Carbon Fiber Market worth $21.7 billion by 2032 Globally, at a CAGR of 12.9%, says MarketsandMarkets™
Chicago, June 07, 2023 (GLOBE NEWSWIRE) -- The Carbon Fiber Market size is projected to grow from USD 6.5 billion in 2022 to USD 11.9 billion by 2027, at a CAGR of 13.0% during the forecasted period and USD 21.7 billion by 2032, at a CAGR of 12.9% during the forecasted period, as per the recent study by MarketsandMarkets™. The new developments across the carbon fiber value chain such as the expansion of production capacity by various players, new players entering into the market with low-cost carbon fibers, and demand from aerospace and automotive industries and new applications such as mining trucks and corrosive chemical tank containers are bolstering the market, globally. l
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Browse in-depth TOC on "Carbon Fiber Market”
316- Market Data Tables
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List of Key Players in Carbon Fiber Market:
- Toray Industries Inc., (Japan)
- DowAksa (Turkey)
- Mitsubishi Chemical corporation (Japan)
- Solvay (Belgium)
- Teijin Limited (Japan)
- SGL Carbon (Germany)
- Hexcel Corporation (US)
- Hyosung Advanced Materials (South Korea)
- Zhongfu Shenying Carbon Co., Ltd. (China)
- Formosa Plastics Corporation (Taiwan)
- Jiangsu Hengshen Co., Ltd. (China)
- Jilin Chemical Fiber Group Co., Ltd. (China)
Drivers, Restraints, Opportunities and Challenges in Carbon Fiber Market:
- Drivers: Stringent Eco-friendly Regulations & Rising Popularity of 3D Printing
- Restraints: High cost of PAN-based carbon fiber
- Opportunity: Increasing demand from FCEVs
- Challenges: Presence of Substitutes & High Cost of Carbon Fiber
Key Findings of the Study:
- In terms of value and volume, Aerospace & Defense segment has the largest market share in the global carbon fiber market during the forecasted period
- Non-composites segment has second largest market share in the global carbon fiber market by application during the forecast period.
- North America is the second-largest region in terms of value in the carbon fiber market during the forecast period
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This growth is attributed to the increasing demand for lightweight and high strength materials such as carbon fiber as it results in fuel efficiency and safety in the aerospace & defense and automotive industries. The rising number of collaborations between the industries such as aerospace & defense and automotive and carbon fiber manufacturers for new projects is driving the market. For instance, in October 2020, Teijin Limited signed an agreement with Safran S.A., an international high-technology group and tier-1 supplier of systems and equipment in the aerospace & defense market. Such agreements by leading carbon fiber producers would drive the growth of carbon fibers in the aerospace industry.
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New applications such as 3D-printing, electrodes for batteries of electric vehicles, and medical composites offer major opportunities for the market growth. The stringent eco-friendly regulations emphasizing of lightweight and fuel-efficient materials, is driving the growth of carbon fibers in lithium-ion batteries used in electric vehicles. Leading 3D-printing companies such as Staratsys and 3D Systems use carbon fiber-based composites to manufacture structural parts.
The top players in the carbon fiber market have implemented various strategies in the market. For instance, in February 2020, Mitsubishi Chemical Corporation acquired the German carbon fiber prepreg manufacturer, c-m-p GmbH through its subsidiary, Mitsubishi Chemical Advanced Material, in a move to strengthen its presence in the carbon fiber and carbon fiber composite material business. By this acquisition, the company has established its plants in Europe, the US, and Japan.
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