New York, United States , Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Global Carbon Fiber Market Size is to Grow from USD 4.8 Billion in 2022 to USD 13.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.2% during the projected period.
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The global carbon fiber market has experienced significant growth in recent years, driven by its widespread adoption across various industries. Carbon fiber, known for its exceptional strength-to-weight ratio and durability, has found applications in aerospace, automotive, sports and leisure, construction, and renewable energy sectors. The increasing demand for lightweight and fuel-efficient materials in transportation, coupled with a growing emphasis on renewable energy solutions, has fueled the market's expansion. As technology advances and manufacturing processes become more efficient, carbon fiber products are becoming more accessible and cost-effective. However, challenges such as high production costs and recycling limitations still pose hurdles to the market's full potential. Despite these challenges, the global carbon fiber market is poised for continued growth as industries seek innovative solutions to meet performance and sustainability requirements.
COVID 19 Impact
The outbreak of the COVID-19 pandemic hurt the global carbon fiber market, due to volatility in prices of raw materials during the pandemic, which lowered the carbon fiber demand. However, the rise in demand from the building and construction, aerospace and defense, industrial, automotive, and commercial sectors has increased focus on an escalating economic recovery across the globe and has supported the carbon fiber market to grow rapidly.
The pandemic adversely impacted the global economy and slowed down the growth of various industries. The shutdown of multiple manufacturing plants and factories in leading regions such as North America, Europe, Asia Pacific, South & and Central America, and the Middle East & and Africa hindered the global supply chain and disrupted the manufacturing, delivery schedules, and sales of various goods. Further, many companies announced possible delays in product deliveries and a slump in future sales of their products during the pandemic. In addition, the global travel bans imposed by countries in Europe, Asia Pacific, and North America adversely affected business collaborations and partnership opportunities.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Carbon Fiber Market Size, Share, and COVID-19 Impact Analysis, By Raw Material Type (Pan, Pitch), By Tow Size (Large Tow, Small Tow,) By Application (Composite Carbon Fiber, Non-Composite Carbon Fiber), By End-use Industry (Aerospace & Defense, Sports/Leisure, Wind Turbines, Molding & Compounds, Automotive, Pressure Vessels, Civil Engineering, Marine, Pultrusion Misc., Misc. Consumer, Sailing/Yacht Building, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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PAN is dominating the market with the largest market share over the forecast period.
Based on raw materials, the global carbon fiber market is segmented into PAN and pitch. Among these, the pan segment is dominating the market with the largest market share over the forecast period. PAN fibers are mixed with resins to increase their strength and ability to withstand corrosive and high-temperature situations. These characteristics make them appropriate for a variety of industries, including aerospace, general industrial parts, and sporting goods. Prepregs, textiles, and windings of carbon fiber-reinforced composites based on PAN are employed. PAN-based carbon fibers are widely used in composite materials in the production of aircraft and automobiles. However, due to the growing number of hydrogen tanks in FCEVs and wind capacity deployments worldwide, the composite use of PAN-based carbon fiber would expand dramatically in the pipelines and tanks and wind energy industries.
The small tow segment is expected to hold the largest share of the Global Carbon Fiber Market d
Based on the Tow size, the global carbon fiber market is classified into large tow and small tow. Among these, the small tow segment is expected to hold the largest share of the Carbon Fiber market during the forecast period during the forecast period. The small tow fibers are commonly used in the aerospace industry due to their high tensile strength and modulus when composites are used in various applications. Small-tow fibers are more expensive than large-tow fibers. The small town is expected to be the most significant and fastest-growing segment between 2023 and 2032.
The composite carbon fiber segment is expected to hold the largest share of the Global carbon fiber Market during the forecast period.
Based on application, the global carbon fiber market is segmented into composite carbon fiber and non-composite carbon fiber. Among these, the composite carbon fiber segment is dominating the market with the largest revenue share of 57.2% over the forecast period. the industrial segment accounted for the largest market share in the year 2022. The carbon fiber composite heating elements are frequently deployed in industrial applications to ensure excellent corrosion resistance, extreme temperature resistance, and lightweight. Hence, carbon fiber composite heating element is an ideal solution in industries such as heavy trucks, heavy equipment, and others. Therefore, the growth in the industrial activities associated with heavy trucks, heavy equipment, and others is fostering the demand for carbon fiber composite heating elements to ensure superior tensile strength. This, in turn, is driving the market growth.
The Aerospace &Defense segment accounted for the largest revenue share of more than 57.2% over the forecast period.
Based on end-uses, the global Carbon Fiber market is segmented into Aerospace& Defense, Sports/Leisure, Wind Turbines, Molding and Compounds, Automotive, Pressure Vessels, Civil Engineering, Marine, Pultrusion Misc., Misc. Consumer, Sailing/Yacht Building, Others. Among these, the aerospace and defense segment is dominating the market with the largest revenue share of 57.2% over the forecast period. A big part of the market expansion for carbon fibers is played by the aerospace and defense sectors. Additionally, there is a greater need for airplanes as a result of the increase in international passenger and freight trade. These elements are anticipated to eventually increase market demand for carbon fibres. This is explained by the fact that they contribute to weight reduction in comparison to conventional metallic materials.
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Europe is dominating the market with the largest market share over the forecast period.
Among all the regions, Europe is dominating the market with the largest market share over the forecast period. the large number of electric car manufacturers in the area as well as the expanding demand for lightweight and fuel-efficient vehicles, the market in this area is expected to grow more quickly. The aerospace and defense sector's accelerated use of graphite fiber is probably going to be a major factor in market expansion.
Asia Pacific is witnessing the fastest market growth over the forecast period. This expansion in the region is connected to rapid urbanization and rising government spending on infrastructural projects. Market expansion will be fueled by the expanding usage of construction composites in China and India while constructing homes, bridges, and tunnels. A significant market opportunity for product adoption in the construction industry has been established by the existence of top construction businesses throughout Asia and the Pacific. The need for products in the region is also being driven by the growing investment in aviation, aerospace, defense, and energy from renewable sources sectors.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the Global Carbon Fiber Market include Toray Industries Inc., DowAksa, Mitsubishi Chemical Corporation, Solvay, Teijin Limited, SGL Carbon, Hexcel Corporation, Hyosung Advanced Materials, Zhongfu Shenyang Carbon Co., Ltd., Formosa Plastics Corporation, Jiangsu Hengshen Co., Ltd., Jilin Chemical Fiber Group Co., Ltd. and other key vendors.
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Recent Market Developments
In February 2023, FeTex Tech Industries, a global supplier of materials acquired SGL Carbon operations in Gardena, California, United States. The Gardena site manufactures carbon fiber composite heating. The major aim of the acquisition was to increase the market share of Tex Tech Industries in the global market.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Carbon Fiber Market based on the below-mentioned segments:
Carbon Fiber Market, Raw Material Type Analysis
- Pan
- Pitch
Carbon Fiber Market, Tow Size lysis
- Large Tow
- Small Tow.
Carbon Fiber Market, Application Analysis
- Composites carbon fiber
- Non-Composites carbon fiber
Carbon Fiber Market, End-use Analysis
- Aerospace and defense
- Sports/Leisure
- Wind Turbines
- Molding and Compounds
- Automotive
- Pressure Vessels
- Civil Engineering
- Marine
- Pultrusion Misc.
- Others
Carbon Fiber Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & and Africa
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