“Browse through 386 market data tables and 55 figures spread over 359 pages and an in-depth TOC on “Carbon Fiber Market”
Carbon Fiber Market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-Composite), End-Use Industry (A&D, Automotive, wind energy) and region
The global carbon fiber market The size is estimated at USD 3.7 billion in 2020 and is expected to reach USD 8.9 billion by 2031, at a CAGR of 8.6% during the forecast period. The demand for clean fuels such as CNG and hydrogen is increasing globally, leading to an increase in demand for carbon fiber in the manufacture of CNG and hydrogen tanks. Furthermore, the growth in the number of onshore and offshore wind capacity installations drives the growth of carbon fibers in the wind power industry.
This growth is attributed to the growing demand for lightweight, high-strength materials such as carbon fiber, as it translates to increased energy efficiency and safety in the aerospace, defense and automotive sectors. . The growing number of collaborations between industries such as aerospace and defense and automotive and carbon fiber manufacturers for new projects is driving the market. For example, in October 2020, Teijin Limited signed an agreement with Safran SA, an international high-tech group and a leading supplier of systems and equipment in the aerospace and defense market. Such deals by major carbon fiber producers would drive the growth of carbon fiber in the aerospace industry.
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New applications such as 3D printing, electrodes for electric vehicle batteries and medical composites offer major opportunities for market growth. Strict environmental regulations, emphasizing lightweight and fuel-efficient materials, are driving the growth of carbon fibers in lithium-ion batteries used in electric vehicles. Major 3D printing companies such as Staratsys and 3D Systems use carbon fiber composites to manufacture structural parts.
Europe is estimated to hold the largest market share. Europe has dominated the carbon fiber market due to the presence of automotive, aerospace and defense and wind power industries established in the region. The area is home to some of the major automobile manufacturers such as BMW, Fiat and Bentley. These automakers use carbon fiber composites in various structural auto parts such as hoods, bumpers, and fronts. Additionally, aircraft manufacturers such as Airbus and Boeing use carbon fiber composites in structural parts as they provide high stiffness and tensile strength. Additionally, there are many offshore wind power installations.
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Companies operating in the carbon fiber market strengthened their position by adopting expansions and new product/technology launches from 2015 to 2020. Expansions, joint ventures, acquisitions and new product launches were among the major growth strategies adopted by market participants between January 2015 and November 2020. Toray Industries, Inc. (Japan), Teijin Ltd. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (USA), SGL (Germany), Solvay (Belgium) and Formosa (Taiwan) and Hyosung Corporation (South Korea) are some of the major market players carbon fiber.
In April 2021, Hyosung Advanced Materials signed a contract with Hanhwa Solutions. The company has announced that it has signed a long-term contract to supply reinforced carbon fiber which will be used to reinforce the fuel tanks of hydrogen vehicles for six years from 2021. The total supply amounts to around 160 billion won. This agreement will boost carbon fiber sales.
In November 2020, SGL Carbon and Koller Kunststofftechnik teamed up to manufacture new carbon fiber profiles for use in the windshields of a future BMW Group high-volume model. This has helped SGL Carbon to improve its application in automotive applications and increase the demand for carbon fiber.
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