Carbon Fiber Market Size to Grow USD 16.0 Billion by 2032 at a CAGR of 11.4% | Valuates Reports
BANGALORE, India, Dec. 20, 2023 /PRNewswire/ -- Carbon Fiber Market is Segmented by Type (Continuous carbon fiber, Long carbon fiber, Short carbon fiber), by Raw Material (PAN-Based carbon fiber, Pitch-Based and Rayon-Based carbon fiber), by Form (Composite carbon fiber, Non-Composite carbon fiber), by End Use Industry (Aerospace and Defense, Sports/Leisure, Wind Turbines, Molding and Compounds, Automotive, Pressure Vessels, Civil Engineering, Marine, Pultrusion Misc., Misc. Consumer, Sailing/Yacht Building, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The global carbon fiber market was valued at USD 5.5 Billion in 2022, and is projected to reach USD 16.0 Billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.
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Major Factors Driving the Growth of Carbon Fiber Market:
Because of its remarkable strength-to-weight ratio, carbon fiber is becoming increasingly popular in important industries including construction, automotive, wind energy, and aerospace. This is driving the expansion of the carbon fiber market.
Continuous carbon fiber is widely used to create lightweight components in the aerospace and automotive industries. Additionally, they are employed in the manufacturing of wind turbine blades, improving their performance and robustness in renewable energy sources.
The adaptability and broad acceptance of carbon fiber are key factors driving its market expansion, as are ongoing research and development initiatives targeted at streamlining production procedures, cutting expenses, and identifying new uses.
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TRENDS INFLUENCING THE GROWTH OF CARBON FIBER MARKET:
The carbon fiber market is being driven ahead in large part by the aerospace sector. Because of its remarkable strength-to-weight ratio, carbon fiber is a perfect material for aviation parts. Carbon fiber composites are widely used in the construction of aircraft structures as a result of the aerospace industry's constant quest for increased fuel economy and decreased carbon emissions. The carbon fiber market is expanding due to the aviation industry's need for strong, lightweight materials.
The rising focus on automobile lightweighting projects is one of the main drivers of the carbon fiber market's expansion. Carbon fiber materials are being used more often in vehicle design and manufacture as automakers work to increase fuel economy and lower emissions. The application of carbon fiber composites in automotive body panels and chassis not only lowers the total weight of the vehicle but also improves performance and fuel economy, which helps drive market growth.
The wind energy industry has had tremendous growth as a result of the worldwide movement towards renewable energy sources, which is a major factor propelling the carbon fiber market. Because carbon fiber composites are strong, rigid, and resistant to corrosion, they are widely employed in the manufacturing of wind turbine blades. The usage of carbon fiber in wind energy applications is anticipated to expand, supporting the growth of the market as demand for clean and sustainable energy solutions develops. Beyond the aerospace and automotive industries, carbon fiber finds use in other industrial sectors as well, which supports the market's varied expansion. Carbon fiber-reinforced materials are used in industrial settings for components that need to be extremely durable, rigid, and strong. Applications in infrastructure projects, industrial machinery, and manufacturing equipment fall within this category.
The expansion of the market is mostly due to technological developments in the techniques used in the manufacture of carbon fiber. The introduction of more affordable precursor materials and sophisticated weaving processes, among other ongoing advancements in production methods, have reduced production costs and improved the scalability of carbon fiber manufacturing. These developments promote market expansion by making carbon fiber more accessible to a wider variety of sectors. Carbon fiber materials are becoming more and more popular in the consumer electronics industry, particularly in high-end and luxury items. Because of its lightweight, resilient nature, and appealing appearance, carbon fiber is a popular material for electrical gadgets including computers, cellphones, and audio equipment. The market for carbon fiber is growing as a result of customer desire for high-performing, aesthetically pleasing consumer devices.
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CARBON FIBER MARKET SHARE ANALYSIS
Over the course of the forecast period, the Europe carbon fiber market is expected to develop at the highest CAGR of 11.7%, accounting for 36% of the global carbon fiber market share in 2022. This is because Germany is renowned for its cutting-edge manufacturing and technological know-how.
Type-wise, the continuous carbon fiber segment led the worldwide market in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.4% over the forecast period. By nature, carbon fibers are impervious to chemical and corrosion degradation.
Based on the end-use sector, the aerospace and defense category generated the highest revenue in 2022 and is expected to rise at a compound annual growth rate (CAGR) of 10.6% during the projection period.
Based on raw material, the PAN-based carbon fiber segment had the largest share of the worldwide market in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 11.4% over the forecast period. Because of its high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity, PAN-based carbon fiber composites are favored for usage in the aerospace sector.
Form-wise, the composite carbon fiber category was the biggest source of revenue in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.4% over the course of the forecast period. The use of carbon fiber reinforcement in composite materials is referred to as composite carbon fiber.
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Key Players:
- Zoltek
- Teijin Ltd
- Formosa Europe
- DowAksa
- SGL Carbon
- Mitsubishi Chemical Group Corporation
- Nippon Steel Corporation
- Toray Industries Inc
- Solvay S A
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- Marine Carbon Fiber market was valued at USD 587 million in 2022 and is anticipated to reach USD 883.6 million by 2029, witnessing a CAGR of 5.8% during the forecast period 2023-2029.
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- T700 Grade Carbon Fiber market is projected to reach USD 730.5 million in 2029, increasing from USD 518 million in 2022, with the CAGR of 5.1% during the period of 2023 to 2029.
- Isotropic Pitch-Based Carbon Fiber market was valued at USD 165 million in 2022 and is anticipated to reach USD 282.2 million by 2029, witnessing a CAGR of 8.5% during the forecast period 2023-2029.
- Bio-based Carbon Fiber market is projected to reach USD 99.3 million in 2029, increasing from USD 45 million in 2022, with the CAGR of 12.5% during the period of 2023 to 2029.
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