Carbon Fiber Market to Outstrip USD 6,838.67 million by 2027 Growing Sturdy at 10.7% CAGR | The Insight Partners

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.

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Major key players covered in this report:

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

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.

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.

The report includes the segmentation of the carbon fiber market as follows:

By Raw Material

• PAN
• Pitch

By End Use Industry

• Automotive
• Aerospace and Defense
• Construction
• Sporting Goods
• Wind Energy

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This release was published on openPR.