Carbon Fiber Market – Global Industry Analysis And Forecast (2022 to 2029)

Carbon Fiber Market was valued at US$ 4.13 Bn. in 2021. Global Carbon Fiber Market size is estimated to grow at a CAGR of 8.8% over the forecast period.
Carbon Fiber Market Overview:
Carbon fibers are combined with other materials to form composites, they are bonded together in crystals having several advantages, high stiffness, high tensile strength to weight ratio and low thermal expansion, these properties have made carbon fiber very popular in the field of civil engineering,military,aerospace,motorsports and other competition sports. The need for ready supply of precursor and carbon fibers the nature of the process technology and U.S export control has led to an industry growth with significant integration globally.



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The report explores the Carbon Fiber Market's segments (Raw Material Type, Application, End-User, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The report also investigates the Carbon Fiber Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Carbon Fiber Market's contemporary competitive scenario.

Maximize Market Research assembles data from primary research interviews with different Antimicrobial Additives producers dispersed across the domestic and international market, suppliers, and dealers/distributors to obtain insights into value-chains and the demand-supply scenario and evaluate the market situation. To verify the facts, a thorough examination of the company's annual reports and secondary sources, such as a thorough search on reliable paid databases, including our internal database, is conducted. To give a meaningful and understandable image of the relevant market, all the material that has been gathered has been evaluated, assessed, and presented in chronological sequence.

2021 is considered as a base year to forecast the market from 2022 to 2029. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.
Carbon Fiber Market Dynamics:
The carbon fiber demand projection is more optimistic than the past estimations, including the previously most aggressive estimation by MMR report. Total demand is estimated to reach 1, 60,300 tones and 2, 25,300 tons by 2022-2026 respectively. Automotive and pressure vessel applications of Carbon fiber are forecasted to have a significant share of carbon fiber demand which is projected to be around 20% combined driving the carbon fiber market. The Aerospace projects have been the primary drivers of the carbon fiber industry for most of their history. Some of the first uses of the carbon fiber in aerospace structural application emerged from the US defense Department of Defense and the National Aeronautics and Space administration where the materials extraordinary mechanical properties were valuable enough for their significant use of the carbon fiber composites.

The 3D printing process includes stacking thin materials to create an object in three dimensions from a digital model. This is an advanced technology with numerous applications that doesn't need a lot of setup time for huge equipment. Multiple things may be printed quickly with this technology. The utilization of continuous carbon fibers in 3D printing suggests that they are more robust and stronger than other metallic materials. The optimization method is made simpler by the adjustable nature of the carbon fiber's composition and orientation. Carbon fiber 3D printing also enables the production of Raw Material Types with great accuracy for a variety of end-use industries, including the aerospace, automotive, and dental sectors. This technique will revolutionize the production of carbon fiber and present the market with enormous prospects.

The strict performance requirements of the carbon fiber in various application led the certification barriers and tighter manufacturing tolerances associated with the carbon fiber. Wind Energy carbon fiber uses a group of parallel filaments. It accounts for about 20%of total demand and is projected to grow from about 8000 tonnes/year to 30000 tonnes year by 2024.Europe has major share total worldwide wind energy carbon fiber demand. A key raw ingredient used to produce carbon fiber, polyacrylonitrile, has seen demand surge as a result of an increase in propylene output. Regional product growth is probably being driven by R&D activity in important locations.
Carbon Fiber Market Segment Analysis:
Based on raw material, Pitch or polyacrylonitrile (PAN) are the main basic ingredients used in the production of carbon fibre. PAN is anticipated to be more widely accepted in a variety of applications due to its better characteristics. By 2026, there will be a demand for more than 225 kilotons of PAN thanks to a CGAR of 13.1% predicted for the worldwide PAN market.

As there is a growing need for carbon fibre with a higher strength to weight ratio, PAN precursor is frequently used because of its superior material qualities. The segment growth is also anticipated to be supported by PAN's lower cost when compared to pitch-based carbon fibre.

