Carbon Fiber Market To Reach USD 8.81 Billion By 2030

Carbon Fiber Market was valued at USD 4.88 Bn. in 2023. Global Carbon Fiber Market size is estimated to grow at a CAGR of 8.8% over the forecast period. This growth is ascribed to the increasing need for high-performance, lightweight materials in industries like aerospace, automotive, and wind energy, where the carbon fiber's superior tensile strength to weight ratio and low coefficient of thermal expansion become advantageous.

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Growth Drivers & Opportunities in the Market

One of the main driving features of the carbon fiber market is the ability of these products to help in the upcoming need in the field of aerospace, automotive, defence, wind energy and others to be lighter, stronger, and most importantly, reduce emissions. For instance, carbon fiber composites are used in components such as fuselage and wing components of aircraft in aerospace applications; in automotive applications, increasing amounts of carbon fiber reinforced plastic (CFRP) are used as vehicle body, achieving weight reduction through designs with high strength per unit weight.

However, the increasing focus on renewable energy has also improved the demand for carbon fibre in wind turbine blades where its strength and ability to withstand extreme weather conditions, can be put to use effectively, where wind turbine blades require strength along with flexibility. Wind energy is the major segment that shapes the demand for carbon fiber and is estimated to be at a boom owing to their ever-increasing application within the renewable energy sector.

Segmentation Analysis

The carbon fiber market has been segmented based on raw material type, application, and end-user industry. At the moment of raw material, polyacrylonitrile (PAN) is the main precursor of carbon fiber which covers most of the market a 70% share because of its remarkable characteristics of high degree of crystallinity and high strength that significantly improve carbon fibers characteristics strength to weight ratio. Demand for carbon fiber derived from PAN is projected to grow at a staggering CAGR of 13.1% until 2030. The higher adoption is seen to also be facilitated by its relatively low price as opposed to pitch-based carbon fibre.

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Based on application, composite segment is anticipated to hold largest market share as use of carbon fiber composites in aerospace & defense industry, automotive industry, and wind energy will increase. Due to the high mechanical and durable properties carbon fiber composites exhibit, carbon fiber composites are perfect to be used in these high-demand applications. The automotive industry, in particular, is expected to see a huge increase and the demand for carbon fibre will be notably higher in lightweight, high-performance vehicles, especially in electric vehicles (EVs).

Regional Insights

Regionally, carbon fiber is a significant market in North America, Europe, and the Asia Pacific. North America is the top-producing and consuming region of the carbon fiber market due to the rising demand from aerospace and automotive industries. There are many leading manufacturers and suppliers of carbon fibers based in the US.

Europe is still a powerhouse, mainly in aerospace, where major manufacturers like Airbus create large-scale demand for carbon fiber composites. While increasing usage of carbon fiber in wind energy applications are also linked to carbon fiber use associated with Europe expanding its renewable energy infrastructure.

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Competitor Analysis

The global carbon fibre market is dominated by players like Toray Industries, Mitsubishi Chemical Holdings, Hexcel Corporation, SGL Carbon and Teijin Limited. These players are concentrating on strengthening their manufacturing facilities, developing better quality products, and diversifying their application potential owing to increased demand across different verticals.

Conclusion

The global Carbon Fiber Market is expected to expand at an excellerated growth in the near future owing to the rising need for light weight high tensile material in aerospace, automotive and wind energy sectors. The advances in technology, the increasing investment in renewable energy, and the enduring emphasis on sustainability ensure that carbon fibre will hold an essential place in the industries of tomorrow. The market is expected to grow at astounding pace, projected to reach USD 61.20 billion by 2030.

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