Carbon Fiber Market Size to Surpass Around USD 5.83 Bn by 2032

Ottawa, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global carbon fiber market size is projected to surpass around USD 5.83 billion by 2032. Carbon fibers are likely driven by rising demand from the aerospace and automatized industries. Increasing automotive products and growing demand for low-weight vehicles are expected to drive demand during the forecast period.

• The need for fuel-efficient cars and government regulations governing motorized pollution are expected to play a significant role during the forecast period.
• The expanding aerospace industry in North America and Europe is expected to drive industry growth.
• Increasing demand for commercial aviation due to increased disposable income and globalization has driven growth across the aerospace industry in recent years. This key trend is expected to continue in the forecast period.
• The surge in demand for sports and leisure applications, particularly in the Asia Pacific, is also expected to broaden the product scope.

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Covid 19 impact on the carbon fiber Market

COVID-19 reduced output in various automotive, construction, and aerospace industries. The COVID-19 pandemic has significantly impacted the global automotive supply industry. In most parts of the world, vehicle production and sales have ceased abruptly. In addition, COVID-19 will substantially impact the aerospace and defense industry, which is a significant end-user of carbon fiber. Due to a chip shortage, the automotive industry could have performed better in 2021. In 2021, global automotive production increased by 0.5% over the previous year. In 2022, automotive production was expected to grow by 10.5%, resulting in good growth for CFRP parts in automotive. Carbon fiber reinforced plastics (CFRP) components are used in a wide range of exterior and interior features in high-performance and luxury vehicles.

Despite the COVID-19 pandemic, the wind energy industry performed well in 2020 and 2021, and demand for carbon fiber-reinforced plastics for wind energy increased by double digits in 2020 and 2021. Due to the high stiffness requirements in blades, the continuous increase in blade length for offshore and onshore markets drives the demand for carbon fiber-based composites.

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Market Dynamics of the carbon fiber market

Drivers: Increase demand in the aerospace industry

The growing use of carbon fibers in the aerospace industry and the increased production of scrap materials containing carbon fibers necessitates the development of new safe, and sustainable methods for recovering similar materials. To improve fuel economy, recycled carbon fiber has replaced aluminum in aircraft. Lightweight materials and structures allow military aircraft to carry more fuel and payload, whereas these advancements in commercial aviation would primarily benefit lower operating costs through improved petrol efficiency.

Lightweight materials reduce greenhouse gas emissions and waste disposed of in landfills. For instance, the Boeing 787 was made 20% lighter, resulting in a 10-12% increase in fuel economy. In the case of the Boeing 787-9, which consumes approximately 5,400 liters of fuel per hour, the fuel economy is improv CAGR10%. Furthermore, United Airlines ordered 270 narrow-body aircraft from Airbus and Boeing in June 2021. The order includes 200 Boeing 737 MAX and 70 Airbus A321neo planes, which will increase domestic capacity by about 30%. Over the next 20 years, 32,270 single-aisle (narrow-body) aircraft will be delivered globally, according to Boeing. Airbus has set a goal of recycling 95% of its carbon fiber waste by 2020-2025, with 5% recycled back into the manufacturing process.

Restrains: high production cost

The high production costs of carbon fibers are a significant restraint to consider in the Carbon Fibers Market. Carbon fibers could be more commercialized due to their high prices. With technological advancements in mind, it may be several years before carbon fibers can be produced at a low enough cost to compete with other, less expensive fibers such as PAN.

Opportunities: Personal protective equipment and the defensive clothing industry are experiencing increased demand.

Chemical protective suits made of ACF are flexible, lightweight, and washable, overcoming the limitations of ACS-based cases. As a result, demand for ACF has increased in the market for protective garments. Moreover, the healthcare industry has seen significant growth in Asia Pacific and Middle Eastern countries, with substantial investments in the industry's development. As a result, the demand for the medical protective gear is expected to increase in the coming years.

