Dublin, March 21, 2023 (GLOBE NEWSWIRE) -- The "Large Tow Carbon Fiber Market - A Global and Regional Analysis- Focus on Application, Technology, Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global large tow carbon fiber market was valued at $570.5 million in 2021, and it is expected to grow at a CAGR of 13.43% and reach $1,960.3 million by 2031.
The growth in the global large tow carbon fiber market is expected to be driven by stringent government regulations, carbon neutrality targets, energy and cost efficiency owing to the use of recycled steel, and a significant increase in steel demand with the scarcity of raw materials and energy.
However, impurities in recycled steel due to incomplete separation and complex product design and the high cost of production for green steel amid high infrastructure costs and green hydrogen prices are some key restraining factors for the market.
Market Lifecycle Stage
The global large tow carbon fiber market is in a growing phase. New trends, such as rising investments in green technologies, change in business models of companies due to climate action, increasing demand for green steel across the value chain, and development of economic and environmental technologies, are further expected to provide opportunities for the market to grow in the coming years.
Industrial Impact
With an increased worldwide focus on advanced lighter materials to replace traditional heavy materials, there is an increasing shift toward advanced materials with excellent strength and mechanical and lightweight properties in end-use industries, thereby creating demand for large tow carbon fiber. The shift is more prominent in the energy and automotive industries in regions such as North America, China, and Europe.
Increasing awareness about the environment protection and carbon footprints is driving the development of advanced material for the transition of energy-intensive and carbon-intensive industries toward a more sustainable path.
Although carbon fiber is a good option and caters to various end-use applications, the adoption of this advanced material is limited to premier applications in end-use industries, including aerospace and automotive, amongst others. Large tow carbon fibers are expected to be the best option for industrial application as it fits the required standards for end-use industries, including energy and automotive.
Furthermore, its low cost is projected to boost the adoption of large tow carbon fiber in various end-use industries.
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of large tow carbon fiber available and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different large tow carbon fiber end-use applications in industries such as aerospace, automotive, energy, sports, and others.
Growth/Marketing Strategy: Business expansions, partnerships, acquisitions, collaborations, and joint ventures are some key strategies adopted by key players operating in this space.
For instance, in January 2023, TORAY INDUSTRIES, INC., a major Japanese chemicals manufacturer, announced to invest more than $780 million for the development of carbon fiber materials production capacity by 2025.
Competitive Strategy: Key players in the global large tow carbon fiber market analyzed and profiled in the study involve large tow carbon fiber providers. Moreover, a detailed competitive benchmarking of the players operating in the global large tow carbon fiber market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Market Segmentation
Based on end-use application, the energy segment was dominant, accounting for a 64.6% share of the global large tow carbon fiber market in 2021.
Based on product type, the 48K segment was dominant, accounting for a 55.84% share of the global large tow carbon fiber market in 2021. It is one of the most significant product types, which meets the requirement of major industrial application areas and breaks the application limitations caused by the high-priced carbon fiber.
Based on technology, the PAN-based segment was dominant, accounting for an 86.6% share of the global large tow carbon fiber market in 2021.
Based on region, North America was the dominant region, accounting for a 29.04% share of the global large tow carbon fiber market in 2021.
Key Market Players and Competition Synopsis
The companies profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, and market penetration.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 165 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $570.5 Million |
| Forecasted Market Value (USD) by 2031 | $1960.3 Million |
| Compound Annual Growth Rate | 13.4% |
| Regions Covered | Global |
Prominent names in this market are:
Large Tow Carbon Fiber Industry
- TORAY INDUSTRIES, INC.
- SGL Carbon
- Teijin Limited
- Mitsubishi Chemical Corporation
- Solvay
- China Petrochemical Corporation
- Hexcel Corporation
- Jilin Tangu Carbon Fiber Co., Ltd.
- Formosa Plastics Group
- UMATEX
Industry Outlook
Trends: Current and Future
- 3D Printing Technology
- Replacement of Various Conventional Materials with High-Quality, Lightweight Materials
Ecosystem/Ongoing Programs
- Consortiums and Associations
- Regulatory Bodies
- Government Programs
- Programs by Research Institutions and Universities
- Impact of COVID-19 on the Large Tow Carbon Fiber Market
Business Dynamics
Business Drivers
- Growing Demand from Renewable Energy Sector
- Stringent Regulations and Carbon Emission Policies
- Increasing Awareness and Rising Demand from Developing Countries
Business Challenges
- High Cost of Production in Comparison to Conventional Materials
- Complex Manufacturing Process and Machining Problems
Business Opportunities
- Growing Demand for Electric Vehicles
- Increasing Investment in Coal-Based Technologies
Start-Up Landscape
- Key Start-Ups in the Ecosystem
- Funding Analysis of Key Start-Ups
Comparative Analysis of Large Tow Carbon Fiber with Other Materials
Technological Outlook
- PAN-Based Carbon Fiber Production Process
- Pitch-Based Carbon Fiber Production Process
For more information about this report visit https://www.researchandmarkets.com/r/2t89mc
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