The global Carbon Fiber Market is valued at USD 5.8 Billion in 2022 and is projected to reach a value of USD 14.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 11.8% between 2023 and 2030.
While retaining structural strength, Carbon Fiber can be reshaped into a variety of shapes that traditional metals cannot. This makes it a versatile material in the aerospace industry. Modern aircraft comprise approximately 40% Carbon Fiber, with notable examples including the Boeing 787 Dreamliner, where 50% of the aircraft's weight is comprised of composite materials, mainly Carbon Fiber laminate. Carbon Fiber is not only lightweight but also fatigue and corrosion-resistant, which reduces maintenance costs and increases overall profitability. This is evident in the Boeing 787, where Carbon Fiber is used in the fuselage, wings, and tail, ensuring long-lasting reliability. Carbon Fiber is also used in helicopters to replace metal parts like rotor blades and tails, extending their operational lifespan and reducing maintenance requirements.
Carbon Fiber Market Size, 2022 To 2030 (USD Billion)
- Hexcel announced they will display cutting-edge lightweight materials like the latest HexPly® M79 prepregs made with intermediate and high modulus fibers. They will also showcase impressive superyacht and windship components developed by customers using Hexcel materials.
- The European region generated more than 36.2% of revenue share in 2022.
- The Asia Pacific region is expected to grow at the quickest rate from 2023 to 2030.
- Pan-based Carbon Fiber segment accounted for the most significant market growth and contributed over 78.2% of the total revenue share in 2022.
- The virgin Carbon Fiber segment revealed the most significant market growth, contributing more than 80.1% of the total revenue share in 2022.
- The high modulus segment accounts for the most considerable revenue of 56.3% in 2022.
- In 2022, the Continuous Carbon Fiber category led the global market growth.
- The Composite application segment led the market in 2022.
- The aerospace segment accounted for the most considerable market growth, with a revenue share of 30.6%.
The requirement for strong, lightweight materials in industries like automotive, aerospace, and sporting goods has increased, and this has resulted in a notable growth in the Carbon Fiber market in recent years. This demand stems from the need for fuel efficiency, improved performance, and sustainability. However, economic fluctuations can significantly affect the Carbon Fiber market. For instance, in times of economic downturn or recession, industries such as automotive and aerospace may reduce production, leading to a drop in Carbon Fiber demand. Additionally, financial instability and fluctuating exchange charges can affect the prices of raw materials and transportation, affecting the general supply chain. The Carbon Fiber supply chain is intricate, involving different stages like precursor material production, Carbon Fiber manufacturing, and final product integration. Any disruptions in this supply chain, be it due to natural disasters, political unrest, or global pandemics like COVID-19, can impact the availability and cost of Carbon Fiber.
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Top Market Trends
- Advancements in Carbon Fiber properties and manufacturing technologies are revolutionizing the market, resulting in stronger, lighter, and more cost-effective Carbon Fiber solutions with potential breakthroughs in material science.
- Incorporating innovative software tools significantly enhances the Carbon Fiber market by expediting engineering processes and fostering concurrent engineering activities, resulting in greater innovation and efficiency.
- Future transportation will be greatly impacted by the high strength-to-weight ratio and versatile molding properties of Carbon Fiber. It also resists corrosion, which is important to the aerospace and automotive industries.
- China's emergence as a significant player in the aerospace industry and India's focus on reducing CO2 emissions drive the global Carbon Fiber market. At the same time, strategic investments in Vietnam reflect the industry's dedication to meeting growing global demand.
- Strategic partnerships and collaborations are reshaping the Carbon Fiber market. Key players combine their strengths to expand their market reach, enhance technology, and address challenges, ultimately accelerating the adoption of Carbon Fiber solutions.
- The Carbon Fiber industry is prioritizing sustainability and recycling efforts, aiming to offer comprehensive solutions that incorporate both virgin and recycled Carbon Fibers, thereby minimizing environmental impact and promoting a circular economy.
The global Carbon Fiber market can be categorized into Raw Material Type, Fiber Type, Modulus Type, Product Type, Application Type, End-Use Industry, Region. The Carbon Fiber market can be categorized into Pan-based Carbon Fiber, Pitch-based Carbon Fiber based on Raw Material Type. The Carbon Fiber market can be categorized into Virgin Carbon Fiber, Recycled Carbon Fiber based on Fiber Type. The Carbon Fiber market can be categorized into Standard Modulus, Intermediate Modulus, High Modulus based on Modulus Type. The Carbon Fiber market can be categorized into Continuous Carbon Fiber, Short Carbon Fiber, Long Carbon Fiber based on Product Type. The Carbon Fiber market can be categorized into Composite, Non-Composite based on Application Type. The Carbon Fiber market can be categorized into Aerospace & Defense, Automotive, Wind Energy, Pipes & Tanks, Sporting Goods, Others based on End-Use Industry. The Carbon Fiber market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.