Market segmentation:

Regional landscape:

• North America is expected to grow at a notable CAGR in the forecast period. A high concentration of major aircraft manufacturers such as Airbus and critical defense instrument manufacturers distinguishes the region. Automobile behemoths in North America emphasize producing low-weight high-performance vehicles, further propelling the region's market.
• Europe is the most significant and fast carbon fast-growing market. The presence of strict environmental laws and regulations and ongoing efforts in the European region are likely to play an important role.

By Raw Material:

Polyacrylonitrile (PAN) or pitch are the primary raw materials used in carbon fiber production. PAN's superior properties are expected to increase acceptance in various applications. The global PAN market is expected to grow at a highest CAGR by 2032, creating a demand for more than 200 kilotons. Due to the growing demand for a high strength-to-weight ratio, carbon fiber Pan precursor is widely used due to its higher material properties. PAN's lower cost than pitch-based carbon fiber is also expected to help the segment grow.

By Application:

Turbines are expected to be the fastest-growing segment, with a CAGR of around 14.4% over the forecast period. Product demand for the wind turbine application segment is expected to be driven by the growing demand for energy-efficient and lightweight wind turbines.

Because of its growing demand for lightweight materials, the aerospace and defense industry held the largest share. The rapidly expanding aviation industry is expected to broaden its application base in the air transportation sector, and automobiles are expected to be another significant application segment. Carbon fibers are known to reduce vehicle weight; this is expected to benefit the overall product market.

Related Reports

• Composites Market - The global composites market was valued at USD 105.75 billion in 2022 and is expanding around USD 191.36 billion by 2032. The U.S. composites market was estimated around USD 17.8 billion in 2022.
• Specialty Fibers Market - The global specialty fibers market is projected to hit around 10.55 million tonnes by 2032 and growing at a CAGR of 7.02% from 2023 to 2032.
• Automotive Interior Market - The global automotive interior market is predicted to hit USD 174.2 billion by 2030 and growing at a CAGR of 4.2% from 2021 to 2030.
  
  

Recent development in the carbon fiber market:

• In 2022, SGL carbon presents carbon fiber materials and forged carbon fiber composite solutions for automotive series production and industrial applications. SGL is expected to present the so-called stacks, precisely tailored, and customer-specifically assembled packages of carbon fiber layers.
• In 2022, Hexcel corporation announced that it would showcase its unique portfolio of forged carbon that has been optimized for thermoplastic processing applications when the company exhibits at the American composite manufactures Association (ACMA) Thermoplastic composite conference, beginning march 22 at the San Diego U.S Hexcel is the only carbon fiber manufacturer able to supply a variety of fibers with or without sizing, making Hex Tow upsized fibers the go-to option for thermoplastic specialists due to their enhance processing properties.
• In 2021, Mitsubishi chemical corporation entered with Dymon Co. Ltd. The robot and space development venture. Based on the agreement, MCC provides carbon fiber-reinforced plastic (CFRP) components and thermoplastic materials and technical support.
  
  

The key players operating in the carbon fiber market

• Toray Industries Inc. (Japan)
• SGL Group (Germany)
• Hexcel Corporation (U.S.)
• Mitsubishi Rayon Co. Ltd. (Japan)
• Teijin Limited (Japan)
• Plastics Corporation (Taiwan)
• Solvay (Belgium)
• Jiangsu Hengshen Co. Ltd. (China)
• Hyosung (South Korea),
• BASF SE
• SGL Group
• Teijin Limited
• Mitsubishi Rayon Co., Ltd.
• Hexcel Corporation

Carbon fiber market segmentation analysis:

By Raw Material:

• PAN Based
• Pitch Based

By Tow Size:

• Small tow
• Large tow

By Application:

• Automotive
• Aerospace & Defense
• Wind Turbines
• Sports equipment
• Molding & Compounding
• Construction
• pressure vessels
  
  

By Geography

• North America
• Europe
• Asia Pacific
• LAMAEA

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