Based on Application, by application, the composite segment is anticipated to dominate the carbon fibre market. This development can be attributed to the widespread adoption of carbon fibre in composite form by sectors including aerospace & military, automotive, and wind energy.

Based on End-User, The aerospace industry uses small tow fiber,so as a market driver .The use of this small tow production for aerospace production capacity is centred in Asia, production in major supply chains .Application of carbon fiber in the commercial aerospace market is soon followed with the introduction of the carbon fiber composite rubber by Airbus for the A300 and A310 .This sort of innovation has continued to this day with the use of high composite content of the carbon fiber in the market. The automotive industry has slowly expanded its use of CF and CFRP and continued growth at compound annual growth rate of25% and is expected to reach higher in next several years.


Carbon Fiber Market Regional Insights:
North America leads the world in the current and projected production of the carbon fiber-based products. The end market occurs primarily in Asia-Pacific and Latin America countries where natural gas vehicle use is concentrated. According to MMR report North America, Europe, Japan is where the Carbon fiber industry began and remain concentrated in terms of both supply and demand till date. Europe was the leading region in terms of Carbon fiber in 2015.The latest forecast has indicated that Asia and Europe are having the higher share-33% to 34% respectively of total worldwide demand compared to 32% in North America by 2026.

As Airbus has dominated the market for aerospace CF composite the demand of the aerospace came from Europe and North America, and is expected to increase rapidly by the year 2029.Europe has accounted for 50% of the aerospace carbon fiber demand compared to 40% for North America. Most of the small tow capacity exists in Asia which is consistent with the latest projected 52% share of total worldwide small Carbon fiber production capacity of 113500 tonnes in 2025.

The objective of the report is to present a comprehensive analysis of the global Carbon Fiber Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Carbon Fiber Market dynamic, and structure by analyzing the market segments and projecting the Carbon Fiber Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Instrumentation Technology portfolio, growth strategies, and regional presence in the Carbon Fiber Market make the report investor’s guide.
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Global Carbon Fiber Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 4.13 Bn.


Forecast Period 2022 to 2029 CAGR:
8.8%
Market Size in 2029:
US$ 8.11 Bn.


 Segments Covered:
by Raw Material Type
• PAN–based carbon fiber
• Pitch–based carbon fiber
• Rayon–based carbon fiber


by Application
• Composite
• Non-Composite


by End-User
• Aerospace & defense
• Automotive
• Wind Energy
• Electrical & electronics
• Civil Engineering
• Marine



Carbon Fiber Market by Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Carbon Fiber Market Key Players:
• Toray Industries Inc. (Japan)
• SGL Group (Germany)
• Hexcel Corporation (U.S.)
• Mitsubishi Rayon Co. Ltd. (Japan)
• Teijin Limited (Japan)
• Plastics Corporation (Taiwan)
• Solvay (Belgium)
• Jiangsu Hengshen Co. Ltd. (China)
• Hyosung (South Korea),
• DowAksa (Turkey).
• BASF SE
• SGL Group
• Teijin Limited
• Mitsubishi Rayon Co., Ltd.
• Hexcel Corporation

Frequently Asked Questions:

1. What is the study period of the market?
Ans. The Global Carbon Fiber Market is studied from 2017-2029.

2. What is the growth rate of Carbon Fiber Market?
Ans. The Global Carbon Fiber Market is growing at a CAGR of 8.8% over forecast period.

3. What is the market size of the Carbon Fiber Market by 2029?
Ans. The market size of the Carbon Fiber Market by 2029 is expected to reach at US$ 8.11 Bn.

4. What is the forecast period for the Carbon Fiber Market?
Ans. The forecast period for the Carbon Fiber Market is 2022-2029.

5. What was the market size of the Carbon Fiber Market in 2021?
Ans. The market size of the Carbon Fiber Market in 2021 was valued at US$ 4.13 Bn.