|Status : Published||Published On : Mar, 2021||Report Code : VRCH2016||Industry : Chemicals & Materials||Available Format :||Page : 135|
The global carbon fiber market was valued at USD 3.68 billion in 2020, growing at a CAGR of 10.8% during 2021-2027. The global carbon fiber market is growing at a significant rate, due to prevalent reorganization of the automotive industry. Growing number of aircraft in response to the rising travelers across the globes is another factor contributed to the growth of the global carbon fiber market. The market has witnessed a high demand for aerospace and automotive sector in current year and is expected to foresee exceptional sales in the environment and renewable energy sector in near future.
Insight by Product Type
On the basis of product type, the market is subdivided into the continuous, long, and short. Of all products, the continuous segment is expected to grow at the fastest rate in the market. PAN-based carbon fibers are extensively used in a structural application segment such as aerospace, sports goods, and industrial sectors.
Insight by Raw Material
On the basis of raw material, the market is subdivided into the PAN based, pitch based and rayon based. Of all raw material, the PAN based segment captures almost 90% market share in 2019 in terms of revenue and is expected to grow at the fastest rate in the market due to the escalating demand in the aerospace and automotive industry. It is used in the various process such as layup, weaving, pre-pegging, filament winding, braiding and protrusion for manufacturing of various parts of automotive, aerospace, energy, pipelines and tanks, sports goods and so on.
Insight by Fiber Type
On the basis of fiber type, the market is subdivided into the virgin and recycled. Of all fiber type, the recycled segment is expected to grow at the fastest rate in the market due to the escalating demand in emerging industry sectors. Currently, virgin captures more than 90% market share however, it is expected that recycled fiber will grow speedily in near future
Insight by Modulus
On the basis of modulus, the market is subdivided into the standard, intermediate and high. Of all modulus, the intermediate segment is expected to grow at the fastest rate in the market due to its high tensile strength with high level and balance composite properties.
Insight by Application
On the basis of application, the market is bifurcated as composite and non-composite carbon fiber. Of all application, the composite segment captures largest market share and is expected to grow at the fastest rate in the market between 2020 to 2030. The composite carbon fiber is further broken down into three types called prepreg, woven fabric and molding compound.
Insight by End Use
On the basis of end-user vertical, the market is segmented into the aerospace & defense, automotive, wind energy, sporting goods, electrical & electronics, civil engineering, pipes & tanks, marine and others. Of all end-user verticals, the aerospace & defense segment capture largest market size. However, the automotive and wind energy segment is expected to grow at the fastest rate in the market during the forecast period.
Horizontal and vertical market integration among carbon fiber market player to intensify their presence in the global ecosystem are the trends prevailing in the carbon fiber market.
Prevalent reorganization of the automotive industry facilitating the growth of the carbon fiber market. There was an extensive reorganization in the automotive sector in the past decade with the introduction of numerous technologies such as electric cars and hybrid vehicles, and regulations related to carbon emission and fuel efficiency. All these factors are encouraging the use of carbon composite materials in the automotive sector.
Besides, the demand for new commercial aircraft with larger capacity is growing rapidly with the rise in the number of air travelers is another driving factor for the market
Although carbon fiber has gained substantial share in several industries. However, its high cost when compared to metals restrict its penetration in small budget and price sensitive industries are the major challenges for the growth of the carbon fiber market.
Geographically, Asia Pacific is the largest carbon fiber market due to growing industrialization. APAC is the largest carbon fiber market in 2018 surpassing Europe and North America. The region comprises of some of the largest economies supporting the market growth. Japan is the second-largest carbon fiber manufacturer, with 25 metric tons of capacity in 2016. Numerous carbon fiber organizations based in Japan has supported significant research and development in the advanced material sector while supporting at least some domestic end-use markets such as the automotive sector creating a positive impact on the carbon fiber market growth in the region.
Currently, there is a lot of organic as well as inorganic strategies adopted by the market stakeholders to sustain and expand their market presence. There is horizontal market integration among players such as SGL Carbon and Solvay collaboration to develop their composite materials based on large-tow intermediate modulus (IM) carbon fiber composites for aerospace primary structures.
Toray Industries, SGL Group, Mitsubishi Rayon Co., Ltd., Teijin Limited, Hexcel Corporation, Dowaksa, Solvay, Formosa Plastics Corporation, Jiangsu Hengshen Co. Ltd., Hyosung, Kureha, and ELG Carbon Fibre are the key players offering carbon fiber.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research