Press release
Carbon Fiber Market 2024-2033: Production Analysis, Segmentation, Key Drivers And Top Players
Carbon Fiber Market Trends
According to The Business Research Company's, The carbon fiber market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to aerospace and defense applications, automotive industry adoption, wind energy sector growth, sports and recreation applications, expanding industrial applications..
The carbon fiber market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to continued aerospace and defense demand, increased electric vehicle production, advancements in renewable energy, innovations in sports equipment, infrastructure and construction projects.. Major trends in the forecast period include advancements in recycling technologies, development of high-performance composites, integration in 3d printing processes, rise in electric vehicles adoption, focus on sustainable sourcing and production..
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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the carbon fiber market going forward. The automotive industry is a sector that encompasses numerous organizations and firms involved in the design, development, manufacture, marketing, selling, and maintenance of motor vehicles. Carbon fiber makes lightweight and high-strength vehicle body parts and components in the automotive industry, improving fuel efficiency, performance, and weight reduction in vehicles, particularly vehicles. For example, according to Asia Automotive Analysis, an online publication focusing on Asia's automotive industry, South Korea's automobile production in 2022 increased by 8.5% from the previous year to 3,756,491 units. Therefore, the growing automotive industry is driving the carbon fiber market.
Technological innovations are a key trend gaining popularity in the carbon fiber market going forward. Major companies operating in the carbon fiber market are developing innovative technologies to strengthen their position in the market. For instance, in December 2022, Asahi Kasei Corporation, a Japan-based chemical company, developed a recycling technology for inexpensive, high-quality carbon fiber. This innovative recycling technology aims to implement a recycling system using recycled carbon fiber from automobiles to make new carbon fiber-reinforced plastic (CFRP) or carbon fiber-reinforced thermoplastic (CFRTP) for cars. It has made it possible to produce high-quality, reasonably priced CFRTP using recycled carbon fiber from cars. Additionally, it will reduce vehicle weight and save energy.
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Major Key Players of the Market:
Toray Industries Inc.; Solvay S.A.; Nippon Graphite Fiber Co. Ltd.; Teijin Limited; Hexcel Corporation; Hyosung Advanced Materials Corp.; Mitsubishi Chemical Carbon Fiber and Composites Inc.; Formosa M Co. Ltd.; DowAksa; SGL Carbon SE; Zoltek Corporation; Zhongfu Shenying Carbon Co. Ltd.; Jiangsu Hengshen Co. Ltd.; Jilin Chemical Fiber Group Co. Ltd.; BASF SE; Covestro AG; Cytec Solvay Group; Toho Tenax Co. Ltd.; Kureha Corporation; Kordsa Teknik Tekstil A.S.; AKSA Akrilik Kimya Sanayii A.S.; Carbon Conversions Inc.; Carbon-Core Corp.; Carbon Revolution; Dexcraft; Kamenskvolokno JSC; Rock West Composites; Plasan Carbon Composites; ELG Carbon Fibre; Composites Horizons; Textum Inc.; PRF Composite Materials; Glass Corporation
Carbon Fiber Market 2024 Key Insights:
• The carbon fiber market will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Carbon Fiber Market Set To Soar With Growing Automotive Industry
• Asahi Kasei Corporation Develops Recycling Technology For Inexpensive, High-Quality Carbon Fiber
• Western Europe was the largest region in the carbon fiber market in 2023
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