Carbon Fiber Market Valuation to Reach USD 12.93 Billion in 2028 | High Demand for Next-Generation Single-Aisle Aircrafts and Advantages Associated with Carbon Fiber are Key Factors Driving Industry Growth, says Emergen Research
VANCOUVER, B.C., July 22, 2021 /PRNewswire/ -- The global carbon fiber market size is expected to reach USD 12.93 Billion at a CAGR of 10.8% during the forecast period, according to latest analysis by Emergen Research. Partnerships and contracts between key players and governments, as well as increasing demand for carbon fiber from the automotive industry is expected to continue to support market revenue growth over the forecast period. In 2018 for instance, Boeing and Embraer entered into a joint venture for the production of commercial aircraft. Similarly, Bombardier and Airbus signed a partnership deal for production of C-series aircraft. Over 70% of future commercial aircraft demand is expected to be fulfilled by single-aisle airplanes. New single-aisle, mid-range airplane, designed by Boeing, are expected to replace the existing Boeing 757 aircraft. Increasing use of carbon fiber in 3D printing technology is another factor contributing to steady growth of the market. Continuous carbon fibers are used in 3D printing owing to properties such as high strength and rigidity. High-end automobile manufacturers such as Bentley and BMW use carbon fibers in exterior components such as bumpers, bonnets, and front ends. Recent technological advancements in the field of carbon fiber is also propelling market growth to a significant extent.
In October 2018, Hexcel Corporation successfully launched a new advanced composites plant in France with an aim to cater to rising demand for carbon fibers in the region.
In November 2017, TORAYCA MX series, which is a new higher modulus and higher tensile strength carbon fiber was developed by Toray Industries Inc. for applications in aerospace, industrial, and sports verticals.
Asia Pacific is expected to register fastest revenue CAGR during the forecast period owing to rising defense budget of countries in the region. Countries such as India, China, and Japan are focusing on strengthening their defense line by manufacturing new aircrafts which further increases the demand for carbon fibers.
Continuous carbon fiber segment is expected to account for largest revenue share among other product type segments. This can be attributed to technological advancements such as development of continuous carbon fiber composites, which is a more superior product type as compared to other carbon fibers. In addition, continuous carbon fibers are widely used as high strength 3D printing material owing to required strength and stiffness.
Major companies operating in Carbon Fiber are Toray Industries Inc., SGL Group, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., Teijin Limited, Formosa Plastics Corporation, Solvay, Jiangsu Hengshen Co. Ltd., Hyosung, and DowAksa.
Regional Outlook (Revenue, USD Billion; 2018–2028)
a. U.S. b. Canada c. Mexico
a. Germany b. U.K. c. France d. Italy e. Spain f. BENELUX g. Rest of Europe
a. China b. India c. Japan d. South Korea e. Taiwan f. Rest of APAC
a. Brazil b. Rest of LATAM
Middle East & Africa
a. Saudi Arabia b. UAE c. South Africa d. Turkey e. Rest of MEA
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