Carbon fiber is a long, thin strand of material made from carbon. It is produced by baking precursors, such as polyacrylonitrile (PAN), pitch, and rayon in an inert atmosphere to dissociate elements other than carbon. Carbon fiber is lightweight and has excellent strength, low specific gravity, excellent modulus of elasticity, high corrosion resistance, and so on. Carbon fiber composites materials are used to make aircraft & spacecraft parts, bicycle frames, pipes & tanks, wind blades, golf shafts, badminton rackets, automobile springs, sailboat masts, automotive structural parts, and various other parts where lightweight and high strength are required.
The global 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 forecasted period and USD 21.7 billion by 2032, at a CAGR of 12.9% during the forecasted period. The market's growth is attributed to the growing used of carbon fiber in automotive industry, High demand from satellite and secondary aircraft parts manufacturing and the demand, High demand from wind energy industry.
To know about the assumptions considered for the study download the pdf brochure
Carbon fiber are increasingly used in the aerospace and defense, wind energy, automotive, pipe & tank, sporting goods other end-use industries. The increasing demand of carbon fiber in automotive industry drives the demand for carbon fiber. Carbon fiber is a preferred material across various end-use industries owing to its excellent strength-to-weight ratio, chemical resistance, and low thermal expansion. Carbon fibers are increasingly used in the automotive industry to produce body parts such as bumper beams, hoods, fenders, and deck lids. Carbon fibers, when used in making the parts of the vehicle, increase their durability, thus providing them with longer shelf life. Primarily, carbon fibers are increasingly used in motorsports and luxury vehicles to make their body parts, driving the market's growth. Implementing stringent eco-friendly regulations in developing and developed countries are expected to provide an opportunity for the market's growth for the forecast period. When used in vehicles, carbon composites reduce the weight, increasing the vehicle's fuel efficiency. Fuel-efficient vehicles are in high demand these days owing to the increased price of the fuels. Furthermore, sports and luxury car makers also require lightweight vehicle parts, especially in braking applications. This is expected to provide an opportunity for the market's growth during the forecast period. The biggest challenge faced by carbon fiber manufacturers is high cost of PAN-based carbon fiber and decline in demand from luxury cars segment this decline in sales has also resulted in a decline in the demand for PAN and pitch carbon fibers. 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 forecasted period and USD 21.7 billion by 2032, at a CAGR of 12.9% during the forecasted period.
Companies operating in the carbon fiber market have strengthened their position by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2022. For instance, in July 2022, Hexcel announced that it has signed a long-term agreement with Dassault to supply carbon fiber prepreg for the Falcon 10X program. This is the first Dassault business jet program to incorporate high-performance advanced carbon fiber composites in the manufacture of its aircraft wings.
Toray Industries Inc., (Japan), DowAksa (Turkey), Mitsubishi Chemical corporation (Japan), Solvay (Belgium), Teijin Limited (Japan), SGL Carbon (Germany), Hexcel Corporation (US), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Formosa Plastics Corporation (Taiwan), Jiangsu Hengshen Co., Ltd. (China), and Jilin Chemical Fiber Group Co., Ltd. (China). are some of the key players in the carbon fiber market.
Toray Industries Inc. is a multinational corporation that specializes in industrial products involving technologies in organic chemistry, polymer chemistry, and biochemistry. The company operates its business through six main segments, namely, fibers and textiles; performance chemicals; carbon fiber composite materials; environment and engineering; life sciences; and other services. The company, through its carbon fiber composites material business segment, offers carbon fiber and carbon fiber products. The company acquired Zoltek (US), which a prominent carbon fiber manufacturer in North America. Toray Industries Inc. operations are spread across 29 countries, mainly in Asia Pacific, Europe, and North America. Toray operates through a total of 317 affiliated companies.
Mitsubishi Chemical Corporation is a subsidiary of Mitsubishi Chemical Holdings Corporation which deals in chemicals and fibers and provides water purification solutions. The company manages its operation under five business segments, namely, performance products, chemicals, industrial gases, health care, and others. Through the advanced materials & composites, under the performance products business segment, the company offers carbon fiber for different applications in automotive, aerospace & defense, industrial equipment, wind energy, medical, and other industries. The company has four manufacturing facilities in Japan and has overseas services in the US, Hong Kong, China, and Germany. The company also has a presence in other regions with sales representatives and distribution centres.
Solvay is one of the leading players in the plastic and chemical business worldwide. The company is primarily engaged in developing, manufacturing, and selling products for agro, feed & food, automotive & aerospace, building & construction, customer goods & healthcare, electrical & electronics, energy & environment, and industrial applications. Cytec Industries, which is acquired by Solvay, included its former aerospace materials and industrial materials activities in the Advanced Materials segment and its process separation and additive technologies activities in the advanced formulations segment of Solvay. This acquisition of Cytec Industries will boost Solvay’s growth by making it one of the world’s largest producers of carbon fiber for the aerospace industry. Solvay provides its carbon fiber products through the aerospace materials and industrial materials segments of Cytec Industries. The aerospace materials segment provides aerospace-qualified prepreg, resin infusion systems, structural/surfacing adhesives films, and high-performance standard modulus carbon fibers.
The operations of Solvay are spread across North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Solvay has a large sales force and third-party distributors, which helps the company to operate its business across the globe. The company’s major competitors are Toray Industries, Inc. (Japan), Hexcel Corporation (US), SGL Carbon (Germany), Teijin Limited (Japan), and Mitsubishi Chemical Corporation (Japan).
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
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE