Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The carbon fiber market is influenced by a multitude of market factors that shape its dynamics and growth trajectory. One of the primary drivers is the increasing demand for lightweight and high-strength materials across various industries such as aerospace, automotive, sports and leisure, wind energy, and construction. This demand is propelled by the need for fuel efficiency, performance enhancement, and sustainability goals. Additionally, technological advancements have led to cost reductions in carbon fiber production, making it more accessible to a wider range of applications.
It is also highly tensile, resistant to chemicals, has the low thermal expansion, and is tolerant to excessive heat. The lightweight makes it an ideal manufacturing material for many parts in the automotive and aerospace & defense industries.
Moreover, government regulations and policies play a significant role in shaping the carbon fiber market. Environmental concerns and regulations aimed at reducing carbon emissions drive the adoption of lightweight materials like carbon fiber, especially in industries with high carbon footprints such as transportation and energy. Incentives and subsidies provided by governments to promote the use of carbon fiber further stimulate market growth.
Another crucial factor is the availability and cost of raw materials. Carbon fiber is primarily derived from precursor materials like polyacrylonitrile (PAN) or petroleum-based pitch. Fluctuations in the prices of these raw materials can impact the overall cost of carbon fiber production. Additionally, the availability of skilled labor and infrastructure for manufacturing carbon fiber also influences market dynamics, as it affects production capacity and efficiency.
Market competition and the presence of established players are significant factors in the carbon fiber market. Established manufacturers with robust R&D capabilities and production facilities hold a considerable market share and often dictate pricing trends. However, the market also sees the emergence of new entrants and startups, especially in regions with growing industrialization and technological innovation. This competition fosters innovation, drives product development, and can lead to price competitiveness in the market.
Furthermore, the global economic landscape and macroeconomic factors such as GDP growth, inflation rates, and currency fluctuations have a direct impact on the carbon fiber market. Economic downturns can lead to reduced investments in industries like aerospace and automotive, affecting the demand for carbon fiber. Conversely, periods of economic growth and stability tend to spur investment in infrastructure and high-performance materials, driving market expansion.
The carbon fiber market is also influenced by shifts in consumer preferences and trends. Increasing awareness about environmental sustainability and the benefits of lightweight materials among consumers drives demand for products incorporating carbon fiber, such as electric vehicles, bicycles, and sports equipment. Brand perception and marketing strategies also play a role in shaping consumer demand for carbon fiber-based products.
Moreover, advancements in manufacturing processes and technologies contribute to market growth by improving the quality, consistency, and cost-effectiveness of carbon fiber production. Innovations such as automated layup processes, additive manufacturing techniques, and recycling technologies are driving efficiency gains and expanding the application potential of carbon fiber.
Lastly, geopolitical factors and trade policies can impact the carbon fiber market, especially regarding trade tariffs, export restrictions, and geopolitical tensions that disrupt supply chains. Uncertainties in global trade relations can create volatility and affect market confidence, leading to fluctuations in demand and pricing.
In summary, the carbon fiber market is influenced by a complex interplay of factors including technological advancements, government regulations, raw material availability, market competition, economic conditions, consumer preferences, manufacturing innovations, and geopolitical dynamics. Understanding and navigating these market factors are crucial for stakeholders to make informed decisions and capitalize on opportunities in this dynamic industry.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 7.51 billion |
| Growth Rate | 10.75% (2024-2032) |
Carbon Fiber Market Highlights:
Global Carbon Fiber Market Overview
Carbon Fiber Market Size was valued at USD 7.51 billion in 2023. The Carbon Fiber industry is projected to grow from USD 8.25 Billion in 2024 to USD 19.77 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.75% during the forecast period (2024 - 2032). Increasing use of carbon fiber in various end-use industries such as Sports & Fitness, Aerospace & defense, and many others.
Significant market factors that will help accelerate the growth of the carbon fiber market include rising demand from the manufacture of satellite and secondary aircraft parts as well as strict environmental regulations to increase the adoption of carbon fibers and related businesses in automotive applications. Increased use of carbon fiber in 3D printing and the development of low-cost production processes, such as plasma oxidation technology, are further factors contributing to the market's expansion.
Furthermore, the growth in expenditures for the development of low-cost coal-based carbon fibers and the rise in demand from FCEVs will create new prospects for conventional bearing producers soon.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Carbon Fiber Market Trends
-
Growing demand for carbon fiber in the sports & fitness industry boosts the market growth.
Carbon fibers are frequently employed in the production of sporting goods because of their excellent strength and lightweight. Carbon fiber is used to make a variety of sports equipment, including tennis racquets, oars, pickleball paddles, archery, hockey sticks, fishing rods, baseball bats, and bicycles. When creating extremely specialized applications, carbon fibers offer design freedom. The equipment’s precise shape is essential to its performance and is easily achievable with carbon fiber composites. Golfers and cyclists benefit from the improved performance of carbon fiber. Carbon fibers are mostly used in tennis rackets. Therefore, the above factors are likely to drive the market for carbon fiber market in various sporting equipment.
Figure 1: Size of the health and fitness club market worldwide in 2021, with a forecast for 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
According to Statista, the size of the health and fitness club market worldwide in 2021 is estimated at USD 91.18 billion, with a forecast for USD 169.7 billion in 2030. Hence, it will grow at a rate of 7.67 percent annually between 2023 and 2030.
However, growth in the health and fitness club market will show healthy growth in the forecast period which in turn favors the growth of the Carbon Fiber market and is another factor driving the growth of the Carbon Fiber market revenue.
