Carbon Fiber Industry: Market Size, Share Analysis, and Emerging Trends

The global carbon fiber market is poised for significant growth in the coming years, with projections indicating a market size of $15.3 billion by 2030, growing at a CAGR of 11% during 2024-2030. Carbon fiber is a high-strength, low-weight, and corrosion-resistant material that finds applications in various industries, including aerospace, automotive, wind energy, and consumer electronics.

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Key Trends and Drivers

Increasing demand for lightweight products: The growing need for lightweight materials in aerospace, defense, automotive, and wind energy industries is driving the market growth.

Sustainability and eco-friendly production: There is a rising focus on sustainable production methods, such as using bio-based precursors, recycling carbon fiber waste, and implementing energy-efficient manufacturing techniques.

Advancements in manufacturing processes: Advancements in manufacturing processes and cost reductions are making carbon fiber more economically viable for mass-produced automobiles.

Strict environmental regulations: Stringent environmental regulations in both developed and emerging countries are boosting the demand for eco-friendly materials like carbon fiber.

Increasing adoption in the automotive industry: The automotive industry is witnessing a significant trend with increased adoption of carbon fiber composites to enhance fuel efficiency and reduce emissions.

Competitive Landscape

Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Key players in the carbon fiber market are Solvay, Toray Industries Inc., Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Group Corporation, SGL Carbon, Jilin Chemical Fiber, and DowAksa.

In 2021, Toray Industries Inc., a Japanese multinational corporation successfully acquired Tencate Advanced Composites Holding BV. This Dutch company is known for its production and distribution of carbon fiber composite materials. The deal was made possible when TenCate's parent company, Koninklijke Ten Cate BV agreed to sell the business to Toray for a sum of US$ 1 billion, which included net debt. This strategic acquisition will enable Toray Industries Inc. to expand its product offerings such as polymer technologies and carbon fiber.

Key Segments of Carbon Fiber Market Research

By Precursor Material Type :

PAN-Based

Pitch-Based

Rayon-Based

By Tow Size :

Small Tows

Large Tows

By End Use :

Aerospace & Defense

Sporting Goods

Automotive

Electrical & Electronics

Wind Energy

Civil Engineering

By Region :

North America

Latin America

Europe

East Asia

South Asia & Oceania

Middle East & Africa

Market Segmentation

The carbon fiber market is segmented based on raw material, tow type, application, and end-use industry:

Raw Material: Polyacrylonitrile Based (PAN), Pitch Based (Mesophase Pitch Based, and Petroleum Pitch Based), and Others (Ultra High Elastic Modulus (UHM), High Elastic Modulus (HM), and Low Elastic Modulus (LM)).

Tow Type: Continuous and Chopped.

Application: Composite, Non-Composite, Molding Compound, Woven Fabric, and Others.

End-Use Industry: Aerospace & Defense, Automotive, Sporting Goods, Energy and Power, Building & Construction, Marine, Healthcare, Electric & Electronic, and Others.

Regional Analysis

Europe: Europe will continue to have the major share of total worldwide wind energy carbon fiber demand during the forecast period due to its renewable energy targets and use of offshore wind capacity.

Asia Pacific: The carbon fiber market in Asia Pacific is expected to witness the highest CAGR during the forecast period due to rapidly growing urbanization, escalating government spending on infrastructure projects in India and China, and the presence of key market players in the region.

North America: The North American region is likely to be dominated by the carbon fiber market, with the United States leading in carbon fiber usage, employed by major companies.

Key Players

Some of the key players in the carbon fiber market include Toray Industries, DowAksa, Mitsubishi Chemical Corporation, Solvay, Teijin Limited, SGL Carbon, Hexcel Corporation, Hyosung Advanced Materials, Zhongfu Shenying Carbon, Formosa Plastics Corporation, Jiangsu Hengshen, and Jilin Chemical Fiber.

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Conclusion

The carbon fiber market is poised for significant growth in the coming years, driven by the increasing demand for lightweight products, sustainability and eco-friendly production, advancements in manufacturing processes, and strict environmental regulations. The market is segmented based on raw material, tow type, application, and end-use industry, with Europe, Asia Pacific, and North America expected to dominate the market. Key players in the industry are investing in research and development to stay competitive and meet the growing demand for carbon fiber.

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This release was published on openPR.