Carbon Fiber Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Raw Material (Polyacrtlonitrile (PAN), and Petroleum Pitch and Rayon), Type (Virgin Fiber (VCF) and Recycled Fiber (RCF)), Application (Composite Materials, Textiles, Microelectrodes, and Catalysis), End-user Industry (Aerospace and Defense, Alternative Energy, Automotive, Construction and Infrastructure, Sporting Goods, and Other End-user Industries), and Geography

Market Snapshot

Market Summary - Carbon Fiber
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

Key Players:

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Market Overview

The market for carbon fiber is expected to register a CAGR of 12.07% during the forecast period, 2019 - 2024. Major factors driving the market studied include increasing demand for fuel-efficient and lightweight vehicles and increasing usage of carbon fiber in the aerospace and defense sector. However, the high cost of carbon fiber and availability of cheap alternatives, such as fiberglass, are expected to hinder the growth of the market studied.

  • Composite materials dominated the application segment of the market in 2018, and it is expected to grow during the forecast period, owing to the strong demand for carbon fiber reinforcement polymers from the aerospace, defense, automobile, construction, sports, and leisure sectors.
  • Its increasing application in the wind energy sector is likely to become an opportunity in the future.
  • Europe dominated the market across the globe, with a large consumption recorded by countries, such as Germany and France.

 

Scope of the Report

The global 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 and Defense
Alternative Energy
Automotive
Construction and Infrastructure
Sporting Goods
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Demand from the Aerospace and Defense Sector

  • The carbon fibers are a perfect choice for numerous aerospace and defense applications as they provide strength, endurance, and stability as required.
  • Conventional metal structures are increasingly being replaced by carbon fiber-reinforced plastics (CFRP) in aircraft, due to their light yet stiff design structure. From the interior of an airplane or a jet to the rotor blades of a helicopter, composite materials are emerging as an integral part of the aerospace industry.
  • In the defense industry, the use of carbon fiber-reinforced plastics (CFRP) is present in missile defense, ground defense, and military marine.
  • In Asia-Pacific, the aerospace industry is growing at a fast rate, as many of the countries have increased their spending on defense platforms and technologies. In addition, Southeast Asia continues to be the fastest growing region in terms of passenger travel.
  • The US aircraft giant, Boeing, and Chinese aviation manufacturer, Commercial Aircraft Corporation of China Ltd (COMAC), came together to build a Boeing 737 production system with a capacity of 100 planes in the Zhoushan area of China. Under the collaboration, the company is expected to deliver its first flight in December 2018.
  • Increasing use of carbon fiber in aircraft, coupled with the increasing number of aircraft launched in the market, annually, is expected to provide a huge growth opportunity for the carbon fiber market in the aerospace industry in the forecast period.

 

Segmentation - C

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Germany to Dominate the Market in Europe

  • Germany is expected to dominate the European carbon fiber market in 2018. Germany remains the country with the largest installed wind power capacity in the European Union. As of 2017, around 10% of the installed capacity in Germany was offshore.
  • Germany is also one of the major producers of sporting goods and equipment. Global brands, like Adidas and Puma, and domestic brands, like Kettler and Triumph, have manufacturing sites in the country. This is expected to contribute to the demand for carbon fiber during the forecast period.
  • The country also has the largest number of OEM plants in Europe - with 41 assembly and engine production plants that contribute to one third of the total automobile production in Europe.
  • In addition, Germany invests a great deal of its turnover into R&D (about EUR 4.2 billion in 2017) with focus on development and production of lightweight materials and engine efficiency optimization.
  • With the growing demand from major end-user industries, the market for carbon fiber is projected to grow during the forecast period.

 

Region - Carbon

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Competitive Landscape

The carbon fiber market is highly consolidated. The top 10 players account for almost 85% of the market share. The major companies in the carbon fiber market include Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon SE, Teijin Limited, and Toray Industries Inc.

Major Players

  1. Hexcel Corporation
  2. Mitsubishi Chemical Carbon Fiber and Composites Inc.
  3. SGL Carbon SE
  4. Teijin Limited
  5. Toray Industries Inc.

* Complete list of players covered available in the table of contents below

Market Concentration - Carbon Fiber Market

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 Increasing 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 Porter's Five Forces 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. 4.5 Technological Snapshot

      1. 4.5.1 Current Scenario

      2. 4.5.2 Patent Analysis

    6. 4.6 Price Analysis

  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 and Defense

      2. 5.4.2 Alternative Energy

      3. 5.4.3 Automotive

      4. 5.4.4 Construction and Infrastructure

      5. 5.4.5 Sporting Goods

      6. 5.4.6 Other End-user Industries

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 Italy

        4. 5.5.3.4 France

        5. 5.5.3.5 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle East & Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle East & Africa

  6. 6. RECYCLED CARBON FIBER

    1. 6.1 Comparison with Virgin Carbon Fiber (VCF)

    2. 6.2 Supply Demand Analysis

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 7.2 Market Share Analysis**

    3. 7.3 Strategies Adopted by Leading Players

    4. 7.4 Company Profiles

      1. 7.4.1 A&P Technology Inc.

      2. 7.4.2 Anshan Sinocarb Carbon Fibers Co. Ltd

      3. 7.4.3 DowAksa USA LLC

      4. 7.4.4 Formosa Plastics Corporation

      5. 7.4.5 Hexcel Corporation

      6. 7.4.6 Holding Company Composite

      7. 7.4.7 HYOSUNG ADVANCED MATERIALS

      8. 7.4.8 Mitsubishi Chemical Carbon Fiber and Composites Inc.

      9. 7.4.9 Nippon Graphite Fiber Co. Ltd

      10. 7.4.10 SGL Carbon SE

      11. 7.4.11 Solvay

      12. 7.4.12 TEIJIN LIMITED

      13. 7.4.13 TORAY INDUSTRIES INC.

      14. 7.4.14 ZHONGFU SHENYING CARBON FIBER CO. LTD (China Composite Group Ltd)

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

    1. 8.1 Increasing Application in the Wind Energy Sector

    2. 8.2 Increasing Popularity of Recycled Carbon Fiber

    3. 8.3 Emphasis on Usage of Lignin as Raw Material for Carbon Fiber

**Subject to Availability

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