Global Carbon Fiber Market was valued at US$ 3.20 Bn in 2020 and is expected to reach US$ 5.40 Bn by 2027 and is expanding at a CAGR of 7.7% during the forecast period.
The increasing use of carbon fiber in 3D printing in automotive sector is expected to increase the demand for carbon fiber market
With the rising trend for lightweight material and high stiffness is anticipated to drive the global carbon fiber market growth in the near future. Carbon fibre is a material consisting of carbon atoms that are organized in long, thin crystals that are braided or woven together. After that, the cloth may be mixed with epoxy to form nearly any shape. Carbon fiber is used in aerospace industries, so as to achieve efficient performances inflight operation. For instance, according to NASA, Super lightweight Aerospace Composites (SAC) can be achieved by utilizing carbon fiber. Carbon fiber is also used in aircraft main body, fuselage, wings and tail. The Boeing 787 employs more composite materials in its airframe and main structure than any prior Boeing commercial aircraft.
Moreover, the use of carbon fiber in automotive industries has always been on a positive note when it comes to sports cars. The bulk of carbon fibre automobile components are now utilized in high-end sports vehicles and European supercars; however, certain carbon fibre composite parts are accessible aftermarket. Carbon fibre is used in vehicle elements such as body components, wheels and rims, and interior finishes because of its unique characteristics and elegant look.
For instance, The Alfa Romeo 4C is a pipe dream for most buyers, with a price tag of $65,000. Carbon fibre wheels and rims have become one of the material's most prominent uses in the automobile industry. Additionally, Carbon fibre made from pitch and rayon. For its flexibility, PAN is expected to dominate the market. PAN is used to make approximately 90% of the fibre. When compared to other raw materials, it has higher temperature resistance and tensile strength.
Carbon fibre is used in the wind energy industry to make lightweight turbine blades and components. The transition to renewable energy will benefit the wind energy industry and, as a result, the carbon fibre business. The car industry is poised to strive for market expansion by transitioning from traditional metal bodies to lighter-weight but equally robust and force-resistant bodies. Furthermore, 3D printing technique entails manufacturing a three-dimensional item from a digital model by stacking thin materials. This is a complex technology that can be utilized for a variety of purposes and does not necessitate the installation of significant amounts of equipment. This technique may be used to print several items in a short period of time. Continuous carbon fibres are utilised in 3D printing because they have a higher strength and stiffness than other metallic materials.
However, the pandemic has led to the deceleration in the growth of the automotive and aerospace industries. As per the European Automobile Manufacturers', the market has seen a steep decline in 2020. The closure of manufacturing activities has impacted the market on a negative note. The gradual reopening of industries after vaccination drives, is expected to increase the demand for carbon fibres in the near future.
Global Carbon Fiber Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, Europe accounted the largest market share during the forecast period. Europe is well established for car manufacturers such as Ferrari, Lamborghini, Maserati. The presence of several players for carbon fiber manufacturing in Germany shall also support the market growth. Additionally, governments across this region are more focused on reducing carbon emissions, as they are focused on adoption of e-vehicles, and also on the installation of wind power plants for electricity generation.
In Asia-Pacific on account of rapid urbanization, and increasing population the demand for energy production is increasing. The installation of wind power plants is expected to increase the demand for carbon fiber in this region. For instance, in 2016-2017, India saw its highest-ever wind capacity increase of 5.5 gigatons (GW), and the South Asian country intends to attain 60 GW of wind power by 2022. The Japanese sports goods sector is projected to be a major driver of market expansion. The Rugby World Cup and the Tokyo Olympics in 2020 present some prospects for the business. The expansion of this business will mirror the country's increased need for carbon fibre.
The Global Carbon Fiber Market Segmentation:
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Company Profiles and Competitive Intelligence
The key players operating in the Global Carbon Fiber Market are:
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