Additionally, these carbon fibers provide exceptional durability in extreme conditions and demonstrate corrosion resistance.
Based on application, the carbon fiber market is segmented into composite and non-composite. According to our estimates, currently, the composite carbon fiber segment captures the majority share of the market. This is due to the combination of carbon fiber with other materials, like resin, which enhances its strength-to-weight ratio, stiffness, and other advantageous properties.
Based on end users, the carbon fiber market is segmented into aerospace and defense industry, wind energy / alternative energy industry, automative industry, marine industry, sporting goods industry, molding and compound industry, medical and health care industry, construction and infrastructure, pressure vessels industry and other end user.
According to our estimates, currently, the aviation, aerospace and defense sector captures the majority share of the market. This is due to the use of carbon fiber in aircraft manufacturing to decrease weight and enhance fuel efficiency and overall performance.
Based on geographical regions, the carbon fiber market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Europe captures the majority share of the market. This is due to the fact that this region hosts numerous electric vehicle manufacturers, resulting in an increased demand for carbon fiber to produce lightweight and fuel-efficient cars. Furthermore, the carbon fiber sector is anticipated to experience substantial growth due to the increasing development of aviation infrastructure in Europe. However, Asia is expected to witness a relatively higher CAGR during the forecast period.
Carbon Fiber Market: Research Coverage
The report on the carbon fiber market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits