Carbon Fiber Market Estimated to Reach $23.2 billion by 2033 Globally, at a CAGR of 12.6%, says MarketsandMarkets™
Delray Beach, FL, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The Carbon Fiber Market is projected to grow from USD 7.1 billion in 2023 to USD 23.2 billion by 2033, at a CAGR of 12.6% during the forecast period, as per the recent study by MarketsandMarkets. The growth of the carbon fiber market is being driven by a number of factors, including the The increasing demand for lightweight and fuel-efficient materials in the aerospace industry, Growing industrialization and rising disposable income in developing economies have contributed to the growth of the automotive industry and, in turn, the demand for carbon fibers. The high cost of carbon fiber production remains a concern that could hinder market growth. The growing adoption of carbon fibers in wind energy and renewable energy sectors has boosted the carbon fiber market.
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Browse in-depth TOC on “Carbon Fiber Market”
311 – Market Data Tables
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List of Key Players in Carbon Fiber Market:
- Toray Industries Inc., (Japan)
- Teijin Limited (Japan)
- Mitsubishi Chemical Group Corporation (Japan)
- Hexcel Corporation (US)
- Solvay (Belgium)
- SGL Carbon (Germany)
- Hyosung Advanced Materials (South Korea)
- Zhongfu Shenying Carbon Co., Ltd. (China)
- Kureha Corporation (Japan)
- DowAksa (Turkey)
- Jilin Chemical Fiber Group Co., Ltd. (China)
- Jiangsu Hengshen Co., Ltd. (China)
- Anshan Sinoda Carbon Fibers Co., Ltd. (China)
- China National Bluestar (Group) Co., Ltd. (China) among others.
Drivers, Restraints, Opportunities and Challenges in Carbon Fiber Market:
- Driver: Rising demand of regular tow carbon in pressure vessels leading the growth of carbon fiber based composites
- Restraint: Lack of standardization in manufacturing technologies
- Opportunity: Increasing demand for fuel cell electric vehicles (FCEVs)
- Challenge: Production of low-cost carbon fiber
Key Findings of the Study:
- Based on the end-use industry, the pressure vessels segment is estimated to account for the highest CAGR in the Carbon Fiber market share during the forecast period.
- Based on application, composites application is anticipated to register the highest CAGR in the Carbon Fiber market.
- Europe to hold the largest market share during the forecast period.
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Based on raw material type, PAN-based segment is expected to have the largest share of the carbon fiber market in 2022 by value. The PAN-based carbon fiber segment dominated the overall carbon fiber market due to its high strength modulus compared to other types of carbon fibers. PAN-based carbon fiber has a higher demand due to its cost-effectiveness and better quality of fiber produced. PAN-based carbon fibers constitute the most important group and are highly desirable in high-performance composites for aircraft, aerospace, and other highly technical applications. Pitch-based carbon fibers possess unique structural characteristics that have offered a variety of new applications.
Based on application, The composite segment is expected to have the largest share of the carbon fiber market in 2022 by value. Carbon fiber's exceptional strength, stiffness, and lightweight nature make it a vital material in composite applications. It enhances the composite's durability, allowing for lighter and stronger designs in aircraft, cars, boats, and even sports equipment. This translates to improved fuel efficiency, increased payload capacity, and enhanced performance across various industries, despite the current challenge of high cost. As technology advances and production becomes more efficient, expected carbon fiber to continue shaping the future of lightweight and sustainable materials.
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The manufacturing process of carbon fiber involves several complex steps that transform the precursor materials into the final carbon fiber product. The high cost of carbon fiber production remains a concern that could hinder its market growth, and future efforts on carbon fiber research will be focused on cost reduction and property enhancement.
Based on Region, Europe was the largest market for the carbon fiber in 2022, with Germany being the largest market in the region. The European market has seen a rise in the demand for lightweight and fuel-efficient vehicles, leading to a higher consumption of carbon fibers in the automotive industry. Additionally, the presence of a wide base of electric car manufacturers in Europe has led to an increased demand for carbon fibers, as these vehicles require lightweight materials for improved efficiency, and the export-oriented nature of its industries contribute to the dynamic growth and development of the carbon fiber market across Europe.
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