Press release
Opportunities for the global carbon fiber market to reach $3.2 billion by 2023
According to a new market report published by Lucintel, the future of the carbon fiber market looks attractive with opportunities in the aerospace, industrial, and sporting goods industries. The global carbon fiber market is expected to reach an estimated $3.2 billion by 2023 and is forecast to grow at a CAGR of 5.9% from 2018 to 2023. The major drivers for market growth are growing demand for high performance and lightweight composite materials and increasing performance requirements in the end use industries.In this market, aerospace, industrial, and sporting goods are the major end use industries. Lucintel forecasts that aerospace will be the largest end use industry by value and the industrial segment will witness the highest growth by volume during the forecast period. Increasing demand for high performance lightweight materials in the automotive industry and growing demand for carbon composites in wind turbine with the increasing length of wind blades are driving market growth over the forecast period.
Based on the type of precursor, the carbon fiber market can be segmented into two types: Polyacrylonitrile-based (PAN-based) and pitch-based. PAN-based carbon fiber usage is higher by value and volume because it is lower in cost than pitch-based.
By tow size, large tow (greater than 24k) is expected to remain the largest segment by volume and witness the highest growth over the forecast period because of its price performance-trade off, which leads to higher use in the industrial applications. By modulus, standard modulus is expected to remain the largest segment by volume over the forecast period.
North America is expected to remain the largest market and witness the highest growth over the forecast period due to demand from the industries of aerospace, automotive, and wind energy.
Emerging trends, which have a direct impact on the dynamics of the industry, include the emergence of new applications and initiatives to innovate and commercialize the use of alternative precursors to reduce the manufacturing costs of carbon fiber.
Some of the major companies in the global carbon fiber market are Toray Industries Inc., Mitsubishi Rayon Corporation, Teijin Limited, Hexcel Corporation, SGL Group, and Cytec Solvay Group.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global carbon fiber market by end use industry, precursor type, tow size, modulus, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global Carbon Fiber Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global carbon as follows:
By End Use Industry [Volume (M lbs) and $M shipment analysis for 2012 – 2023]:
• Aerospace
- Commercial
- Defense
- Regional Jets
- Helicopter
- General Aviation
- Space
• Industrial
- Transportation/Automotive
- Wind Energy
- Electrical and Electronics (E&E)
- Civil/Construction
- Marine
- Others
• Sporting Goods
- Golf
- Fishing Pole
- Racket
- Skis, Snowboards and Other Winter Games
- Others
By Precursor Type [Volume (M lbs) and $M shipment analysis for 2012 – 2023]:
• PAN Based Carbon Fiber
• Pitch Based Carbon Fiber
By Tow Size [Volume (M lbs) shipment analysis for 2012 – 2023]:
• Small Tow (≤24k)
• Large Tow(
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Lucintel LLC
222 Las Colinas Blvd West, Suite 1650, Irving, TX 75039, USA
Ph: +1-972-636-5056 Fax: +1-877-883-5140
marketing@lucintel.com
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