Carbon Fiber Market by Product Type (Polyacrylonitrile (PAN)-based Carbon Fiber, Pitch-based Carbon Fiber, Rayon-based Carbon Fiber), by Application (Composite, Non-composite), by End-use Industry (Aerospace & defense, Automotive, Wind Energy, Sporting goods, Electrical & electronics, Civil Engineering, Pipe & Tank, Marine, Others) and by Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecasts 2016 To 2026

Date : Mar 2021

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Report ID : 64

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Category : Composites

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Report Format:  PDF EXCEL PPT WORD

Market Introduction:

Carbon fiber is composed of carbon atoms ranging from 5 to 10 micrometers. A combination of chemical and mechanical processes is used to produce this fiber. The typical process involves spinning, stabilizing, carbonizing, surface treatment and sizing. A few properties that make this material suitable and highly preferred by the automotive, aerospace, sports, defense, etc. industries are high tensile strength, low weight, high stiffness, high chemical and temperature resistance, low thermal expansion and so on.

Carbon Fiber Market Size:

The carbon fiber market is expected to reach a valuation of around USD 4.0 billion by the end of 2026, registering a compound annual growth rate of over 7% from 2021 to 2026. The global carbon fiber market in 2019 was valued at approximately USD 4.5 billion.

Carbon Fiber Market

The pandemic has led to the deceleration in the growth of the automotive and aerospace industries. The expansion of these industries directly impacts the growth of the carbon fiber market since the majority of the demand is generated by these two industries. The lockdowns imposed across the globe has created a temporary halt in manufacturing activities while closing down several indirectly related companies. This has created a sudden void in the supply chain which has had a negative effect on the carbon fiber market. Since the emergence of COVID-19, the valuation of the market has dropped by nearly USD 2.0 billion.

The carbon fiber market is segmented into raw material, application, end-use industry and region.

  • The Polyacrylonitrile (PAN)-based carbon fiber will garner the largest market share in terms of both value and volume between 2021 and 2026.

The carbon fiber market is segmented on the basis of raw material into polyacrylonitrile (PAN), pitch and rayon-based carbon fiber. Among these, PAN is projected to dominate the market owing to its versatility. Around 90% of the fiber is manufactured using PAN. It provides better temperature resistance and high tensile strength as compared to other raw materials. The lower procurement cost of PAN will further support the segment’s growth.

  • The composite application segment will witness a substantial increase during the forecast timeline.

The global carbon fiber market is bifurcated into composite and non-composite on the basis of application. Between the two, the former is envisaged to lead the application segment owing to the rising demand from the aerospace & defense sector. The composite type provides strength, rigidity and improved tensile strength which widens its application base making it suitable for a wide variety of components and therefore favoured by the aforementioned industry.

  • Among the end-use industry, the aerospace segment is anticipated to account for the largest market share in terms of value and volume.

Among all major end-use industries where carbon fiber finds its applications, the aerospace & defense industry is estimated to bring in a significant growth for the carbon fiber market during the forecast period. The growth of this industry due to the increased production of Boeing and Airbus will propel the carbon fiber market upward.

The driver, restraint, opportunity and challenge of the carbon fiber market are as follows:

  • Market Drivers: Surge in the demand for carbon fiber from different industries.

Accounting for more than one-third of the total carbon fiber market, the aerospace industry will fuel the expansion of the market due to increased production. The wind energy sector uses carbon fiber for the production of light-weight turbine blades and their components. The shift to renewable energy will boost the wind energy sector and thereby the carbon fiber market. Change from conventional metal bodies to light-weight yet equally durable and force withstanding bodies, the automotive sector is all set to push for the augmentation of the market.

  • Market Restraints: High cost

The current cost of carbon fiber makes it economically not viable for the use in the production of commercial vehicles. The fiber is used only in racing cars and certain high-end sports cars. The cost of the material, therefore restricts the expansion of the market into other industries where cost is a very crucial factor. For instance, the employment of these materials in structural parts is expected to increase significantly provided the cost is lowered.

  • Opportunities in the Market: Use of carbon fiber in 3D printing

Continuous R&D in the additive manufacturing field is widening the scope of materials that are suitable for use with the 3D printing technology. The growth of this technology, its economic feasibility and incorporation into various industries will create numerous opportunities for the carbon fiber market.

  • Challenges: Reducing the cost of the material

Carbon fiber is generally used in specialty applications such as aircrafts and turbines blades and occasionally in the auto sector. Since, the cost is the major restricting factor, the expansion of the market will largely depend on the development of low-cost technologies that will help reduce the cost of the material.

