Carbon Fiber Market Analysis 2024 and Forecasts 2032: Unveiling Growth Opportunities

Key Insights

The Carbon Fiber Marketsize was valued at USD 3.31 USD Billion in 2023 and is projected to reach USD 5.97 USD Billion by 2032, exhibiting a CAGR of 8.8 % during the forecast period. Carbon Fiber is a composite material that has minute carbon fibres embedded in a matrix. It is stiff and tough and is made of carbon atoms linked together in a preset fibre formation. Carbon fibre is stronger than steel, five times lighter, and thus ideal for creating converters that are strong and lightweight. The high tensile strength of the material, its low coefficient of thermal expansion, and its ability to withstand corrosive and fatigue effects are advantages of this material. These features make it an ideal material for various high-performance applications. The benefit of carbon fibre is that it is widely used in the manufacture of cars and airplanes since its lightweight nature is perfect for these industries and helps in improving their efficiency. The more details about this material are the following: The first benefit of carbon fibre is that it is widely used in the manufacture of cars and airplanes since its lightweight nature is perfect for these industries and helps in improving their efficiency. Also in some other applications, for example, in sports, carbon fiber is used in bicycles and tennis racquets because they are lean and strong.

Carbon Fiber Trends

• Increasing demand for lightweight and high-performance materials
• Growing adoption of carbon fiber in aerospace and automotive applications
• Development of new and innovative carbon fiber production technologies
• Increasing investment in research and development
• Government initiatives to promote the use of carbon fiber

Driving Forces: What's Propelling the Carbon Fiber Market

• Increasing demand for lightweight materials: Carbon fiber is a lightweight and high-strength material that is ideal for use in applications where weight reduction is critical, such as aerospace and automotive.
• Growing adoption in aerospace and automotive: Carbon fiber is increasingly being used in aerospace and automotive applications due to its high strength-to-weight ratio and stiffness.
• Government initiatives: Governments around the world are promoting the use of carbon fiber in various industries, such as automotive and aerospace, as it is a lightweight and high-performance material.

Challenges and Restraints in Carbon Fiber Market

• High cost: Carbon fiber is a relatively expensive material, which can limit its use in some applications.
• Production challenges: Carbon fiber production is a complex and time-consuming process, which can limit its availability.
• Competition from other materials: Carbon fiber faces competition from other lightweight materials, such as aluminum and titanium.

Emerging Trends in Carbon Fiber

• Development of new carbon fiber production technologies: New carbon fiber production technologies are being developed that are more efficient and cost-effective, which could make carbon fiber more accessible in the future.
• Increasing use of carbon fiber in new applications: Carbon fiber is being increasingly used in new applications, such as construction and sports equipment, as it offers a unique combination of strength, lightness, and stiffness.

Growth Catalysts in Carbon Fiber Industry

• Increasing demand from aerospace and automotive industries: The demand for carbon fiber is growing rapidly in the aerospace and automotive industries, as it is a lightweight and high-performance material that can help to reduce weight and improve fuel efficiency.
• Government support for research and development: Governments around the world are providing support for research and development in the carbon fiber industry, which is helping to drive innovation and reduce costs.

Market Segmentation: Carbon Fiber Analysis

• Precursor: PAN and Pitch: PAN (polyacrylonitrile)-based carbon fiber is the most common type of carbon fiber, accounting for over 90% of the market. Pitch-based carbon fiber is more expensive than PAN-based carbon fiber, but it has higher strength and stiffness.
• Tow: Large Tow and Small Tow: Large tow carbon fiber has a diameter of 12K or more, while small tow carbon fiber has a diameter of less than 12K. Small tow carbon fiber is more expensive than large tow carbon fiber, but it has better mechanical properties.
• Application: Aviation, Aerospace & Defense, Automotive, Wind Turbines, Sports & Leisure, Construction, and Others: The largest application segment is aviation, aerospace & defense, which accounted for over 50% of the market in 2022. The automotive segment is growing rapidly, and is expected to be the largest application segment by 2030.

Leading Players in the Carbon Fiber Market

• Toray Industries, Inc. (Japan)
• Solvay (Belgium)
• Nippon Graphite Fiber Co., Ltd. (Japan)
• TEIJIN LIMITED (Japan)
• Hexcel Corporation (U.S.)
• ZOLTEK Corporation (U.S.)
• HYOSUNG ADVANCED MATERIALS (South Korea)
• Advanced Composites Inc. (U.S.)
• Mitsubishi Chemical Carbon Fiber and Composites, Inc. (U.S.)
• Formosa M Co., Ltd. (South Korea)

Significant developments in Carbon Fiber Sector

• December 2022: Solvay collaborated with Trillium on bio-based acrylonitrile to produce carbon fiber for automotive, aerospace, consumer goods, and energy applications.
• September 2022: Solvay launched LTM 350, a next-generation epoxy prepreg carbon fiber tooling material designed to deliver significant cost and time savings for the aerospace, industrial, automotive and race car markets.
• July 2021: Toray Industries Inc. completed the acquisition of Tencate Advanced Composites Holding BV, a Dutch producer and distributor of carbon fiber composite materials. TenCate's parent firm, Koninklijke Ten Cate BV, agreed to sell the business to Toray for €930 million (USD 1 billion), including net debt. With this acquisition, the company would be able to provide a wider product lineup, such as polymer technologies and carbon fiber.
• February 2021 –­: Teijin Limited launched Tenax BM (beam series) and Tenax PW (power series) brands of carbon fiber intermediate materials for sports applications. This launch will help the company to maximize power and speed due its exceptional durability and toughness.

Comprehensive Coverage Carbon Fiber Market Report

• Market size and growth rate for the global carbon fiber market
• Segmentation of the market by precursor, tow, and application
• Market share analysis of leading players
• Analysis of key market dynamics, including drivers, restraints, and challenges
• Porter's Five Forces analysis
• SWOT analysis
• Competitive landscape and company profiles
• Key industry developments and trends

Regional Insight

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Consumer Side Analysis

• Consumer behavior and preferences
• Consumer segmentation
• Consumer decision-making process

Demand Side Analysis

• Demand drivers and restraints
• Demand forecasting
• Demand elasticity

Import And Export Analysis

• Import and export data
• Trade patterns
• Import and export regulations

Pricing Strategies

• Pricing models
• Pricing strategies
• Competitive pricing analysis

Segmentation

• Market segmentation by product type: (Wind Turbines)
• Market segmentation by end-use industry
• Market segmentation by geography