Value of Carbon Fiber Market estimated at US$ 4.5 Bn by 2031, TMR Study

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Jul 07, 2022, 11:30 ET

Strong leaning of aerospace engineers to use carbon fiber composites to design dream planes opens lucrative opportunities
Advantage of low weight of carbon fiber enables longer blades and increased energy capture at low wind locations to witness immense demand for wind energy generation

WILMINGTON, Del., July 7, 2022 /PRNewswire/ -- Analysts at TMR estimate the carbon fiber market to expand at a CAGR of 6.8% for the forecast period from 2022 to 2031. Demand for carbon fiber from engineers and designers for the manufacture of specialized high-performance products such as racecars, aircraft, and sporting equipment fuels the growth of carbon fiber market.

Carbon fiber features excellent strength and stiffness to find use in diverse high-performance applications across several end-use industries. Prospects of rising demand for carbon fiber in building & construction for products for maintenance and repair work is anticipated to shape carbon fiber market trends in the upcoming years. Furthermore, investments in R&D to develop carbon fiber material for applications in various fields such as water treatment and electrochemistry are emerging trends in the carbon fiber market.

Asia Pacific held 33.1% share of carbon fiber market in 2021. The carbon fiber market of the region is anticipated to expand at a CAGR of 7.5% during the forecast period on the back of high demand for carbon fiber composites from wind energy and automotive industries in the region.

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Carbon Fiber Market – Key Findings of the Report

Demand analysis of carbon fiber market reveals polyacrylonitrile is used for nearly 90% of carbon fiber produced with the remaining 10% composed of rayon or petroleum pitch
Carbon fiber market outlook is promising with critical advantages of carbon fiber to boost fuel efficiency of vehicles while maintaining safety and performance. Carbon fiber features highest strength and stiffness per density to make it ideal for high-performance, track-focused vehicles wherein each pound shed can translate to increase acceleration and top speed.
Potential of carbon fiber to overtake metal as the preferred structural material for aircraft to serve superior aerodynamics, fewer component requirement, and lower fuel cost requirements to create ample opportunities in carbon fiber market. So much so, aerospace engineers use carbon fiber composite materials to design their dream planes for its desired versatility.

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Increasing demand for carbon fiber composites from commercial airlines to build aircraft bodies to create new growth frontiers in the carbon fiber market. Airbus A350 XWB and Boeing 787 Dreamliner are two commercially flying aircraft that use carbon fiber composites.
Superior characteristics of high strength, stiffness, and low density make carbon fiber-based composites sought-after for wind turbines. Significant difference in weight of wind blades composed of carbon fiber than the ones composed of traditional fiberglass enables carbon fiber blades to be longer than fiberglass ones and serve to be suitable for locations with low wind. Extended lifetime due to high fatigue resistance for wind generation to open largest opportunity for carbon fiber market in the years ahead.
North America carbon fiber market is anticipated to display marginal increase in share from 32.04% in 2021 to 33.03% in 2031. Demand for carbon fiber from the aerospace industry contributes substantially to the growth of carbon fiber market of the region.

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Carbon Fiber Market – Growth Drivers

Demand for carbon fiber for diverse high-performance applications owing to an array of unique properties such as high stiffness, lightweight, high chemical resistance, and high temperature tolerance fuels the growth of carbon fiber market
Critical role of carbon fiber to boost the fuel economy of modern automobiles to reduce carbon footprint creates ample opportunities in carbon fiber market

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Carbon Fiber Market – Key Players

Some of the prominent players operating in the carbon fiber market are;

Formosa Plastics Corp.
Toray Industries Inc.
Mitsubishi
Hexcel Corporation
Teijin Carbon
SGL Carbon

The carbon fiber market is segmented as follows;

Carbon Fiber Market, by Product

PAN-based
Pitch-based
Others

Carbon Fiber Market, by Technology

Prepreg Layup
Pultrusion
Winding
Press & Injection Molding
Others

Carbon Fiber Market, by Application

Residential Construction
Non-residential Construction

Automotive & Transportation

Interior
Exterior
Others

Construction

Aerospace & Defense
Sports & Leisure
Marine and Oil & Gas
Wind Energy
Others

Carbon Fiber Market, by Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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