USD 4.12 billion
Report ID:
SQMIG15E2145 |
Region:
Global |
Published Date: February, 2024
Pages:
221
|
Tables:
92 |
Figures:
76
Carbon Fiber Market size was valued at USD 4.12 billion in 2019 and is poised to grow from USD 4.51 billion in 2023 to USD 9.27 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).
Carbon fiber is made up of carbon atoms that are linked together to form a long carbon chain. They range in size from 5 to 10 micrometers. Hundreds of fibers are joined to create a tow, which is often used in fabric. Carbon fibers have a low weight to strength ratio, high chemical resistance, high temperature tolerance, high stiffness, high tensile strength, and minimal thermal expansion.
The impending expansion in the vehicle, aerospace and defense, and wind energy industries will boost market growth. The entire market is expected to be driven by rising automotive demand and an increased desire for lightweight automobiles. The demand for fuel-efficient vehicles, as well as stringent government laws governing carbon emissions, are driving the market outlook.
US Carbon Fiber Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.12 billion
Largest Segment
PAN
Fastest Growth
PAN
Growth Rate
9.4% CAGR
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Global Carbon Fiber market is segmented based on precursor, tow, application, and region. Based on the precursor, the Carbon Fiber Market is segmented into PAN and Pitch. Based on the tow, the Carbon Fiber Market is segmented into large tow and small tow. Based on the application, the Carbon Fiber Market is segmented into aviation, aerospace & defense, automotive, wind turbines, sports & leisure, construction, and others. Based on the region, the Carbon Fiber Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Carbon Fiber Market Analysis by Application
Based on the application, the market is segmented into aviation, aerospace & defense, automotive, wind turbines, sports & leisure, construction, and others. The aviation, aerospace, and defense segment held the largest market share in 2020 and is expected to maintain its dominance for the foreseeable future. The increased manufacturing of aero planes by Airbus and Boeing is expected to drive market development. Interiors, engine blades, propellers/rotors, brackets, single-aisle wings, and wide-body wings are all applications for composite materials in the aircraft sector. Moreover, aerospace engineers are attempting to improve the sustainability and safety of flight, which has led to the usage of fiber composite materials in helicopters, planes, and space shuttles.
Composite materials now account for 40% of modern aero planes. The Boeing 787 Dreamliner passenger airliner, for example, is made up of around 50% composite material by weight, predominantly carbon fiber sandwich or laminate. The aircraft's main body, tail, wings, and fuselage are all made of fiber materials. According to Boeing, because carbon and other composite materials do not corrode, they require less maintenance.
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European region is projected to hold the most substantial share in the market. The existence of a diverse range of electric vehicle producers, as well as rising demand for lightweight and fuel-efficient vehicles, are driving regional growth. Rapid growth in the aerospace and military industries is expected to boost regional market growth. Automakers are investing in R&D to develop low-cost carbon composite materials, which are boosting the region's automotive industry.
Due to the presence of a well-developed aviation sector, Germany's market may experience beneficial expansion. The Eurofighter and Airbus A320 families are both manufactured in Germany. The country is one of the top aircraft manufacturing bases, and it is primarily home to various businesses such as material and component suppliers, equipment manufacturers, entire system integrators, and engine manufacturers. In February 2019, for example, the German Aerospace Center developed a de-icing method for key places on aero planes using CF and electricity.
The growing need for lightweight composite materials in the aviation industry is expected to drive the size of the North American market. Airbus, United Airlines, Inc., The Boeing Company, and American Airlines Group Inc. are among the major players in the region. The increasing need for renewable resources has resulted in an increase in the installation and demand for wind farms in this region.
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Carbon Fiber Market Driver
Carbon fiber market growth is expected to be fueled by rising automotive production and a growing need for lightweight vehicles. Manufacturers' increased demand for vehicle body parts such as hoods, deck lids, bumper beams, and fenders may encourage product demand. The use of carbon fibers boosts vehicle durability, resulting in longer life auto parts. The market is being driven by the usage of composites in motorsports and premium vehicles.
Companies are implementing ideas and investing in processes that will reduce the overall weight of the vehicle. As a result, carbon fibre reinforced polymer (CFRP) is frequently employed in high-end supercars. The material has an extraordinarily high strength-to-weight ratio and a density as low as 1.6g/cc, making it extremely light. A lightweight car has a higher fuel efficiency, and a 10% weight reduction can save up to 6% to 8% of fuel in automobiles.
Automobile manufacturers such as Audi, BMW, Honda, Polestar, and General Motors are focusing on mass production collaboration with carbon composite material makers and investing in their processes to enable low-cost composite materials. For example, in May 2019, General Motors cooperated with Teijin, a Japanese information technology, chemical, and pharmaceutical corporation, to use CFRTP in their high production vehicle, and the material is already being mass produced.
Carbon Fiber Market Restraint
Due to their high performance and lightweight features, carbon composites are widely employed in the aerospace, automotive, construction, oil and gas, and wind energy industries. Nonetheless, the product is more expensive than metal. The cost of the product is a key impediment to the widespread use of carbon composites in a variety of industries. The cost of CF is closely tied to the yield and cost of the precursor used to produce it. At the moment, the typical cost of non-aerospace quality PAN-based carbon fibers is roughly USD 21.5 per kg, with a conversion efficiency of only 50%.
When the cost of the product is reduced, it will be used on a much greater scale in the automotive and aerospace industries. Many cost-cutting measures are underway, including the creation of low-cost, high-yielding precursors for manufacturers. That will considerably lower the cost of CF. In addition, researchers from the United States Department of Energy's Oak Ridge National Laboratory (ORNL) demonstrated a manufacturing approach that will lower product costs by up to 50% and energy consumption by more than 60%.
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Carbon Fiber Market Top Player’s Company Profiles
Carbon Fiber Market Recent Developments
Projects are being carried out by industry partners and researchers to transform coal tar, a by-product of the coke process for the steel industry, into CF and composites. With applications in low weight, high stiffness composites, this novel CF product has the potential to raise the value of coal tar pitch by five to 55 times that which it already possesses.
The University of Kentucky Center for Applied Energy Research (CAER) and the U.S. Department of Energy's (DOE) Oak Ridge National Laboratory (ORNL) signed into a strategic cooperation in December 2020 for around USD 10 million projects that mostly convert coal into CFs and composite. The research will primarily outline significant issues with regard to different types of coal feedstock, coal processing, and CF manufacture. CAERs will concentrate on producing CF from various coal feedstocks.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Carbon Fiber market is segmented based on precursor, tow, application, and region. Based on the precursor, the PAN segment of the market is projected to hold a substantial market share. Based on the tow, the small tow segment of the market is projected to hold a substantial market share. Based on the application, aviation, aerospace & defense segment of the market is projected to hold a substantial market share. Based on the region, Europe region holds a substantial market share.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 4.12 billion |
Market size value in 2031 | USD 9.27 billion |
Growth Rate | 9.4% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Carbon Fiber Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Carbon Fiber Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Carbon Fiber Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Carbon Fiber Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONCarbon Fiber Market size was valued at USD 4.12 billion in 2019 and is poised to grow from USD 4.51 billion in 2023 to USD 9.27 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).
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Product ID: SQMIG15E2145