Carbon Fiber Market Size, Share, Growth Report 2030

Carbon Fiber Market

Carbon Fiber Market (Polyacrylonitrile (PAN) Based, Pitch-Based, And Others) For Aerospace And Defense, Wind Energy, Construction Automotive, Sports, And Other End-User: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2020 – 2028

Category: Chemical & Materials Report Format : PDF Pages: 160 Report Code: ZMR-112 Published Date: May-2021 Status : Published

Carbon Fiber Market accounted for almost USD 3.30 Billion in 2020 and is likely to USD 6.35 Billion by end of 2028, a CAGR 9.8% from 2021 to 2028.

Carbon Fiber Market: Overview

The Global Carbon Fiber Market accounted for almost USD 3.30 Billion in 2020 and is likely to cross almost USD 6.35 Billion by end of 2028, developing at a CAGR of almost 9.8% from 2021 to 2028.

Carbon fibers have emerged as a key material during the past decade owing to the versatile properties offered by these products. Carbon fibers deliver high strength, low weight, and resistance to environmental parameters, and thus have emerged as a prominent alternative to traditional materials used across multiple end-use industries such as automotive, aerospace and defense, and energy infrastructure. Additionally, carbon fiber is also used across the sports and leisure industry, which is expanding at a prominent rate owing to rising health awareness in the adult and teenage population around the world. The growth of the carbon fiber market is also complimented by the increased demand from the automotive industry owing to the strength and lightweight offered by carbon fiber. The expansion of the automotive industry is expected to further contribute to the growth of the carbon fiber market during the forecast period 2021 - 2028.

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COVID-19 Impact Analysis

The pandemic has significantly impacted the automotive, construction, aerospace, and defense industries across the globe. The disruption in the manufacturing sector has impacted the value chain of multiple end products and raw materials industries. The carbon fiber market is negatively impacted due to COVID-19 owing to marginal or no demand from the end-use industries. However, with easing lockdown across major countries such as the U.S. and Western European countries, the market is anticipated to slowly gain traction during the coming years. Though the demand is anticipated to remain low during the next couple of years, the market is expected to rebound to its original capacity during the first half of the forecast period.

Carbon Fiber Market: Growth Factors

The regional manufacturers of single-aisle aircraft are focusing on consolidating and acquiring new manufacturing projects. In 2018, Embraer and Boeing formed a joint venture to manufacture regional commercial aircraft. The C Series aircraft was developed in collaboration between Airbus and Bombardier. Further, in 2018, JetBlue bought 60 Airbus A220-300s, the latest name for the old C-Series planes. This has resulted in increased demand for carbon fiber from regional aircraft manufacturers. Additionally, Single-aisle airplanes are anticipated to witness strong demand in coming years and are expected to contribute around 70% of the new aircraft deliveries in near future. This is anticipated to drive the growth of the global carbon fiber market during the forecast period.

Report Scope:

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Product type Segment Analysis Preview

Based on product type, the global carbon fiber market is segmented into Polyacrylonitrile (PAN) based, Pitch-based, and Others. Polyacrylonitrile (PAN) based carbon fibers are commonly used in aerospace and defense, automobile, sports and entertainment, wind energy, and other industries, and thus contributed a dominating share to the overall carbon fiber market in 2019. In contrast to other varieties of carbon fibers, this fiber has a high strength modulus. Polyacrylonitrile (PAN) based carbon fiber is more commonly used due to its cost-effectiveness and higher fiber efficiency. This carbon fiber precursor is a great way to get started with carbon fiber. Additionally, with rising expanding automotive, wind energy, and aerospace and defense industries across the globe, the demand for Polyacrylonitrile (PAN) based carbon fiber is anticipated to grow at a prominent rate during the forecast period.

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End User Segment Analysis Preview

Based on end-user, the global carbon fiber market is segmented into aerospace and defense, wind energy, construction, automotive, sports, and others. The automotive end-user segment is anticipated to be the fastest growing segment during the forecast period owing to rising demand for lightweight and high-strength materials for automobile manufacturing. The emergence of electric vehicles has triggered the demand for low-weight and high-strength materials to improve fuel efficiency without compromising on the strength and safety of an automobile. This is anticipated to be a key factor driving the growth of the carbon fiber market during the forecast period. Additionally, rising demand from aerospace and defense users, along with growing demand for carbon fiber from the construction end-user segment is expected to contribute to the overall growth of the global carbon fiber market during the forecast period.

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Carbon Fiber Market: Regional Analysis Preview

Europe accounted for a significant share of the global carbon fiber market in 2019 and is anticipated to witness prominent growth during the forecast period 2021 - 2028. The market is expanding as a result of increased demand for products with high strength, lightweight, and chemical and corrosion resistance. The involvement of major aircraft manufacturers, electric car manufacturers, and offshore wind farm installations in the area drives the demand in the region. The region is at the forefront of progress in the aerospace and defense industry, with manufacturers focusing on developing new and advanced products, such as the newly introduced Airbus A320 family and Eurofighter. Additionally, the presence of the most well-known automobile manufacturers, such as BMW, Fiat, and Bentley, in Europe is contributing to the strong demand for carbon fiber, as the carbon fiber composites are used in various structural vehicle components such as bonnets, bumpers, and frontends by these automakers.

The Asia Pacific is anticipated to be the fastest growing region during the forecast period owing to rising demand from multiple industry verticals. The automotive, aerospace and defense, and construction industries in manor Asian countries such as China, India, Japan, Indonesia, and South Korea are expanding rapidly. This is anticipated to be the prime factor driving the growth of the Asia pacific carbon fiber market during the forecast period.

Carbon Fiber Market: Key Players & Competitive Landscape

Some of the key players in the market include Toray Industries, Cytec Industries, Mitsubishi Rayon Co., Ltd., SGL Group – The Carbon Company, Hexcel Corporation, Kemrock Industries, and Exports Ltd., Formosa Plastics Corporation, DowAksa, Teijin Ltd, Zoltek Companies, Inc., Kureha Corporation and others.

The global carbon fiber market is segmented as follows:

By Product

  • Polyacrylonitrile (PAN) based
  • Pitch-based
  • Others

By End-user

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

The Global Carbon Fiber Market was valued at USD 3.20 Billion in 2020.

The Global Carbon Fiber Market is expected to reach USD 6.35 Billion by 2028, growing at a CAGR of 9.8% between 2021 to 2028.

Some of the key factors driving growth of the Global Carbon Fiber Market is rising demand from expanding automotive, aerospace and defense, and wind energy end use markets across major countries in Europe and Asia Pacific.

Europe region held a substantial share of the Carbon Fiber Market in 2020 owing to the presence of major automobile manufacturers, aerospace and defense companies, and increased investment in wind energy infrastructure development.

Some of the key players of the market include Toray Industries, Cytec Industries, Mitsubishi Rayon Co., Ltd., SGL Group – The Carbon Company, Hexcel Corporation, Kemrock Industries and Exports Ltd., Formosa Plastics Corporation, DowAksa, Teijin Ltd, Zoltek Companies, Inc., Kureha Corporation and others.

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