Asia-Pacific Carbon Fiber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Raw Material (Polyacrylonitrile and Petroleum Pitch and Rayon), Type (Virgin Fiber and Recycled Fiber), Application (Composite Materials, Textiles, Microelectrodes, and Catalysis), End-user Industry (Aerospace & Defense, Alternative Energy, Automotive, Construction & Infrastructure, Sporting Goods, and Other End-user Industries), and Geography (China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific)

Market Snapshot

Asia-Pacific Carbon Fiber Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2020
CAGR: >13 %

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Market Overview

The Asia-Pacific carbon fiber market is estimated to witness a significant growth, at an estimated CAGR of around 13%, over the forecast period. Major factors driving the market studied are the increasing demand for fuel-efficient and lightweight vehicles, accelerating usage in the aerospace and defense sector, and increasing usage in renewable energy.

  • Increasing application in the wind energy sector, the increasing popularity of recycled carbon fiber, and emphasis on the usage of lignin as raw material for carbon fiber are likely to act as opportunities in the future.
  • China accounted for the largest market share and is expected to continue domination during the forecast period.

Scope of the Report

The Asia-Pacific carbon fiber market report includes:

Raw Material
Polyacrtlonitrile (PAN)
Petroleum Pitch and Rayon
Type
Virgin Fiber (VCF)
Recycled Fiber (RCF)
Application
Composite Materials
Textiles
Microelectrodes
Catalysis
End-user Industry
Aerospace & Defense
Alternative Energy
Automotive
Construction & Infrastructure
Sporting Goods
Other End-user Industries
Geography
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific

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Key Market Trends

Composite Materials Segment Dominated the Market

  • Composite materials are of two types - carbon fiber reinforcement polymers (CFRP) and reinforced carbon-carbon (RCC).
  • Carbon filament, the raw material for the carbon fiber reinforced polymer is produced from the precursor polymers, such as polyacrylonitrile (PAN), rayon, or petroleum pitch. Carbon fiber is almost 10 times stronger than steel and less than half of its weight. It also exhibits high rigidity.
  • The demand for CFRP is rising owing to the strong demand from the aerospace, defense, automobile, construction, sports, and leisure sectors.
  • The CFRP is useful in weight reduction and thus is helpful in various areas. The use of these materials would help in reducing fuel usage and even coping with environmental regulations.
  • The CFRP recently developed a great use in improving the marine industry. These plastics have played an impressive role in replacing the use of metals and high-tension steels.
  • Reinforced Carbon-Carbon or RCC is a composite material consisting of carbon fiber reinforcement in a matrix of graphite.
  • Many of the Carbon-Carbon (C-C) composites currently being produced are in the form of components for missiles and military aircraft. The most important applications include rocket nozzles, exit cones for strategic missiles, and brake discs for military aircraft.
  • Potential near-term uses that have been identified are high-speed train and special automobile brakes and clutches, forging dies and molding crucibles, corrosive chemical reactors and heat exchangers, fuel cells, high thermal conductivity electronic substrates, prosthetic devices, and components for internal combustion engines and much more.
  • From the above-mentioned points, we can determine the demand for the composite materials in various applications which therefore increases the consumption of carbon fiber.
Asia-Pacific Carbon Fiber Market - Segmentation

Japan to Lead the Market Growth

  • Japan is the fastest growing market and is estimated to grow at the highest CAGR of around 14 % during the forecast period, compared to other markets in Asia-Pacific.
  • The Japanese sports goods industry is expected to play a key role in driving the market growth. The industry is poised with some opportunities in the form of Rugby World Cup and Tokyo Olympics in 2020. The growth in this industry will reflect the increase in demand for carbon fiber in the country.
  • Also, the Japanese automotive industry is one of the world’s largest and renowned automotive industries. The investments made in the sector have enabled its growth.
  • Japan’s automobile industry produces the third-largest number of vehicles in the world. The country is home to some of the major automotive producers, including Kawasaki, Yamaha, Toyota, Honda, Nissan, and Suzuki. Therefore, the automotive industry is expected to increase the consumption of carbon fiber in the future.
  • Apart from the automobile industry, Japan plans to increase its share in renewable energy and hence, Japan Wind Power Association (JWPA) handed a request to the government to allow the construction of offshore wind farms outside the port-related sea areas.
  • Overall, with the growing demand from various end-user industries is projected to drive the market in the country during the forecast period. 
Asia-Pacific Carbon Fiber Market - Regional Trend

Competitive Landscape

The Asia-Pacific carbon fiber market is highly consolidated. The major companies include Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon, Solvay, TEIJIN LIMITED, and TORAY INDUSTRIES, INC., among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Fuel-efficient and Lightweight Vehicles

      2. 4.1.2 Accelerating Usage in the Aerospace and Defense Sector

      3. 4.1.3 Increasing Usage in Renewable Energy

    2. 4.2 Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porters Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Raw Material

      1. 5.1.1 Polyacrtlonitrile (PAN)

      2. 5.1.2 Petroleum Pitch and Rayon

    2. 5.2 Type

      1. 5.2.1 Virgin Fiber (VCF)

      2. 5.2.2 Recycled Fiber (RCF)

    3. 5.3 Application

      1. 5.3.1 Composite Materials

      2. 5.3.2 Textiles

      3. 5.3.3 Microelectrodes

      4. 5.3.4 Catalysis

    4. 5.4 End-user Industry

      1. 5.4.1 Aerospace & Defense

      2. 5.4.2 Alternative Energy

      3. 5.4.3 Automotive

      4. 5.4.4 Construction & Infrastructure

      5. 5.4.5 Sporting Goods

      6. 5.4.6 Other End-user Industries

    5. 5.5 Geography

      1. 5.5.1 China

      2. 5.5.2 India

      3. 5.5.3 Japan

      4. 5.5.4 South Korea

      5. 5.5.5 ASEAN Countries

      6. 5.5.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Anshan Sinocarb Carbon Fibers Co. Ltd

      2. 6.4.2 Formosa Plastics Corporation

      3. 6.4.3 Hexcel Corporation

      4. 6.4.4 HYOSUNG ADVANCED MATERIALS

      5. 6.4.5 Mitsubishi Chemical Carbon Fiber and Composites Inc.

      6. 6.4.6 Nippon Graphite Fiber Co., Ltd.

      7. 6.4.7 SGL Carbon

      8. 6.4.8 Solvay

      9. 6.4.9 TEIJIN LIMITED

      10. 6.4.10 TORAY INDUSTRIES, INC.

      11. 6.4.11 ZHONGFU SHENYING CARBON FIBER CO. LTD (China Composite Group Ltd)

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Application in Wind Energy Sector

    2. 7.2 Increasing Popularity of Recycled Carbon Fiber

    3. 7.3 Emphasis on Usage of Lignin as Raw Material for Carbon Fiber

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific Carbon Fiber Market market is studied from 2016 - 2026.

The Asia-Pacific Carbon Fiber Market is growing at a CAGR of >13% over the next 5 years.

Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon, Solvay, TEIJIN LIMITED, TORAY INDUSTRIES, INC. are the major companies operating in Asia-Pacific Carbon Fiber Market.

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