With 10.7% CAGR, Carbon Fiber Market to Reach US$ 6,838.67Mn by 2027

According to our latest market study on "Carbon Fiber Market Forecast to 2027 - COVID-19 Impact and Global Analysis - Raw Material (PAN, and Pitch), End Use Industry (Automotive, Aerospace and Defense, Construction, Sporting Goods, Wind Energy, and Others)", the market was valued at US$ 3,060.37 million in 2019 and is projected to reach US$ 6,838.67 million by 2027; it is expected to grow at a CAGR of 10.7% from 2020 to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.

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Carbon fibers are long thin strands with a diameter of ~0.005-0.01 mm. These fibers provide high strength to vessels or systems in which they are incorporated, which helps prevent the explosions of gas storage systems. They provide high tensile strength along with high-temperature tolerance and durability to the final products. Carbon fibers exhibit excellent corrosion resistance, higher stiffness and strength, and longer lifespans than other materials, such as aluminum and steel. Hence, these fibers find their application in broad end-use industries. They are rigid and chemically inert, which makes them difficult to compress and stretch.

Growing demand for renewable resources has led to a surge in the installation for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. The wind turbine manufacturers strive to produce more efficient and longer blades. Advanced composite materials such as carbon fiber are becoming a major part of the construction of wind turbines, specifically the blades. According to the studies conducted by companies operating in the market, longer the blades on a turbine, more is the energy it generates. Carbon fibers plays a crucial role in the wind energy industry. Large blades are typically designed for stiffness and deflection, rather than taking material strength into consideration. Carbon fibers, if used in the turbines, enable high stiffness characteristic that reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Carbon fibers are added in the spar cap, which is the backbone of the blade. These fibers are also considered as an effective alternative to the glass fibers used in the wind turbines, as they make the blades thinner, stiffer, and lighter. Furthermore, they have relatively low damage tolerance, compressive strength, and ultimate strain. Thus, carbon fiber has come up as an impactful technology for turbine manufacturers such as Vestas Wind Systems A/S and Gamesa Technology Corp. These companies use carbon fiber in select structural parts of the blades. Lighter blades require less robust turbine and tower components, and hence, the cascading cost savings justify the additional cost of carbon.

Toray Industries, Inc., Formosa Plastics Corporation, SGL Carbon, Solvay, Hyosung Corporation, Kureha Corporation, Hexcel Corporation, Tejin Limited, DowAksa, and Mitsubishi Chemical Corporation are among the well-established players in the global carbon fiber market.

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Impact of COVID-19 Pandemic on Carbon Fiber Market

The COVID-19 pandemic first began in Wuhan (China) in December 2019. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms of confirmed cases and deaths. The pandemic has affected economies and industries in various countries due to government-imposed lockdowns and travel bans, and business shutdowns. Chemical and materials is one of the major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, office shutdowns, etc. The shutdown of various plants and factories in regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are affective the chemical and materials industry activities and thus are restraining the growth of various markets related to this industry.

Major highlights of the report:

All-inclusive evaluation of the parent market
Evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of market value and volume in past, present, and forecast years
Evaluation of market share
Tactical approaches of market leaders
Lucrative strategies to help companies strengthen their position in the market
Carbon Fiber Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

The research report focuses on the current market trends, opportunities, future potential of the market, and competition in the Carbon Fiber in North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The study also provides market insights and analysis of the Carbon Fiber, highlighting the technological market trends, adoption rate, industry dynamics, and competitive analysis of major players in the industry.

Reason to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Carbon Fiber Market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Carbon Fiber Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
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Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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