Market Overview
Carbon fiber, also known as graphite fiber, is a reinforcing material that is
widely used to improve the strength and rigidity in plastics and composites. It
has high tensile strength and stiffness and is extremely light in weight. Some
key advantages of carbon fiber include corrosion resistance, high precision and
accuracy applications, low thermal expansion, and strength-to-weight
properties. Carbon fibers are finding increasing usage in the aerospace,
defense, sports equipment, wind energy, civil engineering and pressure vessels
industries due to their superior strength and stiffness and ability to
withstand high temperatures.
Global Carbon Fiber Market is estimated
to be valued at US$ $5.22 Bn in 2024 and is expected to exhibit a CAGR of 8.70%
over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the carbon fiber market are A Technology Inc., Anshan
Sinocarb Carbon Fibers Co. Ltd, DowAksa USA LLC, Formosa Plastics Corporation,
Hexcel Corporation, Holding company Composite, Hyosung Advanced Materials, SGL
Carbon, Solvay, Teijin Limited. Carbon fibers have emerged as popular
substitute for metals due to their strength and light weight. Key end use
industries driving demand for carbon fiber include aerospace, automotive, wind
energy, sports equipment and civil engineering. Technological advancements in
manufacturing processes have improved yields and reduced production costs,
thereby accelerating carbon fiber adoption across various applications.
Market Trends
Increasing Usage in Commercial Aircrafts – Major aircraft OEMs are increasing
the adoption of carbon fiber composites to manufacture lightweight and fuel
efficient Carbon
Fiber Market Demand structures. For instance, Boeing 787 Dreamliner’s
airframe contains over 50% carbon fiber reinforced polymers. This is a key
trend driving growth of the carbon fiber market.
Demand from Electric Vehicles – With growing focus on reducing vehicular
emissions, carbon fiber is increasingly being utilized by auto manufacturers to
develop lightweight electric vehicles. The superior specific strength and
stiffness properties of carbon fiber help enhance EV range.
Market Opportunities
Development of Low-cost Carbon Fiber – Startups and companies are working on
breakthrough technologies to reduce manufacturing costs and make carbon fiber
more affordable for mass market applications. Innovation in precursor materials
and processing is expected to disrupt the industry.
Usage in 3D Printing – 3D printed carbon fiber parts enable complex geometries
unattainable through traditional methods. Integration of carbon fiber into
desktop 3D printers presents a multibillion-dollar opportunity.
Impact of COVID-19 on Carbon Fiber Market Growth
The COVID-19 pandemic has impacted the carbon fiber market in an unprecedented
manner. With lockdowns enforced worldwide, the demand from end-use industries
like aerospace, wind energy, automotive and others saw a steep decline in 2020.
Production and supply chain disruptions hampered the market growth during the
initial months of the pandemic outbreak. Raw material supply shortage and costs
increased for manufacturers due to global trade restrictions. Many planned
projects in wind and construction industries faced delays. The aerospace sector
was severely hit as air travel came to a halt during the lockdowns.
However, with phased easing of restrictions and resumption of economic
activities in late 2020 and 2021, the market is slowly recovering. The automotive
industry is bouncing back faster with demand rising for electric vehicles where
carbon fiber is increasingly used. Governments across regions are allocating
higher budgets for renewable energy projects to build a sustainable future.
This is driving growth of the wind energy market which utilizes large volumes
of carbon fiber composite materials in turbine blades and nacelles. The
aerospace industry is also witnessing an uptrend as passenger air traffic
increased with Covidappropriate safety measures. Going forward, market players
should focus on strengthening supply networks, optimizing costs and ramping up
production to cater to rising demand from recovering end-use sectors in the
post pandemic scenario. Diversifying into new application areas can further
help sustain growth.
The North American region accounts for the largest share of the global carbon
fiber market in terms of value. Presence of leading aerospace and automotive
OEMs as well as composite material manufacturers has consolidated North
America’s position as a major market for carbon fiber. Robust investments into
wind and renewable energy sectors along with infrastructure modernization
efforts also support regional market growth. Meanwhile, the Asia Pacific region
has emerged as the fastest growing market for carbon fiber globally. Expanding
manufacturing bases of automotive, electronics and other industries coupled
with infrastructure development driving the construction sector in China,
India, Japan, South Korea and other Asian countries contribute to high demand
growth. Government incentives for adoption of green technologies utilizing
carbon fiber further promote the APAC market.
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Insights on- Carbon
Fiber Market
About
Author:
Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)