Regional Analysis:

The European regional market is home to well-established automotive manufacturers such as BMW, Fiat, Bentley as well as sports car manufacturers such as Ferrari, Lamborghini, Maserati, etc. The region is leading the innovation in the aerospace & defense sector with the successful launch of the Eurofighter and Airbus 320 family. Also, Germany and UK have launched a large number of wind energy installations. All these factors will drive the carbon fiber market in the region.

The Asia – Pacific region of the carbon fiber market is estimated to witness the highest growth rate due to soaring demand from the automotive and aerospace & defense sector. The demand for light-weight construction equipment in Japan, presence of nearly 200 small aircraft parts manufacturers in China, upsurge in wind energy projects in India and many more are fueling the market growth in the region.

Recent News covered in the report:

  • In October 2018, Hexcel Corporation opened a new plant in France for its new advanced composites.
  • In January 2019, Teijin partnered up with Bombardier Aerostructures and Engineering Services to procure TENAX carbon fiber material. It was intended to assist in the growth of the aircraft business.
  • October 2019 witnessed the launch of light-weight solutions for industrial applications by Hexcel Corporation at the Turkish Composite Summit 2019.

Company Profiles and Competitive Intelligence

The key players operating in the carbon fiber market are:

  • Toray Industries Inc.
  • SGL Group
  • Hexcel Corporation
  • Mitsubishi Rayon Co. Ltd.
  • Teijin Limited
  • Formosa Plastics Corporation
  • Solvay
  • Jiangsu Hengshen Co. Ltd.
  • Hyosung
  • DowAksa
  • Zhongfu Shenying Carbon Fiber Co. Ltd.
  • Weihai Guangwei Composites Co. Ltd.
  • Zoltek
  • Toho Tenax

The research report analyses the ecosystem of carbon fiber market and categorizes it to forecast the revenues and analyse the trends in each of the following below-mentioned market segments.

Carbon Fiber Market

By Product Type

  • Polyacrylonitrile (PAN) -based Carbon Fiber
  • Pitch-based Carbon Fiber
  • Rayon-based Carbon Fiber

By Application

  • Composite
  • Non-composite

By End-use Industry

  • Aerospace & defence
  • Automotive
  • Wind Energy
  • Sporting goods
  • Electrical & electronics
  • Civil Engineering
  • Pipe & Tank
  • Marine
  • Others

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Norway
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • New Zealand
    • Rest of Asia Pacific
  • South America
  • ROW

Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. INTRODUCTION
    1. Product Outline
    2. What is Carbon Fiber  
    3. Different types of Carbon Fiber  
    4. Analysis of Carbon Fiber  Ecosystem
    5. Supply Chain Analysis
    6. Covid -19 Impact
    7. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    8. Technology Overview
    9. Patent Analysis
    10. Raw Material Analysis
  2. Technology and Regulatory Landscape for Carbon Fiber    
    1. Regulations and Standards
  3. Carbon Fiber  Pricing Analysis
    1. Prices of Carbon Fiber   
  4. Carbon Fiber by Type of Product Type
    1. Polyacrylonitrile (PAN)-based Carbon Fiber
    2. Pitch-based Carbon Fiber
    3. Rayon-based Carbon Fiber
  5. Carbon Fiber  by Application
    1. Composite
    2. Non-composite
  6. Carbon Fiber  by End-use
      1. Aerospace & defense
      2. Automotive
      3. Wind Energy
      4. Sporting goods
      5. Electrical & electronics
      6. Civil Engineering
      7. Pipe & Tank
      8. Marine
      9. Others
  7. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  8. Key Strategic Insights
    1. New Applications
    2. Emerging Technologies
    3. Opportunity mapping
    4. Critical Success Factors
    5. Environmental Impact and sustainability issues
    6. Consumer preferences
  9. Key Market Trends / Recent Developments
  10. Competitive Scenario
    1. New Raw Material Sources
    2. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    3. Strength of product portfolio
    4. Ranking of Key Players
    5. Presence of players by Geographies
  11. KEY GLOBAL PLAYERS
    1. Toray Industries Inc.
    2. SGL Group
    3. Hexcel Corporation
    4. Mitsubishi Rayon Co. Ltd.
    5. Teijin Limited
    6. Formosa Plastics Corporation
    7. Solvay
    8. Jiangsu Hengshen Co. Ltd.
    9. Hyosung
    10. DowAksa
    11. Zhongfu Shenying Carbon Fiber Co. Ltd.
    12. Weihai Guangwei Composites Co. Ltd.
    13. Zoltek
    14. Toho Tenax
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