Austin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The Carbon Fiber Market Share is projected to reach USD 13.93 billion by 2032 and grow at a CAGR of 8.10% over the forecast period of 2024-2032.
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Key Players
- Mitsubishi Chemical Corporation
- Toray Industries Inc.
- DowAksa
- Solvay
- Hexcel Corporation
- Hyosung Advanced Materials
- Zhongfu Shenying Carbon Co.
- SGL Carbon Ltd
- Teijin Limited
- Formosa Plastic Corporation
Demand for Lightweight Materials Drive Market Growth.
One of the major drivers for this market is increased demand in sectors such as automotive and sporting goods, where weight reduction has become an important feature. Offering a superior strength-to-weight ratio compared to many traditional materials, carbon fiber supports improved fuel economy, better performance, and lighter product mass. In this industry, the aerospace sector for example performs best due to more fuel efficiency and increased payload capacity. Lighter materials, on the other hand lead to quicker acceleration, sharper cornering and better fuel economy in the automotive industry. Also, in sports good carbon fiber helps to enhance equipment performance and longevity again due to its being lightweight.
For instance, in 2023, Toray Industries, a top producer of carbon fiber, revealed plans to increase its production sites in the United States and Europe. This growth is intended to address the rising need in the aerospace and automotive industries for high-performance materials.
Moreover, carbon fiber demand is mainly sourced from the aerospace and automotive industries given their imperative to improve fuel efficiency and reduce emissions. The aerospace sector, for example has a goal of reducing carbon emissions by 50% from 2005 to 2050 (IATA) with lightweight materials such as carbon fiber helping improve fuel efficiency. In the automotive industry, data from the International Council on Clean Transportation (ICCT) shows that carbon fiber contributed to a 16% improvement in new vehicle fuel economy across Europe. Combined, these sectors utilize carbon fiber's excellent strength-to-weight ratio to address tough regulatory requirements and performance improvement which has led an upsurge in grabbing this material.
Furthermore, Carbon Fiber production has changed quite a bit with the growth of manufacturing technology, which made it cheaper and more readily available to produce these materials. Advanced forms of 3D printing and weaving technologies are right at the forefront of this transformation. 3D printing technology enables more precise and rapid production of intricate carbon fibers, which is an effective way to cut waste in the manufacturing process.
Carbon Fiber Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 6.91 billion |
| Market Size by 2032 | USD 13.93 billion |
| CAGR | 8.10% |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segmentation Analysis
By Raw Material
Polyacrylonitrile (PAN) segments held the largest market share market around 90.45% in 2023. PAN is becoming more widely accepted across a range of application industries due to its exceptional features. Furthermore, due to PAN precursor's superior material qualities and the growing need for carbon fiber with a higher strength-to-weight ratio, it is typically utilized.
Despite being more costly than pitch-based carbon fibers, PAN-based carbon fibers are nevertheless commonly employed. The manufacture of these precursors has drastically changed as a result of the increased acceptance of PAN-based fibers in the creation of polymer matrix composites. PAN precursor has grown in popularity and has a higher market penetration rate as a result of the rising demand for a better strength-to-weight ratio.
By Application
In the application segment aerospace & defense segment held the largest market share around 34.34% in 2023. An increase in fuel costs has heightened the demand for cars that are more fuel efficient. Reducing the weight at the curb is the best way to enhance fuel efficiency. Carbon fiber is often used instead of steel in automotive applications because it has a higher strength-to-weight ratio. In the same way, carbon fiber is also being used instead of metals in aerospace applications due to its ability to lower the weight of the aircraft, resulting in better fuel efficiency.
Regional Landscape:
Europe held the largest market share in the carbon fiber market about 32.56% in 2023. The existence of a large number of electric car manufacturers and the growing demand for lightweight, fuel-efficient vehicles are responsible for the region's market's increased growth. The aerospace and defense sector's increased use of graphite fiber is anticipated to be a key factor in the market's expansion. The amount of money automakers is investing in R&D to create affordable carbon composite materials is having a big impact on the local market.
Recent Developments
- In 2023 Hexcel Corporation expanded its production facility in U.S. This facility helped to enhance production and expand its business and increase it market presence in the market.
- In 2023, Boeing announced a partnership with several suppliers to advance the use of carbon fiber in its aircraft. The collaboration aims to develop new carbon fiber composites that offer greater strength and reduced weight for next-generation aircraft models.
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Key Takeaways:
- The Europe region is experiencing the fastest growth due to urbanization, and infrastructure investments.
- Major players in the carbon fiber market, focused on expansion, and investment which drive the market growth.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by l Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Carbon Fiber Market Segmentation, By Raw Material
- PAN
- Pitch
8. Carbon Fiber Market Segmentation, By Tow
- Small
- Large
9. Carbon Fiber Market Segmentation, By Application
- Defence & Aerospace
- Wind Energy
- Automotive
- Electronics & Electrical
- Sports
- Other
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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