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CHEMICALS AND ADVANCED MATERIALS

Carbon Fiber Market Segmentation by Type (Virgin, and Recycled Fiber); by Raw Material (Polyacrylonitrile, Petroleum Pitch, and Rayon); by End User – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Carbon Fiber Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·  February 7, 2020- Hexcel Corporation and NaCa Systems joined hands for the development of a lightweight carbon fiber prepreg and wood fiber composite sports car seat back by using a rapid press molding process. The product is projected to offer a host of benefits to automobile manufacturers.

Global Carbon Fiber Market Highlights 2022 – 2030

The global carbon fiber market is estimated to gather a significant revenue by recording a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for carbon fibers from wind energy and aerospace industries, growing usage of carbon fiber in 3D printing, and rise in consumption of green energy all across the world. According to the International Energy Agency, the demand for renewable energy use increased by 3 percent in 2020. In addition, there was a 7 percent increase in electricity generated from renewables that same year. Along with these, carbon fibers have high tensile strength, superior chemical resistance and temperature tolerance, low weight and distinguished thermal expansion. These properties of the fiber are expected to raise its demand in the imminent time, which in turn is predicted to boost the market growth. Furthermore, imposition of stringent eco-friendly regulations in developed and developing nations is projected to offer abundant growth opportunities to the market in the upcoming years.

Carbon Fiber Market

The market is segmented by end user into aerospace and defense, alternative energy, automotive, construction, sporting goods, and others, out of which, the aerospace and defense segment is anticipated to hold the largest share in the global carbon fiber market on account of the increasing demand for carbon fibers for the manufacturing satellite and commercial aircraft. In addition, high thermal connectivity of carbon fibers makes them suitable for producing space radiators, antennas, heat sinks and electronic enclosures, which is another factor assessed to drive the growth of the market segment in the future. Moreover, on the basis of raw material, the polyacrylonitrile segment is evaluated to grab the largest share ascribing to the largescale use of this type of carbon fiber in sporting goods, aerospace and defense, and automotive industries as a result of its high modulus and cost-effectiveness. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Refinery Catalyst

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Carbon Fiber Market Regional Synopsis

On the basis of geographical analysis, the global carbon fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to occupy the largest share over the forecast period on the back of the growing demand for fuel-efficient and lightweight vehicles, and large base of electric car manufacturers in the region. For instance, more than 22 million units of light weight vehicles were produced in Europe in 2019, which is calculated to increase up to 24 million by the end of the year 2024. Apart from these, increasing investments of automotive manufacturers to develop cost-effective carbon composite materials and rising usage of carbon fibers in the regions aviation industry are also expected to boost market growth in the coming years. Additionally, the market in Asia Pacific is evaluated to witness the highest CAGR during the forecast period owing to the rapidly growing urbanization, escalating government spending on infrastructure projects in India and China, and presence of key market players in the region.

Carbon Fiber

The global carbon fiber market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global carbon fiber market includes the following segments:

By Type

  • Virgin Fiber
  • Recycled Fiber

By Raw Material

  • Polyacrylonitrile
  • Petroleum Pitch
  • Rayon

By End User

  • Aerospace and Defense
  • Alternative Energy
  • Automotive
  • Construction
  • Sporting Goods
  • Others

Growth Drivers

  • Increasing Demand for Carbon Fibers from Wind Energy and Aerospace Industries
  • Growing Usage of Carbon Fiber in 3D Printing

Challenges

  • Decrease in Demand for Carbon Fibers from Luxury Cars Industry 

Top Featured Companies Dominating the Market

  • TORAY INDUSTRIES INC.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Hexcel Corporation
  • Mitsubishi Chemical Corporation
  • TEIJIN LIMITED
  • SGL Carbon
  • Solvay SA
  • Formosa M Co., Ltd.
  • ZOLTEK Corporation
  • Advanced Composites, Inc.
  • HYOSUNG ADVANCED MATERIALS

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