Carbon Fiber Market | Key players operating in the market include Toray Industries Inc., SGL Group, Hexcel Corp, Solvay, Teijin Limited

According to recent market research "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 - Global Forecast to 2031", is expected to grow from USD 3.7 billion in 2020 to USD 8.9 billion by 2031, at a CAGR of 8.6% during the forecast period. The carbon fiber market is growing due to its increasing demand from the aerospace & defense, automotive, and wind energy industries. Boeing and Airbus have increased the production of commercial aircraft to cater to the rising airline passenger traffic. The increasing use of carbon fiber in electric cars and rising aircraft production are the major drivers for the market.

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The carbon fiber market is dominated by virgin carbon fiber. Being the original fiber, it has better mechanical properties compared to recycled carbon fiber which is driving its use in almost all the applications. Recycled carbon fiber is expected to grow at a faster pace compared to virgin carbon fiber during the forecast. This is due to the low price, and reduced greenhouse gas emissions into the environment while manufacturing recycled carbon fiber.

The carbon fiber market is divided into application segments, which include composite and non-composite. Carbon fiber composites are used in various industries such as aerospace & defense, automotive, wind energy, sporting goods, pipe & tank, civil engineering, and marine. They offer high strength, rigidity, and high tensile strength. In the composite applications, carbon fiber is mainly used in the form of prepreg, moulding compound, and woven fabric. Prepreg is the largest consumer of carbon fiber in the composite application segment.

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The carbon fiber market size is estimated to be USD 3.7 billion in 2020 and is projected 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, resulting in increase in demand for carbon fibers in CNG and hydrogen tanks manufacturing. Also, the growth in number of on-shore and off-shore wind capacity installations is driving the growth of carbon fibers in wind energy industry.

Companies operating in the carbon fiber market have strengthened their position by adopting expansions and new product/technology launches from 2015-2020. Expansions, joint ventures, acquisitions, and new product launches were among the key growth strategies adopted by the market players between January 2015 and November 2020. Toray Industries, Inc. (Japan), Teijin Ltd. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), SGL (Germany), Solvay (Belgium), and Formosa (Taiwan), and Hyosung Corporation (South Korea) are some of the key players in the carbon fiber market.

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In April 2021, Hyosung Advanced Materials signed a contract with Hanhwa Solutions. The company announced that it signed a long-term contract to supply reinforced carbon fiber to be used for strengthening fuel tanks in hydrogen vehicles for six years beginning 2021. The total supply is worth about 160 billion won. This agreement will boost the sales of carbon fiber.

In November 2020, SGL Carbon and Koller Kunststofftechnik partnered to manufacture novel carbon fiber profiles for use in windshields for a future high-volume model of BMW Group. This helped SGL Carbon to improve their application in automobile applications and increase the carbon fiber demand.

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