Global Carbon Fiber Composites Market is forecasted to grow US$ 35 Billion by 2028: Ken Research

According to Ken Research estimates, the Global Carbon Fiber Composites Market - which grew from approximately US$ 15 Billion in 2017 to approximately US$ 20 billion in 2022 - is forecasted to grow further into approximately US$ 35 Billion opportunities by 2028, owing to the continuous technological upgradation in products from multiple players, and growing usage of carbon fiber composites in multiple industries such as wind energy, sports goods, marine, and others.

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Key Growth Drivers

The surging automotive and defense sector, is likely to drive the carbon fiber composites market during the forecast period. For instance, in June 2022, Hexcel Corporation has been awarded a long-term agreement by Sikorsky, a Lockheed Martin company, to supply advanced composites structure for CH-53K King Stallion heavy lift helicopter program. Furthermore, in January 2019, Teijin Industry announced to supply of TENAXPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The growing aerospace industry, along with collaboration among players, is likely to boost the demand for carbon fiber composites.
Lack of skilled labor in the aerospace, automobile, and wind energy industry, are restraining the growth of the market. Since the outbreak of COVID-19, various industries suffer losses, which results in job losses and turbulence in the industry structure. Auto Car Professional, a website working towards the automotive industry, stated that India's auto industry requires 15 million skilled workers by 2022. The decline in skilled workers is likely to impact the carbon fiber composite market.
COVID-19 slowed down the growth of the carbon fiber composites market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in air traffic, were all those factors that reduce the use of carbon fiber composites in the market.

Key Trends by Market Segment:-

By Raw Material: Polyacrylonitrile (PAN) segment held the largest market share of the Global Carbon Fiber Composites Market in 2021, owing to the higher strength, density, volume, and extensive usage among industries such as aerospace, automobile, and others.

PAN is the mostly used precursor for carbon fiber, because of its higher tensile, superior strength, strong stability, and higher carbon yield.
PAN carbon fiber material is used in multiple end-user industries including aerospace, automobile, sports goods, wind energy, and others.

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By Type: The recycled fiber segment accounted for the largest market share in 2021, owing to the lower cost, and adoption of material into various industries.

Recycled carbon fiber composites provide benefits such as reduced material handling and provide manufacturers with a cost-effective option.
In February 2022, Teijin Limited announced to the formation of a business alliance with Fuji Designs Co. Ltd., a Japanese manufacturer of recycled carbon to establish a business structure for the production, supply, and commercialization of carbon fiber reinforced plastics (CFRP) products.

By End-Users: The aerospace and defense segment held the largest market in 2021, owing to its increased usage, and players' regular upgradation in the technology.

In April 2022, Hexcel Corporation and Archer Aviation, an aircraft company, announced to enter into a letter of intent covering a proposed relationship for the supply of high-performance carbon fiber material that would be used in the manufacturing of Archer's production aircraft.
According to Stockholm International Peace Research Institute, an independent international institute, India's military spending of US$ 76.6 billion ranked third highest in the world.

By Geography: Asia Pacific accounted for the largest market share within the global Carbon Fiber Composites market in 2021, owing to the surging aerospace and defense industry.

According to Stockholm International Peace Research Institute, an independent international institute, in April 2022, total global military expenditure increased by 0.7% in real terms in 2021, to reach US$ 2113 billion. The five largest spenders in 2021 were the USA, China, India, the UK, and Russia.
As per Boeing, an aircraft industry company, in September 2021, forecasts that China's airlines will require 8,700 new airplanes by 2040, valued at US$ 1.47 trillion.

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Competitive Landscape

The global carbon fiber composites market is significantly competitive with ~120 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in carbon fiber composites manufacturing for multiple raw materials and serving different industries.

Country-niche players account for the largest share by competitor type. While large global players constitute ~10% of the competition. Some of the major players in the market include Toray Industries Inc, Mitsubishi Chemical Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon, Hyosung Advanced Materials, Solway, Nippon Graphite Fiber Co. Ltd., Anshan Sinocarb Carbon Fibers Co. Ltd., Formosa Material Co. Ltd, and others.

For more insights on the market intelligence, refer to the link below:-
https://www.kenresearch.com/business-research/global-carbon-fiber-composites-market-outlook-2028/

Recent Developments Related to Major Players

In February 2021, Teijin Limited launched new Tenax PW (power series) and Tenax BM (beam series) brands of carbon fiber intermediate material for sports applications.
In December 2019, Solvay and SGL Carbon have entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modules (IM) carbon fiber.
In August 2019, Teijin Limited announced the acquisition of Renegade Material Corporation, a leading North American supplier of highly-resistant thermoset prepreg for the aerospace industry.

Conclusion

The global Carbon Fiber Composites market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing usage of carbon fiber composite material in multiple industries such as aerospace, wind energy, and others. The growth rate is expected to remain significant during the forecast period.

Though the market is significantly competitive with ~120 participants, the majority of country-niche players dominate the market share by competitor type, and global players hold a minor share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Carbon Fiber Composites Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, Market is segmented by raw material, type, and end-users. In addition, the report also covers market size and forecasts for the four regions in the Carbon Fiber Composites Markets. The revenue used to size and forecast the market for each segment is US$ billion.

Market Taxonomy

By Raw Material

Polyacrylonitrile (PAN)
Petroleum Pitch
Rayon

By Type

Virgin Fiber (VCF)
Recycled Fiber (RCF)

By End-Users

Aerospace & Defence
Automotive
Wind Energy
Sports Goods
Civil Engineering
Others

By Geography

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy)
Asia Pacific (China, Japan, South Korea, India, Australia)
LAMEA (Latin America, Middle East, Africa)

Key Players

Toray Industries Inc
Mitsubishi Chemical Corporation
Hexcel Corporation
Teijin Limited
SGL Carbon
Hyosung Advanced Materials
Solway
Nippon Graphite Fiber Co. Ltd.
Anshan Sinocarb Carbon Fibers Co. Ltd.
Formosa Material Co. Ltd.

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