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.
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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.
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.
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.
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The global carbon fiber market is further classified on the basis of region as follows:
Our in-depth analysis of the global carbon fiber market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for carbon fibers from wind energy and aerospace industries and growing usage of carbon fiber in 3D printing.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Decrease in demand for carbon fibers from luxury cars industry is estimated to hamper the market growth.
Asia Pacific region will provide more business opportunities for market growth owing to the growing demand for fuel-efficient and lightweight vehicles, and large base of electric car manufacturers.
The major players in the market are TORAY INDUSTRIES INC., Hexcel Corporation, Mitsubishi Chemical Corporation, TEIJIN LIMITED, SGL Carbon, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, raw material, end user, and by region.
The aerospace and defense segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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