Carbon Fiber Market Segment Insights
Carbon Fiber Raw Material Insights
The Carbon Fiber market segmentation is based on Raw Material, which includes Pitch base and PAN-based. PAN Based segment held the largest share in respect to the Carbon Fiber market revenue in 2021. The PAN-based component has a number of advantages, including low density, high strength, high modulus, high-temperature resistance, wear resistance, corrosion resistance, fatigue resistance, creepage resistance, electric conduction, heat conduction, and far-infrared radiation resistance. These characteristics of PAN make it appropriate for usage in a variety of end-use sectors, including aerospace and aviation, automotive, wind energy, anti-flame clothing & materials, and sports equipment. Thus, market growth is further fueled by expansion in these end-use industries.
Carbon Fiber Type Insights
The Carbon Fiber market segmentation, based on type, includes Virgin Carbon Fiber and Recycled Carbon Fiber. Recycled Carbon Fiber market is likely to show fastest growth in the forecast period which will positively impact the market growth for overall carbon fiber market.
August 16, 2022, Vartega Inc a manufacturer of recycled carbon fiber announced an expansion in its production, compared to its present site in Golden, Colorado, is doubling its manufacturing capacity and tripling its footprint. The newly finished Building 2 of Denver, Colorado's Pecos Logistics Park, which is owned by institutional investors advised by J.P. Morgan Alternatives, will house Vartega's new 50,000-square-foot manufacturing facility and headquarters.
Carbon Fiber End Use Industry Insights
Based on End Use Industry, the Carbon Fiber industry has been segmented into Aerospace & Defense, Automotive, Building & Construction, Wind Turbines, and Others. Carbon fibers are well suited for usage in the aerospace and military, automotive, sporting goods, and wind turbine industries because of their high strength, high thermal & electrical conductivity, lightweight, and high modulus qualities, which are perfect for the industry's expansion. In 2021, the Aerospace and Defense sector held the market share with a market share of more than 25%. The employment of these composites in the Airbus A350 XWB, JSF, F18 E/F, A380, Eurofighter Typhoon, Express, Airbus A400M, V22 Osprey, Boeing 787, and GEnx Engines, among other end products, is excellent for the market's expansion. The production of narrow-body aircraft using carbon fibre is also expanding and increasing market demand.
Carbon Fiber Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. Europe’s Carbon Fiber market accounted for more than 40% and is expected to exhibit a healthy CAGR during the forecast period. The market is expanding due to the influence of nations like the UK, France, and Germany. Major producers of electric cars, aviation, and defence products, including Airbus, Safran, Rolls Royce, BAE Systems, and others, are present in the area, which is projected to increase demand. While the region's carbon fibre business is developing as a result of strict environmental regulations and rising demand for electric automobiles.
Further, the major countries studied are: The Germany, France, UK, Italy, Spain, U.S, Canada, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CARBON FIBER MARKET SHARE BY REGION 2021 (%
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Carbon Fiber market accounts for the second-largest market share due to the availability of raw materials. Further, the US Carbon Fiber market held the largest market share, and it is was the fastest growing Carbon Fiber market in the North Amaerica region
Carbon Fiber Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Carbon Fiber market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Carbon Fiber industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Carbon Fiber industry to benefit clients and expand the Carbon Fiber market sector is to manufacture locally to reduce operating costs.
Hexcel Corporation is one of the leading producers of carbon fiber and a company committed to improving the lives of people through various technologies, services, and solutions. The company strives to be an industry leader and a responsible steward of resources both human and natural. These values guide actions reflect culture, and drive the performance of the company. For instance, Hexal launched HexPEKK material, an electrically conductive, high-performance, PEKK-based thermoplastic carbon fiber composite additive manufacturing material.
Also, Vartega Inc is manufacturers recycled carbon fiber using reclaimed and recycled carbon fiber is a low-cost alternative to virgin material for automotive and industrial applications Carbon fibre is sourced by the firm from a variety of dry fibre and prepreg trash sources. The mechanical characteristics of this substance are identical to those of fresh carbon fibre. Carbon fibre from Vartega is offered in short fibre shapes. It works best when used in moulding compounds, non-wovens, and thermoplastics.
Key Companies in the Carbon Fiber market include
-
Hexcel Corp.
-
-
TEIJIN Aramid B.V.
-
Hyosung Advanced Materials
-
ESE Carbon Co.
-
Mitsubishi Chemical Corp.
-
MakerBot Industries LLC
-
SGL Carbon SE
-
Solvay S.A
-
Hengshen Co., Ltd.
-
Others
Carbon Fiber Industry Developments
June 2020: In an effort to advance the circular economy, Mitsubishi Chemical Corporation acquired two German carbon fibre recycling firms, CFK Valley Stade Recycling GmbH & Co. KG (CFK) and carboNXT GmbH (carboNXT), through its subsidiary Mitsubishi Chemical Advanced Materials AG (MCAM; Head office: Zurich, Switzerland; President: Michael Koch). The deal should be finished at the beginning of August.
February 2021: Teijin introduces new brands of intermediate carbon fiber materials. Carbon fiber intermediate materials under the Tenax PW (power series) and Tenax BM (beam series) trademarks are suitable for sporting purposes. Tenax PW is a cutting-edge material of aircraft quality that helps to enhance power and speed due to its excellent toughness and longevity. made of resin with high tensile strength and modulus.
Carbon Fiber Market Segmentation
Carbon Fiber Raw Material Outlook
-
Pitch based.
-
PAN based
Carbon Fiber Type Outlook
-
Virgin Carbon Fiber
-
Recycled Carbon Fiber
Carbon Fiber Product Type Outlook
-
Continuous
-
Long
-
Short
Carbon Fiber End-Use Industry Outlook
-
Aerospace & Defense
-
Automotive
-
Building & Construction
-
Wind Turbines
-
Others
Carbon Fiber Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
