Future In Global Carbon Fibers Market - Ken Research

WHAT IS THE SIZE OF GLOBAL CARBON FIBER INDUSTRY?

Global Carbon Fiber market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Carbon Fiber Market is largely driven by the rising adoption of Carbon Fibers in various sectors like automobile, building, aerospace sectors and various other sectors.

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.

Furthermore, 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.

GLOBAL CARBON FIBER MARKET BY RAW MATERIAL

The Global Carbon Fiber market is segmented by Raw Material into PAN-based and Pitch–based.

PAN-based segment held the largest market share in 2022 owing to it being more affordable and producing fiber of higher quality

Due to its affordability, high modulus, high tensile strength, and superior fiber quality, it is widely used in aerospace & military, automotive, and sporting goods applications.

As there is a growing need for carbon fiber with a higher strength-to-weight ratio, PAN precursor is frequently used because of its superior material qualities. The segment growth is also anticipated to be supported by PAN's lower cost when compared to pitch-based carbon fiber.

GLOBAL CARBON FIBER MARKET BY TYPE

The Global Carbon Fiber Market is segmented by Type into Virgin carbon fiber and Recycled carbon fiber.

Recycled carbon fiber segment held the largest market share in 2022, the increased demand from the footwear sector is a major driver of market expansion.

Demand for lightweight materials is rising in the automotive, aerospace, and defense sectors, Due to its superior advantages like affordability, energy efficiency, lightweight, and environmental sustainability, recycled carbon fiber is being used more and more in the automotive, aerospace, and defense industries.

The demand for recycled carbon fibers is rising as a result of the increased environmental rules imposed by regulatory organizations like the European Union (EU) and the US Environmental Protection Agency (EPA) to limit carbon emissions.

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GLOBAL CARBON FIBER MARKET BY TOW SIZE

The Global Carbon Fiber market is segmented by Tow Size into Small tow and Large tow.

Small tow segment held the largest market share in 2022, as small tow fibers have a high modulus and tensile strength, which makes them widely used in the aerospace sector. Typically, it refers to roving’s 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.

Due to their high tensile strength and high modulus when used to create composites, which are employed in many applications, little tow fibers are widely used in the aerospace sector. When compared to large tow fibers, small tow fibers are more expensive.

GLOBAL CARBON FIBER MARKET BY END-USER

The Global Carbon Fiber market is segmented by End-User into Aerospace and Defense, Automotive, Wind Turbines, Sporting goods, Construction and Others.

Aerospace and defense segment held the largest market share in 2022, due to the increasing need for lightweight materials in Aerospace and Defense. Further expansion of the application base in the air transport sector is anticipated due to the aviation industry's rapid growth.

PAN-based and pitch-based carbon fibers are in significant demand for the production of commercial aircraft and satellites, respectively. Commercial aviation manufacturers have a significant need for PAN-based carbon fibers for next-generation aircraft to increase their fuel efficiency due to their low weight and corrosion resistance.

Key Topics Covered in the Report

Snapshot of the Global Carbon Fiber Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Carbon Fiber Market
Historic Growth of the Overall Global Carbon Fiber Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of the Global Carbon Fiber Industry
Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Global Carbon Fiber Market
Future Market Forecast and Growth Rates of the Total Global Carbon Fiber Market and by Segments
Market Size of Tow Size Segments with Historical CAGR and Future Forecasts
Analysis of Global Carbon Fibers in Major Regions
Major Type/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Region