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Based on Raw Material Type
Pan-based Carbon Fiber holds the largest share
The Pan-based Carbon Fiber segment has witnessed substantial growth in the Carbon Fiber market in 2022, mainly due to its superior mechanical properties. Because of their exceptional stiffness and strength, these Carbon Fibers are perfect for applications requiring materials that are both strong and lightweight. They can tolerate heavy loads and pressures because they have a higher tensile strength than other forms of Carbon Fiber. The aerospace, automotive, and wind energy industries greatly value Pan-based Carbon Fibers due to their low weight and excellent strength-to-weight ratio, which further enhances their desirability. The increase in demand for fuel-efficient cars, which has led the automotive sector to use pan-based Carbon Fibers to lighten automobiles and increase fuel efficiency, is another driver propelling this segment's rise.
Based on the Fiber Type
Virgin Carbon Fiber dominated the market
Virgin Carbon Fiber dominated the growth of the Carbon Fiber market in 2022. The reasons for this are increased investment in R&D, expanding applications, growing demand from diverse industries, growing manufacturing technologies, and growing environmental concerns. Virgin Carbon Fiber's high mechanical qualities and remarkable strength-to-weight ratios make it the material of choice in the wind energy, building, sporting goods, and aerospace industries. Improvements in the manufacturing procedures have also increased production efficiency. Moreover, with advancements in manufacturing technologies, virgin Carbon Fiber is finding new applications in defense, marine, and medical industries, offering benefits such as weight reduction and enhanced fuel efficiency in aerospace, and biocompatibility and strength in the medical sector.
Based on the Modulus Type
High Modulus accounted for the largest market share
The high-modulus segment is experiencing significant growth in the Carbon Fiber market due to its superior mechanical properties and increasing demand from various industries. These Carbon Fibers are used extensively in the wind energy, sports and leisure, aerospace, automotive, and construction industries because of their strength, stiffness, and dimensional stability. Notably, they contribute to fuel efficiency and weight reduction in aircraft, improve the strength-to-weight ratio in vehicles, enhance performance in sporting goods, ensure durability in wind turbines, and provide structural reinforcement in construction. In general, the capacity of high-modulus Carbon Fibers to satisfy the demands of high-performance applications drives demand for them.
Based on Product Type
Continuous Carbon Fiber is Forecast to Mention the most Significant Market Growth
Continuous Carbon Fiber has experienced the highest growth rate in the 2022 market because it is stronger and more durable than other kinds of Carbon Fiber. This has increased demand from the aerospace, automotive, sporting goods, and construction industries. In the aerospace sector, continuous Carbon Fiber's lightweight and robust properties are essential for manufacturing aircraft components. In contrast, in the automotive industry, its use in lightweight and high-performance parts helps to improve fuel efficiency. The sporting goods industry also benefits from the superior strength and stiffness of continuous Carbon Fiber composites, enhancing athletes' performance. Additionally, the construction industry is increasingly adopting continuous Carbon Fiber reinforced polymers for their greater strength and durability than traditional materials, in line with current trends toward sustainable construction practices.
Based on Application Type
Composite application expressed the potential market growth
The composite application segment will dominate the Carbon Fiber market in 2022. Various factors, like Carbon Fiber composites' lightweight and high-strength attributes, fuel this growth. These composites offer improved fuel efficiency, increased payload capacity, and enhanced performance in multiple industries such as aerospace and automotive. The corrosion resistance of Carbon Fiber composites also adds to their appeal in marine and infrastructure applications, as they provide longer lifespans and reduced maintenance costs. Additionally, technological advancements and government support further contribute to the growth of Carbon Fiber composites in diverse sectors, expanding their applications in construction, infrastructure, and consumer goods.
