Carbon Fiber Resin Market Size & Share, by Resin Type (Thermoset Resin, Thermoplastic Resin); Form Type (Prepreg, Non-Prepreg); Application (Wind Energy, Automotive, Aerospace & Defense, Marine, Electrical & Electronics, Civil Engineering, Sporting Goods) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5098
  • Published Date: Jul 22, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Carbon Fiber Resin Market size is estimated to reach USD 7 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of carbon fiber resin was USD 1 Billion. The growing demand for lightweight composites is increasing the market growth. Lightweight materials have a high potential for boosting vehicle efficiency since it requires slighter energy to encourage a lighter item than a heavy one. For instance, a 10% lowering of vehicle weight nearly results in a 6%-8% rise in fuel economy. When compared to traditional substances such as steel or aluminum, one of the primary advantages of carbon fiber is its low weight while keeping excellent strength and characteristics.

In addition to these, aspects that are thought to fuel the growth of the carbon fiber resin market are the growing technological advancements of carbon fiber resin. Higher-quality carbon fiber resins with greater qualities have emerged from advances in resin formulas and manufacturing techniques, making them more appealing to a variety of sectors. Carbon fiber resins have become more cost-effective and easier to work with as a result of these advancements, fueling carbon fiber resin market expansion.


Carbon Fiber Resin Market
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Carbon Fiber Resin Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Need for Curbing Greenhouse Gas Emissions– According to the United Nations, the Paris Agreement aims to limit global warming to 1.5 degrees Celsius by reducing carbon emissions by 45% by 2030 and achieving net zero emissions by 2050.  When utilized in specific applications, including lightweight vehicles, wind turbine blades, fuel-efficient aircraft, transport electrification, and energy-efficient buildings, the carbon fiber can help to reduce emissions.
  • Increasing Demand for Clean Energy – Global renewable electricity capacity is going to rise by more than 80% from the level of 2020 by 2026 and it will be more than 5,022 gigatonnes.  Wind and solar will account for two-thirds of this increase. Carbon fiber composites are used to make solar energy structures such as support frames and tracking systems. Moreover, the lightweight nature of carbon fiber makes solar panel setup and upkeep simple.
  • Rising Deployment of Fuel Cells – Till December 2022, there are about 205 operational fuel cell electric power generators located at 147 different places in the United States with a whole nameplate electric generation range of 350 megawatts (MW). Carbon fiber composites have the potential to be employed in a variety of different structural components of fuel cell systems. Endplates, support frames, and other critical components may be included.

Challenges

  • High Cost of the Material – The high cost of manufacture is one of the key problems for the carbon fiber resin business. Carbon fiber is pricey to produce, and the glue systems used to link the fibers can be expensive as well. As a consequence of this, its overall material prices are higher when compared to other materials, restricting its economic viability for particular applications. 
  • Difficulty in Recycling the material
  • Regulatory Compliance Associated with its Use

Carbon Fiber Resin Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 1.0 Billion

Forecast Year Market Size (2035)

~ USD 7.0 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa
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Carbon Fiber Resin Segmentation

Resin Type (Thermoset Resin, Thermoplastic Resin)

The thermoset resin segment in the carbon fiber resin market is expected to have the biggest revenue share of 65% by 2035. The growth of the segment is primarily attributed to high strength and extremely retardancy to temperature when compared to thermoplastic resin, which further increases its application in different sectors. The common thermoset resin, phenolic and melamine resin are used for manufacturing brake pads and linings in automobiles. The growing production of automobiles is also expected to drive the segment’s growth. In 2022, around 85 million motor vehicles were produced worldwide, a 5.7% increase over 2021. These resins provide excellent friction properties and thermal stability, ensuring reliable braking performance even under high-temperature conditions.

Application (Wind Energy, Automotive, Aerospace & Defense, Marine, Electrical & Electronics, Civil Engineering, Sporting Goods)

In the year 2035, the aerospace and defense segment in the carbon fiber resin market is predicted to have a major proportion of roughly 40%. Growing expenditure on the defense sector is expected to drive the segment’s growth. In 2021, total worldwide military spending rose by 0.7% in real terms to USD 2113 billion. The five countries that dominated the global defense expenditures in 2021 were the United States, China, India, the United Kingdom, and Russia, accounting for 62% of total spending. Furthermore, owing to better economic status, people are increasingly choosing airplanes for traveling, resulting in the expansion of the aerospace industry. As of March 2023, the number of commercial fleet aviation across the world is around 27,400. Carbon fiber resins' combination of high strength, low weight, and good mechanical qualities benefits the aerospace and defense industries considerably. In the design and manufacturing of important components of missiles, protective systems, spacecraft, fighter aircraft, unmanned aerial vehicles, helicopters, and others., these materials contribute to improved performance, fuel efficiency, durability, and overall cost savings.

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

          Resin Type

  • Thermoset Resin
  • Thermoplastic Resin

          Form Type

  • Prepreg
  • Non-Prepreg

          Application

  • Wind Energy
  • Automotive
  • Aerospace & Defense
  • Marine
  • Electrical & Electronics
  • Civil Engineering
  • Sporting Goods

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Carbon Fiber Resin Industry- Regional Synopsis

North American Market Forecast

Carbon fiber resin market is expected to have the greatest revenue share in North America, accounting for around 33% of the total market by the end of 2035. The growth of the market can be attributed majorly to the rising government initiatives for reducing vehicular emissions. Corporate Average Fuel Economy (CAFÉ) standards like laws set by National Highway Traffic Safety Emission on 19th September 2022, aim at curbing the carbon oxides emission for vehicle exhaust. It entails an environment impact statement (EIS) to assess the probable impact of new fuel efficiency criteria for medium and heavy-duty vehicles on the environment. Furthermore, the growing focus on producing higher electricity from wind energy is also expected to drive market growth in the region.

European Market Statistics

The Europe carbon fiber resin market is expected to be the second largest, with a share of approximately 27% by the end of 2035. The growth of the market in the region can be attributed majorly to the introduction of CAFÉ regulation in the European region, as it will encourage to use of composite parts that are manufactured with the help of carbon fiber resin.

Research Nester
Carbon Fiber Resin Market Size
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Companies Dominating the Carbon Fiber Resin Market

top-features-companies
    • BASF SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Kukdo Chemical Co. Ltd.
    • AOC Holdings, LLC
    • Huntsman International LLC
    • Hexion Inc
    • Aliancys AG
    • Polynt S.P.A
    • 3M
    • Ashaland Inc.
    • Olin Corporation.

In-the-news

In The News

  • Huntsman International LLC, is soon going to introduce the new innovative epoxy material, carbon nanotube, and polyurethane. These will be designed with the intention to aid in the integration of batteries into electric vehicles, as well as to increase their protection and performance.
  • Kukdo Chemical Co. Ltd., a leading producer of epoxy material has announced receiving an ISO 37301 certification. It is an internationally accepted certification that focuses on the sustainable practices of the company and adherence to sustainability.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5098
  • Published Date: Jul 22, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for fuel-efficient vehicles, increasing use of fuel cells, and rising installation of solar and wind power plants are the major factors driving the market growth.

The market size of carbon fiber resin is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 � 2035.

The major players in the market are Kukdo Chemical Co. Ltd., AOC Holdings, LLC, Huntsman International LLC, Hexion Inc, Aliancys AG, Polynt S.P.A, The 3M Company, Ashaland Inc, BASF SE, and Olin Corporation.

The thermoset resin segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Carbon Fiber Resin Market Report Scope
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