|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The global carbon fiber market is expected to reach 123,710 million tons by the end of this year and is projected to register a CAGR of over 10% during the forecast period.
Due to COVID-19, production in various industries, including automotive, construction, aerospace, etc., decreased in 2020. The global automotive and aerospace industry has been heavily impacted by the pandemic, considering a temporary halt in end-user activities due to government-imposed lockdowns in various parts of the world. However, in the post-pandemic scenario, the industry has recovered and is expected to grow at a significant rate during the coming years.
- In the medium term, the major factors driving the growth of the market studied are recent advancements in the aerospace and defense sector and increasing applications in the wind energy sector.
- On the flip side, supply chain security for recycled carbon fiber and the availability of substitutes have been acting as restraints to the market studied.
- The increasing popularity of recycled carbon fiber and the emphasis on the usage of lignin as raw material for carbon fiber is likely to act as opportunities for the market studied over the forecast period.
- In terms of volume, Asia-Pacific dominated the market studied across the world, with China accounting for most of the demand.
Scope of the Report
Carbon fiber is composed of carbon atoms bonded together to form a long chain. The fibers are extremely stiff, strong, and light and are used in many processes to create excellent building materials.
The carbon fiber market is segmented by raw material, type, application, end-user industry, and geography. By raw material, the market is segmented into polyacrylonitrile (PAN) and petroleum pitch, and rayon. By type, the market is segmented into virgin fiber (VCF) and recycled carbon fiber (RCF). The applications of carbon fiber comprise composite materials, textiles, microelectrodes, and catalysis. By end-user industry, the market is segmented into aerospace and defense, alternative energy, automotive, construction and infrastructure, sporting goods, and other end-user industries. The report also covers the market size and forecasts for the carbon fiber market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (ton) and revenue (USD million).
|Petroleum Pitch and Rayon|
|Virgin Fiber (VCF)|
|Recycled Carbon Fiber (RCF)|
|Aerospace and Defense|
|Construction and Infrastructure|
|Other End-user Industries|
Key Market Trends
Aerospace and Defense Industry to Dominate the Market
- Aerospace and defense account for the largest share of the market based on end-user industries. Over the past few years, there have been several new products added in this field. Carbon fibers are a perfect choice for numerous aerospace and defense applications as they provide strength, endurance, and stability as required.
- In the defense industry, the use of carbon fiber-reinforced plastics (CFRP) is present in missile defense, ground defense, and military marine.
- In North America, higher consumer spending and the constant aging of commercial aircraft are among the primary factors influencing the overall product penetration of carbon fibers in the aerospace industry.
- In Asia, the market for carbon fibers in aerospace technology is likely to witness the highest growth rate over the forecast period due to the rising demand for commercial aircraft across the region, especially in emerging economies, including China.
- COVID-19 has accelerated several pre-existing trends in aviation and aerospace, with market participants identifying sustainable technologies, industry consolidation, and environmental, social, and corporate governance (ESG) as the three biggest themes in the post-COVID-19 space.
- For instance, according to the Boeing Commercial Outlook 2022-2041, the total global deliveries of new airplanes are estimated to be 41,170 by 2041. Owing to such huge expected deliveries, the demand for carbon fiber during aircraft production is likely to rise across the world.
- The global defense expenditure crossed USD 2 trillion for the first time in 2021. Global spending was 0.7% higher in 2021 compared to 2020. The top five countries with the highest defense expenditure were the United States, China, India, the United Kingdom, and Russia. They accounted for 62% of the total spending. This is likely to increase the demand for carbon fiber used in defense applications.
- Such trends in the aerospace and defense industries are expected to drive the carbon fiber market.
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Asia-Pacific to Dominate the Market
- The Asia Pacific region is expected to dominate the global market in terms of volume due to the growth of various end-user industries in countries like China and India.
- The Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, which were valued at approximately USD 1.2 trillion, which is further expected to raise the market demand for carbon fiber.
- According to the Boeing Commercial Outlook 2022-2041, in China, around 8,485 new deliveries are likely to be made by 2041, with a market service value of USD 545 billion. Owing to such new deliveries in the country, the demand for carbon fiber is likely to rise.
