Carbon Fiber: Market Business Growth Statistics and Key Players Insights- Toray Industries, Inc.; SGL Group; Solvay; and Hexcel Corporation

The carbon fiber 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.

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.

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Major key players covered in this Carbon Fiber Market report:

DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, Toray Industries, Inc.

In 2019, Asia Pacific held the largest share of the carbon fiber market, and it is estimated to register the fastest CAGR in the market during the forecast period. The market growth is primarily attributed to the presence of major manufacturers such as Toray Industries, Inc., SGL Group, Hexcel Corporation, and Mitsubishi Chemical Corporation in the region. It is also ascribed to the rising production carbon fibers. Moreover, strict environmental regulations also promote the use of carbon-based composites in the region. Developments in automotive, aerospace & defense, construction and other sectors further propels the growth of the carbon fibers 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.

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Market Insights

Rising Demands from Automotive and Aerospace Applications Drives Carbon Fiber Market Growth

Automotive manufacturers are demanding new and innovative high-quality and high-performance materials for producing automotive components. Carbon fiber is considered as one of the most suitable materials for lightweight automobile parts. Moreover, the carbon-fiber-reinforced composites are used as the essential materials to substitute body and other parts in an automobile. The use of carbon fiber in the automobile industry has improved brake, steering, durability, and high fuel efficiency, leading to reduction in energy consumption and carbon dioxide emission. Leading automotive manufacturers are using carbon fibers in the manufacturing of different vehicle components. For instance, the Airbus A350 is 52% carbon fiber-reinforced polymer (CFRP), and the BMW i3 has mostly CFRP chassis. Carbon fiber is also used in high-end bike frames, tennis rackets, and surfboards.

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This release was published on openPR.