Carbon Fiber Market 2022 Global Industry Share, Growth, Drivers, Emerging Technologies, and Forecast Research Report 2030

 

Carbon atoms make up the majority of carbon fibers, which have a diameter of 5 to 10 micrometers. High stiffness, good tensile strength, low weight, high chemical resistance, high-temperature tolerance, and minimal thermal expansion are only a few benefits of carbon fibers. Due to these qualities, carbon fiber is particularly common in the fields of motorsports, aircraft, civil engineering, military, and other competitive sports. They are relatively expensive compared to fibers similar to them, like glass or plastic fibers.

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The Europe carbon fiber market size is projected to grow at the highest CAGR of 11.7% during the forecast period and accounted for 36% of carbon fiber market share in 2022. This is due to the fact that, Germany is known for its advanced manufacturing capabilities and technological expertise. The focus of the country on research and development, along with its strong engineering and manufacturing sectors, supports the growth of the carbon fiber market. Advanced manufacturing technologies such as automated fiber placement (AFP) and resin infusion contribute to efficient and cost-effective carbon fiber production in the Europe region. Furthermore, the UK has ongoing infrastructure development projects, including bridges, buildings, and transportation systems.

Due to the increased need for electricity and increased cost-effectiveness, wind turbines are being built or planned with larger rotor diameters (energy cost). Due to their high strength, stiffness, and low density, carbon fiber-based composites play a significant role in wind turbines. They can be utilized to create rotor blade structures that are svelte, aerodynamically effective, and rigid enough to sustain high stresses. Wind turbine blades constructed of carbon fiber are 25% lighter than those made of conventional fiberglass.

Although manufacturers are concentrating on making inexpensive carbon fibers, mass production and commercialization will take some time. Carbon fiber prices must be reduced by mass production if they are to compete with PAN fibers. Due to its high price, carbon fiber's uses are currently limited.

Production declined as a result of COVID-19 across several industries, including the automobile, building, and aerospace sectors. The COVID-19 epidemic has had a significant negative impact on the worldwide automotive supply industry. The majority of the world's auto manufacturing and sales have abruptly stopped. Additionally, COVID-19 had a significant negative impact on the aerospace and defense sector, a significant end-user of the carbon fiber market, in 2020.


Scope of the Report

The Carbon Fiber Market is segmented by raw material, type, tow size, and end-user. In addition, the report also covers market size and forecasts for the four region’s Carbon Fiber Markets. The revenue used to size and forecast the market for each segment is US$ billion.


By Raw Material

  • PAN-based
  • Pitch-based

By Type

  • Virgin carbon fiber
  • Recycled carbon fiber

By Tow Size

  • Small tow
  • Large tow

By End-User

  • Aerospace and Defense
  • Automotive
  • Wind Turbines
  • Sporting goods
  • Construction
  • Others

By Geography

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
  • LAMEA (Latin America, Middle East, Africa)

Leading Companies

  • Toray Industries, Inc
  • Sgl Carbon
  • Teijin Limited
  • Mitsubishi Chemical Carbon Fiber and Composites, Inc
  • Hexcel Corporation
  • Solvay
  • Hyosung Advanced Materials
  • Formosa Plastics Corporation
  • BASF SE
  • DowAksa

Key Trends by Market Segment

  • By Tow Size: Small towsegment held the largest market share in 2021, as small tow fibers have a high modulus and tensile strength, which makes them widely used in the aerospace sector Typically, it refers to rovings with 24,000 (24K) or fewer strands
  • Carbon fiber is made up of fibers that contain 92% carbon. A tow is created when several parallel filaments are gathered together Small tow fibers are those with up to 24,000 strands

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