Introduction to Carbon Fiber
Carbon fiber, also known as graphite fiber, is a polymer composed majorly of carbon atoms. It is a thin strand-like structure which is stronger than steel and lighter in weight, making it an important component of the manufacturing industry. This fiber is 5-10 micrometers in diameter. The atoms are tightly interlinked with each other, giving the fiber its high strength and other useful properties.
It is popular owing to its exceptional properties such as heat resistance, high tensile strength, stiffness, high chemical resistance, low thermal expansion and tolerance to high temperatures. Carbon fiber does not corrode, which gives it an edge over the usage of aluminum in the aerospace industry.
Carbon fiber is used in industries such as aerospace, transportation, electronics, marine and sports industry.
Market Size and Forecast
The global aerospace carbon fiber market is mainly driven by the growing demand for lightweight and fuel efficient aircrafts. An increase in the air traffic along with the development of new airlines also gives a boost to growth of the market. The aerospace carbon fiber market is anticipated to record a CAGR of around 12% over the forecast period, i.e., 2019-2027 and is estimated to attain market size of around USD 800 million by the end of the 2027.
The market is segmented by aircraft type into commercial, military and rotorcrafts, out of which, the commercial aircrafts segment is estimated to hold leading stance in the global aerospace carbon fiber market on account of an increase in the production of these aircrafts. The usage of commercial fixed-wing aircrafts is anticipated to grow as majority of people prefer to travel by air nowadays. Another factor leading to expansion of this market is the growing advancement in the aviation industry which leads to the development of new inventions as per the customer demand.
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Growth Drivers
Growing Aviation Industry
With increasing technological advancements, the aviation industry is anticipated to grow at a fast pace in the coming years. The rise in demand for commercial and military aircrafts has led to development of new aircrafts at a faster rate. Carbon fibers are used in the production of various parts of these aircraft models including the interior and exterior components. These are some of the major factors that are anticipated to significantly support the growth of the market in upcoming years.
Growing Demand for Fuel Efficient Aircrafts
Fuel efficient aircrafts are required as the airline industry runs on a low profit margin. Hence, the requirement of less expensive and cost saving aircrafts is increasing. Moreover, the new generation aircrafts are lighter in weight and with better aerodynamics, resulting in a growing demand for carbon fibers in the manufacturing of such aircrafts. Therefore, the rising demand for fuel efficient aircrafts is estimated to boost the market revenue.
Increasing Requirement for Lightweight Materials
The market is anticipated to witness significant growth on the back of higher demand of carbon fiber in the aviation industry. This can be attributed to its lightweight properties which also results in a reduced consumption of fuel.
The parts of an aircraft can be made by using only carbon fibers or by mixing the carbon fibers with other components, depending on the desired properties. It has been found that the usage of carbon fibers in wings can reduce the weight of an aircraft by thousands of pounds.
Restraints
Rising Cost of Carbon Fibers
Since carbon fibers cannot be repaired, they need to be replaced every time the structure gets broken or cracked, which makes the material very expensive to use. Additionally, they are expensive and their tensile strength is reduced upon recycling. These factors are estimated to restrain the growth of the market over the forecast period.
Market Segmentation
Our in-depth analysis of the global aerospace carbon fiber market includes the following segments:
By Aircraft Type
- Commercial Fixed-Wing Aircrafts
- Military Fixed-Wing Aircrafts
- Rotorcrafts
By Applications
- Wings
- Wind Turbine Blades
- Rotor Blades
- Others
By Region
On the basis of regional analysis, the global aerospace carbon fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Asia-Pacific region is expected to hold highest shares in the aerospace carbon fiber market over the forecast period owing to the growth in the aerospace industry in regions such as China, Japan and India. The increasing air traffic and easy availability of raw materials in the Asia-Pacific region is anticipated to lead to a rapid growth of this industry.
The growing demand for lightweight raw materials including carbon fibers in the aerospace industry in North America is expected to significantly boost the growth of the market in this region.
The global aerospace 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, 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 (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- Bally Ribbon Mills
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Hexcel Corporation
- SGL Group
- Toray Industries Inc.
- Solvay
- Teijin Limited
- Mitsubishi Chemical Carbon Fiber and Composites
- BGF Industries Inc.
- BASF
- Renegade Materials Corporation
Author Credits: Dhruv Bhatia
- Report ID: 1610
- Published Date: Apr 07, 2022
- Report Format: PDF, PPT