- According to the Stockholm International Peace Research Institute (SIPRI), India’s military spending of USD 76.6 billion ranked third highest in the world. This was up by 0.9% from 2020. In a push to strengthen the indigenous arms industry, 64% of capital outlays in the military budget of 2021 were earmarked for acquisitions of domestically produced arms.
- India currently has the fourth-highest wind installed capacity in the world, with a total installed capacity of 39.25 GW (as of March 31, 2021), and generated around 60.149 billion units during 2020-21. The expansion of the wind industry resulted in a strong ecosystem, project operation capabilities, and a manufacturing base of about 10,000 MW per annum.
- All the aforementioned factors are expected to show a significant impact on the demand for the carbon fiber market in the region over the forecast period.
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The global carbon fiber market is consolidated in nature, with intense competition among the top players to increase their share in the market. The major companies in the carbon fiber market include (not in any particular order) Toray Industries Inc., SGL Carbon, Mitsubishi Chemical Corporation, Hexcel Corporation, and Teijin Limited, among other companies.
TORAY INDUSTRIES INC.
Mitsubishi Chemical Corporation
- July 2022: Hexcel signed a long-term agreement with Dassault to supply carbon fiber prepreg for the Falcon 10X program. This is the first Dassault business jet program to incorporate high-performance advanced carbon fiber composites in manufacturing its aircraft wings.
- April 2022: Hexcel and Archer Aviation Inc. entered into a letter of intent covering a proposed relationship for supplying high-performance carbon fiber material that would be used to manufacture Archer’s production aircraft.
- February 2022: Teijin Limited announced to form a partnership with the Japan-based recycled carbon fibers manufacturer Fuji Design Co. Ltd to establish a business for producing, supplying, and commercializing carbon fiber reinforced plastic products derived from recycled carbon fibers using carbon fiber with a low environmental impact process.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Recent Advancements in Aerospace and Defense Sector
4.1.2 Increasing Applications in Wind Energy Sector
4.2.1 Supply Chain Security for Recycled Carbon Fiber
4.2.2 Availability of Substitutes
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
4.6 Technology Landscape - Quick Snapshot
4.7 Production Analysis
5. MARKET SEGMENTATION (Market Size in Volume and Value)
5.1 Raw Material
5.1.1 Polyacrylonitrile (PAN)
5.1.2 Petroleum Pitch and Rayon
5.2.1 Virgin Fiber (VCF)
5.2.2 Recycled Carbon Fiber (RCF)
5.3.1 Composite Materials
5.4 End-user Industry
5.4.1 Aerospace and Defense
5.4.2 Alternative Energy
5.4.4 Construction and Infrastructure
5.4.5 Sporting Goods
5.4.6 Other End-user Industries
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.5.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.5.4 South America
184.108.40.206 Rest of South America
5.5.5 Middle East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 A&P Technology Inc.
6.4.2 Anshan Sinocarb Carbon Fibers Co. Ltd
6.4.3 DowAksa USA LLC
6.4.4 Formosa Plastics Corporation
6.4.5 Hexcel Corporation
6.4.6 Holding company Composite
6.4.7 Hyosung Advanced Materials
6.4.8 Jiangsu Hengshen Co. Ltd
6.4.9 Mitsubishi Chemical Corporation
6.4.10 Nippon Graphite Fiber Co. Ltd
6.4.11 SGL Carbon
6.4.13 Teijin Limited
6.4.14 Toray Industries Inc.
6.4.15 Zhongfu Shenying Carbon Fiber Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Popularity of Recycled Carbon Fiber
7.2 Emphasis on Usage of Lignin as Raw Material for Carbon Fiber
Frequently Asked Questions
What is the study period of this market?
The Carbon Fiber Market market is studied from 2017 - 2027.
What is the growth rate of Carbon Fiber Market?
The Carbon Fiber Market is growing at a CAGR of >10% over the next 5 years.
Which region has highest growth rate in Carbon Fiber Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Carbon Fiber Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Carbon Fiber Market?
TORAY INDUSTRIES INC., SGL Carbon, Mitsubishi Chemical Corporation, Hexcel Corporation, Teijin Limited are the major companies operating in Carbon Fiber Market.