Carbon Fiber Market Size to grow by USD 2,732.91 million from 2022 to 2027, 3M Co., China Composites Group Corp. Ltd. and more among the key companies in the market - Technavio
NEW YORK, Dec. 1, 2023 /PRNewswire/ -- The global carbon fiber market size is estimated to increase by USD 2,732.91 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 7.43% during the forecast period. The global carbon fiber market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer carbon fiber in the market are 3M Co., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Evonik Industries AG, Formosa M Co. Ltd., Hexcel Corp., Hyosung Advanced Materials, Kordcarbon AS, Kureha Corp., Mitsubishi Chemical Corp., Nippon Steel Corp., Osaka Gas Co. Ltd., Saudi Arabian Oil Co., SGL Carbon SE, SIMCO Technology and Systems Ltd., Solvay SA, Taekwang Group, Teijin Ltd., Toray Industries Inc., and UMATEX ROSATOM State Corp. and others. Discover some insights on market size, historic period (2017 to 2021), and Forecast 2023-2027 before buying the full report -Request a sample report
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Vendor Offerings -
- China Composites Group Corp. Ltd. - The company offers carbon fiber such as SYT45-3K, SYT45S-12K, SYT49S-12K, SYT55-12K, and SYT49S-24K.
- DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti. - The company offers carbon fiber with different materials 3K, 12K, and 24K.
- Formosa M Co. Ltd. - The company offers carbon fiber such as TC-33, TC-35R, and TC-42S.
- For details on the vendor and their offerings – Request a sample report
Carbon Fiber Market - Segmentation Assessment
Segment Overview
This carbon fiber market report extensively covers market segmentation by end-user (aerospace and defense, sports and leisure, wind energy, automotive, and others), raw material (pan-based, pitch-based, and rayon-based), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the aerospace and defense segment will be significant for overall market growth during the forecast period. The carbon fiber helps reduce the overall weight of aircraft. The commercial aerospace industry is increasingly using carbon fiber, in the aerospace industry. For instance, the latest Boeing 787, 777, and Airbus A350XWP contain over 50% fiber-reinforced plastic by weight. Overall, aircraft weight is reduced, and aerodynamic performance is increased due to the use of carbon fiber to create lightweight components for aircraft. Furthermore, carbon fiber is used in many defense applications, such as flying drones, armored combat vehicles, submarines, and body armor. Hence, such factors are expected to boost the segment growth.
Geography Overview
By geography, the global carbon fiber market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global carbon fiber market.
- North America is estimated to account for 32% of the growth of the global carbon fiber market during the forecast period. The high consumption of carbon fiber in industries such as aerospace, automotive, wind energy, and construction are the factors that drive the market growth during the forecast period. The production of commercial aviation and large passenger and cargo aircraft dominates the aerospace and defense sector. Hence, such factors drive regional growth during the forecast period.
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Carbon Fiber Market – Market Dynamics
Key Driver
The increasing use of carbon fibers in the aerospace and defense sector notably drives the carbon fiber market growth. Major aircraft manufacturers such as Boeing and Airbus use carbon fiber to manufacture aircraft parts, which reduces aircraft weight by approximately 50%. The superior strength-to-weight ratio of carbon fiber-reinforced polymers (CFRP) materials enables them to be well-suited for aerospace applications as aircraft engineers focus on creating efficient, lightweight aircraft structures. They make up about 50% of the structural weight of the Boeing 787 Dreamliner. This approach yields an average weight reduction of 20% in comparison to traditional aluminum designs. Hence, such factors drive the market growth during the forecast period.
Key Trends -
- The increasing demand for lightweight and high-performance materials is an emerging trend influencing the carbon fiber market growth.
- As a result of properties such as energy saving and wear resistance, lightweight and high-performance materials are used in various industrial applications, thus increasing their demand from various end-user industries.
- Properties such as a high strength-to-weight ratio, high-temperature resistance, and thermal shock resistance among others lead to various types of high-performance materials, carbon composites are the most preferred composites.
- Hence, such trends will promote the use of carbon fiber in several new application areas during the forecast period.
Major challenges -
- The high competition from substitutes is a challenge that may impede the carbon fiber market growth.
- The alternatives for carbon fiber include fiberglass, aluminum, copper, basalt fiber, aramid fiber, and natural fibers. The demand for them poses serious challenges to the growth of the market due to the similar end-uses of the alternatives.
- Aramid fibers (aromatic polyamides) exhibit high mechanical strength and are resistant to damage.
- Hence, the increasing demand for substitutes is expected to hamper the growth of the fiber market during the forecast period.
What are the key data covered in this Carbon Fiber Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the carbon fiber market between 2023 and 2027
- Precise estimation of the size of the carbon fiber market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the carbon fiber market across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of carbon fiber market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by End-User
- market Segmentation by Raw Material
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
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