Carbon Fiber Market

Carbon Fiber Market Outlook 2031

The global carbon fiber market size was valued at USD 6.5 Billion in the year 2022 and is expected to surpass USD 19.37 Billion by 2031 expanding at a CAGR of 12.9% during the forecast period, 2023–2031. The growth of the market is attributed to the growing usage of carbon fiber in 3D printing.

Carbon fibres are long and thin strands with having diameters ranging from 0.005 to 0.01 mm. These fibres provide tremendous strength to the vessels or systems into which they are inserted, which aids in the prevention of gas storage system explosions. Using the substance offer the finished goods having considerable tensile strength, high temperature tolerance, and longevity.

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Carbon fibres outperform other materials in terms of corrosion resistance, stiffness and strength, and longevity by outlasting aluminium and steel as alternative substances. As a result, these fibres are used in a variety of end-use industries.

Carbon Fiber Market Trends, Drivers, Restraints, and Opportunities

• Increasing usage of carbon fiber material in automotive, wind energy, aerospace, sports equipment, and other industries is a key factor fuelling the product demand.
• Growing use of the material in 3D printing and the rapid expansion of the electrical & electronics sector is expected to boost the market in the coming years.
• Rising automotive demand for lightweight vehicles due to awareness of its benefits and increasing disposable income of a large number of the population globally is estimated to boost the demand for the product during the projection period.
• Availability of alternatives to carbon fiber material and high price of the material are major hurdles that can hinder the market growth.
• Technological developments for manufacturing carbon fiber materials is projected to offer substantial opportunities for the market players.

Scope of Carbon Fiber Market Report

The report on the global carbon fiber market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Carbon Fiber Market Segment Insights

Polyacrylonitrile-based carbon fiber segment to hold significant market share

Based on raw materials, the global carbon fiber market is bifurcated into pitch-based & rayon-based carbon fiber and polyacrylonitrile-based carbon fiber.

The polyacrylonitrile-based carbon fiber segment is projected to hold significant market share owing to its high strength modulus in comparison to other forms of carbon fibers.

In 2020, the segment dominated the carbon fiber market and is becoming increasingly popular due to its higher fiber quality and low cost. It gives more than 85% yield of carbon fiber. Carbon fiber-based on PAN is widely utilized in structural material composites in the industrial, aerospace and defense, and sporting goods sectors.

Continuous carbon fiber segment to account for substantial share

On the basis of product types, the market is segmented into long carbon fiber, continuous carbon fiber, and short carbon fiber.

The continuous carbon fiber segment is anticipated to account for substantial share of the market due to its compatibility with resins, low weight, and wide range of sizing options for efficient processing. These are hefty tows with 50,000 filaments, and each of these tows has strong mechanical capabilities that can be imparted to completed goods and components to improve properties such as durability, strength, and structural properties.

Furthermore, continuous tows give a cost advantage, particularly when employed in a high-volume process, increase production efficiency, improve final product reliability, and maybe integrated with any thermoset and thermoplastic resin systems. Carbon fiber is considerably superior to glass and aramid fibers due to its increased strength and stiffness. Thus, it is employed in the manufacture of industrial, wind turbines, and automotive components.

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Recycled carbon fiber segment to register a healthy growth rate

In terms of fiber types, the carbon fiber market is bifurcated into recycled carbon fiber and virgin carbon fiber.

The recycled carbon fiber segment is expected to register a healthy growth rate in the coming years owing to reducing the amount of waste entering landfills and saving manufacturers from 30% of the cost of new carbon fiber production.

Composite segment to expand at a robust pace during the projection period

Based on applications, the market is divided into composite and non-composite. The composite segment is anticipated to expand at a robust pace during the projection period due to the widespread usage of carbon fiber composites in areas such as automotive, aerospace and defense, and wind energy.

Aerospace & defense segment to hold a major market share

On the basis of end-users, the carbon fiber market is segregated into aerospace & defense, automotive, civil engineering, electrical & electronics, marine, pipe & tank, sporting goods, wind energy, and others.

The aerospace & defense segment is estimated to hold a major market share in the coming years owing to the increased manufacturing of airplanes due to rising demand for commercial use. Interiors, propellers/rotors, engine blades, single-aisle wings, brackets, and wide-body wings are all applications for composite materials in the aircraft sector.

Furthermore, aerospace engineers are attempting to make the flight more sustainable and safe, which has resulted in the usage of fiber composite materials in planes, helicopters, and space shuttles.

Europe is expected to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.

Europe is expected to dominate the market during the forecast period. The existence of a diverse range of electric vehicle producers, as well as rising demand for lightweight and fuel-efficient vehicles are key factors driving the regional market. Moreover, rapid growth in the aerospace and military industries is expected to boost the regional market growth.

Automakers are investing massive funds in R&D to develop low-cost carbon composite materials, which represents a key aspect of the regional market expansion.

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Segments

The global carbon fiber market has been segmented on the basis of

Raw Materials

• Pitch-based & Rayon-based Carbon Fiber
• Polyacrylonitrile-based Carbon Fiber

Product Types

• Long Carbon Fiber
• Continuous Carbon Fiber
• Short Carbon Fiber

Fiber Types

• Recycled Carbon Fiber
• Virgin Carbon Fiber

Applications

• Composite
• Non-composite

End-users

• Aerospace & Defense
• Automotive
• Civil Engineering
• Electrical & Electronics
• Marine
• Pipe & Tank
• Sporting Goods
• Wind Energy
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Hexcel Corporation
• Formosa M Co., Ltd.
• Teijin Aramid B.V.
• Mitsubishi Chemical Corporation
• Jiangsu Hengshen Co., Ltd.
• DowAksa
• ZOLTEK Corporation
• Solvay
• Nippon Graphite Fiber Co., Ltd.
• UMATEX

Competitive Landscape

Key players competing in the global carbon fiber market are Hexcel Corporation; DowAksa; Jiangsu Hengshen Co., Ltd.; ZOLTEK Corporation; Mitsubishi Chemical Corporation; Solvay; Teijin Aramid B.V.; Nippon Graphite Fiber Co., Ltd.; Formosa M Co., Ltd.; and UMATEX.