Based on End-Use Industry
Aerospace & defense accounted for the substantial market growth
The aerospace and defense segment accounted for the most enormous growth in 2022. In aviation, where weight is critical, Carbon Fiber's exceptional strength-to-weight ratio revolutionizes aerospace and defense applications. The advantages of lighter aircraft include increased fuel efficiency, cost savings for airlines, reduced ticket prices, and a positive environmental impact. Additionally, lighter aircraft allow for extended-range capabilities and improved payload capacity, contributing to greater profitability and operational efficiency. Furthermore, Carbon Fiber composites excel in extreme environments, providing high tensile strength, superior stiffness, and exceptional thermal resistance, making them suitable for aerospace and defense vehicles operating in harsh conditions. The continuous innovation in Carbon Fiber technology is driven by advancements in manufacturing processes, the development of new resin systems, and the utilization of advanced software tools for design and analysis.
Based on Region
Europe dominated the market
The Carbon Fiber market in Europe is witnessing a significant boost in 2022. This growth is driven by prominent players in the aerospace field, such as Airbus, who strategically integrate Carbon Fiber into their production processes to develop lighter and more fuel-efficient wings, exemplified by the A350 XWB aircraft. This approach not only lowers fuel expenses but also positively impacts the environment. The shift towards lightweight materials extends beyond aviation, finding resonance among luxury car manufacturers like BMW and Audi. These companies manufacture vehicles that are more lightweight and energy-efficient through the utilization of Carbon Fiber. Furthermore, adopting Carbon Fiber composites in wind turbine blades enhances their effectiveness in capturing wind energy, resulting in cleaner electricity. Government support and regulatory frameworks are crucial in driving this growth, solidifying Europe's position as a leading force in this dynamic and sustainable industry.
key players are collaborating strategically, innovating technology, and expanding globally. For instance, in August 2023, Argosy International Inc. and Formosa Plastics formed a strategic partnership, allowing Formosa to grow its Advanced Materials Composites business in North America. This partnership combines Formosa's experience as a plastic and Carbon Fiber supplier with Argosy's expertise in selling high-tech specialty materials. Both companies are focused on digitalization and AI, showing their commitment to the future of advanced materials. Similarly, Hexcel introduced new lightweight materials that minimize deformation in highly loaded components in October 2023.
The players in the global Carbon Fiber market include A&P Technology Inc. (U.S.), Anshan Sinocarb Carbon Fibers Co. Ltd. (China), DowAksa USA LLC (U.S.), Formosa Plastics Corporation (U.S.), Hexcel Corporation (U.S.), Holding Company Composite (Russia), Hyosung Advanced Materials (South Korea), Jiangsu Hengshen Co. Ltd. (China), Mitsubishi Chemical Corporation (Japan), Nippon Graphite Fiber Co. Ltd. (Japan), SGL Carbon Solvay (Belgium), Teijin Limited (Japan), Toray Industries Inc. (Japan), Zhongfu Shenying Carbon Fiber Co. Ltd. (China) among others.
Recent Market Developments
- October 2023: The Mitsubishi Chemical Group (MCG Group) has acquired full ownership of CPC SRL, a well-known Italian company that specializes in making and distributing car parts made from Carbon Fiber reinforced plastic (CFRP). This acquisition started with a minority ownership in 2017 and is in line with MCG Group's long-term plan to expand and improve its Carbon Fiber supply chain.
- October 2023: Hexcel will showcase innovative advanced lightweight material technologies including new intermediate and high modulus fiber HexPly® M79 prepregs and present examples of high-performance superyacht and windship components developed by customers using Hexcel materials.
- September 2023: Hyosung Advanced Materials has decided to create a new company called Hyosung Vina Core Materials Co., Ltd. in southern Vietnam's Ba Ria-Vung Tau Province. The main purpose of this new subsidiary is to expand the production of Carbon Fiber. Hyosung Advanced Materials aims to enhance the global competitiveness of Carbon Fiber by not only growing its production facilities in Korea but also in China and Vietnam.
- August 2023: Argosy International Inc. partnered with Formosa Plastics to expand Formosa’s Advanced Materials Composites business into North America.
- January 2023: Formosa Plastics Group and South Korean Carbon Fiber recycling start-up CATACK-H reached a cooperation, aiming to provide customers with comprehensive solutions including virgin and recycled Carbon Fibers. With CATACK-H's patented technology, Carbon Fiber waste collected from Formosa Plastics and its customers will be processed into a wide variety of recycled products.
Segmentation of the Global Carbon Fiber Market
By Raw Material Type
- Pan-based Carbon Fiber
- Pitch-based Carbon Fiber
By Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon Fiber
By Modulus Type
- Standard Modulus
- Intermediate Modulus
- High Modulus
By Product Type
- