Dublin, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The "Carbon Fiber Market by Raw Material Type (Pan, Pitch), Fiber Type (Virgin, Recycled), Modulus (Standard, Intermediate, High), Product Type (Continuous, Long, Short), Application (Composites, Non-Composites), End-use Industry, Region - Global Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
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 forecast 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.
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.
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.
Market Dynamics
Drivers
- Growing Demand for Manufacturing Satellite Parts
- High Demand from Aerospace & Defense Industry
- Stringent Eco-Friendly Regulations to Drive Adoption of Carbon Fibers and Related Composites in Automotive Applications
- Significant Benefits in Wind Energy Industry
Restraints
- High Cost of Pan-Based Carbon Fiber
- Decline in Demand from Luxury Cars Segment
Opportunities
- Increased Investments for Development of Low-Cost Coal-Based Carbon Fibers
- Increasing Demand for FCEVs
- Rising Use of Carbon Fiber in 3D Printing
- Development of Low-Cost Manufacturing Processes Such as Plasma Oxidation Technology
Challenges
- Production of Low-Cost Carbon Fiber
- Capital-Intensive and Complex Manufacturing Process of Carbon Fiber
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Carbon Fiber Market, by Raw Material
6.1 Introduction
6.2 Pan-Based Carbon Fiber
6.3 Pitch-Based Carbon Fiber
7 Carbon Fiber Market, by Fiber Type
7.1 Introduction
7.2 Virgin Carbon Fiber
7.3 Recycled Carbon Fiber
8 Carbon Fiber Market, by Modulus
8.1 Introduction
8.2 Standard Modulus
8.3 Intermediate Modulus
8.4 High Modulus
9 Carbon Fiber Market, by Product Type
9.1 Introduction
9.2 Continuous Carbon Fiber
9.3 Long Carbon Fiber
9.4 Short Carbon Fiber
10 Carbon Fiber Market, by Application
10.1 Introduction
10.2 Composites
10.3 Non-Composites
11 Carbon Fiber Market, by End-Use Industry
11.1 Introduction
11.2 Aerospace & Defense
11.3 Wind Energy
11.4 Automotive
11.5 Pipe & Tank
11.6 Sports Goods
11.7 Civil Engineering
11.8 Electrical & Electronics
11.9 Marine
11.10 Other End-Use Industries
12 Carbon Fiber Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- Anshan Senoda Carbon Fiber Co., Ltd.
- Bcircular
- China National Bluestar (Group) Co., Ltd.
- Dalian Xingke Carbon Fiber Co., Ltd.
- Dongguan Juli Composite Technology Co., Ltd.
- Dowaksa
- Fangda Carbon New Material Co., Ltd.
- Formosa Plastics Corporation
- Gen 2 Carbon
- Hexcel Corporation
- Hyosung Advanced Materials
- Jiangsu Hengshen Co., Ltd.
- Jiangsu Tianniao High Technology Co., Ltd.
- Jilin Chemical Fiber Group Co., Ltd.
- Jilin Jiyan High-Tech Fibers Co., Ltd.
- Jilin Qifeng Chemical Fiber Co., Ltd.
- Jilin Tangu Carbon Fiber Co., Ltd.
- Kingfa Science and Technology Co., Ltd.
- Kureha Corporation
- Mallinda, Inc.
- Mitsubishi Chemical Corporation
- Nippon Graphite Fiber Corporation
- Osaka Gas Chemicals Co., Ltd.
- SGL Carbon
- Sichuan Xinwanxing Carbon Fiber Composites Co., Ltd.
- Sinofibers Technology Co., Ltd.
- Sinopec Shanghai Petrochemical Co., Ltd. (Shanghai Petrochemical)
- Solvay
- Taekwang Industrial Co., Ltd.
- Teijin Limited
- Toray Industries Inc.
- Umatex Group
- Vartega Inc.
- Weihai Guangwei Composites Materials Co., Ltd.
- Zhong an Xin Technology Co., Ltd
- Zhongfu Shenying Carbon Fiber Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/65d2o
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