Dublin, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Carbon Fiber Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material, By Type, Tow Size, End-User Region" report has been added to ResearchAndMarkets.com's offering.
Global Carbon Fiber Market was valued at ~US$ 3 billion in 2017. It is estimated to be ~US$ 4 billion by 2022 and is expected to reach a market size of ~US$ 7 billion by 2028 growing at a CAGR of ~10% during the forecast period (2022-2028) driven by rising demand from the aerospace and automotive industries.
Due to the increased need for electricity and increased cost-effectiveness, wind turbines are being built or planned with larger rotor diameters (energy cost).
Due to their high strength, stiffness, and low density, carbon fiber-based composites play a significant role in wind turbines. They can be utilized to create rotor blade structures that are svelte, aerodynamically effective, and rigid enough to sustain high stresses. Wind turbine blades constructed of carbon fiber are 25% lighter than those made of conventional fiberglass.
Although manufacturers are concentrating on making inexpensive carbon fibers, mass production and commercialization will take some time. Carbon fiber prices must be reduced by mass production if they are to compete with PAN fibers. Due to its high price, carbon fiber's uses are currently limited.
Production declined as a result of COVID-19 across several industries, including the automobile, building, and aerospace sectors. The COVID-19 epidemic has had a significant negative impact on the worldwide automotive supply industry. The majority of the world's auto manufacturing and sales have abruptly stopped. Additionally, COVID-19 had a significant negative impact on the aerospace and defense sector, a significant end-user of the carbon fiber market, in 2020.
Competitive Landscape
The Global Carbon Fiber Market is highly competitive with ~250 players which include globally diversified players, regional players, and country-niche players with their niche in the Carbon Fiber market.
Country-niche players constitute ~45% of the total competitors, while the regional players are the second largest by type. Some of the major players in the market include Toray Industries, Inc., Sgl Carbon, Teijin Limited., Mitsubishi Chemical Carbon Fiber and Composites, Inc., Hexcel Corporation, Solvay, Hyosung Advanced Materials., Formosa Plastics Corporation, BASF SE, DowAksa and among others.
Conclusion
The Global Carbon Fiber Market is forecasted to continue the growth that is witnessed since 2017, the market is probably being driven by rising demand from the aerospace and automotive industries. Over the forecast period, increased demand for automobiles is anticipated to cause an increase in the need for lightweight vehicles.
During the projected period, it is anticipated that the demand for fuel-efficient automobiles and governmental restrictions on automotive emissions would be crucial factors. Though the market is highly competitive with ~250 players, few global players control the dominant market share and regional players also hold a significant market share.
Key Topics Covered in the Report
- Snapshot of the Global Carbon Fiber Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Carbon Fiber Market
- Historic Growth of the Overall Global Carbon Fiber Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of the Global Carbon Fiber Industry
- Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Carbon Fiber Market
- Future Market Forecast and Growth Rates of the Total Global Carbon Fiber Market and by Segments
- Market Size of Tow Size Segments with Historical CAGR and Future Forecasts
- Analysis of Global Carbon Fibers in Major Regions
- Major Type/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Players Mentioned in the report
- Toray Industries, Inc
- Sgl Carbon
- Teijin Limited
- Mitsubishi Chemical Carbon Fiber and Composites, Inc
- Hexcel Corporation
- Solvay
- Hyosung Advanced Materials
- Formosa Plastics Corporation
- BASF SE
- DowAksa
- Nippon Graphite Fiber Co
- ZOLTEK Corporation
- Gen 2 Carbon Limited
- Carbon Fibre Tubes Ltd
- Sigmatex
Scope of the Report
By Raw Material
- PAN-based
- Pitch-based
By Type
- Virgin carbon fiber
- Recycled carbon fiber
By Tow Size
- Small tow
- Large tow
By End-User
- Aerospace and Defense
- Automotive
- Wind Turbines
- Sporting goods
- Construction
- Others
For more information about this report visit https://www.researchandmarkets.com/r/t1us9k
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