The carbon fiber industry has experienced substantial growth over the last few years. The strong demand for carbon fiber from the aerospace & defense, automotive, and wind energy sectors are the major key drivers contributing to the growth of the global — carbon fiber market over the coming years. Additionally, the accelerating automotive demand followed by the increasing requirement for lightweight vehicles is further paving the way for the growth of the market. With the growing environmental concerns, the consumers are now actively looking for fuel-efficient vehicles to comply with the government regulations associated with automotive pollution and to reduce the amount of CO2 emission from the vehicles at the same time. The continuous expansion in the aerospace industry, especially in North America and Europe, will open new doors for the carbon fiber market to grow.
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With the increasing disposable income and globalization, there has been a significant rise in the demand for commercial aviation in the aerospace industry. The consumers are now becoming more health-conscious and are increasingly participating in various sports and physical activities. This has led to the application of carbon fiber in various sports and leisure equipment to capture the changing demands of the consumers. The combination of these factors is likely to attract a large number of end-users to opt for carbon fiber over the coming years. The increasing propylene production has surged the demand for polyacrylonitrile, which is a primary raw material for carbon fiber production. The accelerating number of R&D activities in the major regions is another factor responsible for the carbon fiber market growth. On the other edge of the spectrum, the COVID-19 outbreak has created huge uncertainty in the market, which is posing a negative trend for both the automotive market and the demand for carbon fiber. However, the market is projected to bounce back in 2021 while growing at a significant rate from 2022 onwards.
On the basis of raw material, the Pan-based carbon fiber segment is poised to grow at a higher CAGR over the forecast period. The increasing application of this carbon fiber in numerous sectors including automotive, sports & recreation, aerospace & defense, wind energy, and other industries, is the major factor driving the growth of the segment in the carbon fiber industry. This accelerated application is driven by the remarkable properties of Pan-based carbon fiber, such as high strength modulus, highly cost-effective, and produces a better quality of fiber. All these features will attract many end-users towards the adoption of Pan-Based carbon fiber.
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Based on the End-use Industry, the Aerospace & defense end-use industry segment is anticipated to dominate the market over the forecast period. This is attributed to the increasing production of aircraft, especially by Boeing and Airbus. These companies have experienced a surge in demand amounting to 9,000 new wide-bodied aircraft over the next 20 years. Due to these factors, there will be an increase in the demand for carbon fibers as well.
On the basis of the region, the Europe region is expected to dominate the carbon fiber market from 2020 to 2027. The market in this region is growing owing to the strong demand for materials having excellent strength, are lightweight, and corrosion resistance properties. Additionally, the large presence of electric car manufacturers and aircraft manufacturers, followed by the increasing number of offshore wind farm installations across the European countries will bring innumerable opportunities for the carbon fiber market growth. Various European countries are the home to the leading global automotive manufacturers such as Fiat, Bentley, and BMW. These manufacturers are increasingly using carbon fibers in different structural automotive parts including bonnets, frontends, and bumpers. All these factors are directly surging the demand of the market in this region.
• In 2020, TEIJIN Limited announced to establish Teijin Automotive Center Europe GmbH (TACE) in Germany as its new base for technical functions within the company’s automotive composite business.
• In 2019, Hyosung announced to expand its current annual production of carbon fiber from 2,00 tons on a single line to 24,000 tons on ten lines by 2028. The company has signed an agreement with South Jeolla Province and Jeonju City in respect of the installation and extension of production facilities, as well as investment support.
The key players of the global carbon fiber market include Mitsubishi Rayon Co. Ltd., Toray Industries Inc., Hexcel Corporation, TEIJIN Limited, Hyosung, Cytec Industries Inc., SGL Group, Formosa Plastics Corporation, Solvay, Jiangsu Hengshen Fibre Materials Co. Ltd., and Dowaksa, among others.
The global carbon fiber market segmented into raw material, fiber type, product type, modulus, application, end-use industry, and region. Based on the raw material, the market has been segmented into Pan-Based Carbon Fiber, Pitch-Based Carbon Fiber, and Rayon-Based Carbon Fiber. Based on the fiber type, the market has been segmented into Virgin Carbon Fiber and Recycled Carbon Fiber. Based on the product type, the market has been segmented into Continuous Carbon Fiber, Long Carbon Fiber, and Short Carbon Fiber. Based on the Modulus, the market has been segmented into standard modulus, intermediate modulus, and high modulus. Based on the application, the market has been segmented into composite and non-composite. Based on the end-use industry, the market has been segmented into Aerospace & Defense, Wind Energy, Automotive, Sporting Goods, Pipe & Tank, Civil Engineering, electrical & electronics, marine, other end-use industries.
The research report on the carbon fiber market provides an in-depth analysis of the global carbon fiber market revenue based on raw material, fiber type, product type, modulus, application, end-use industry, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the carbon fiber market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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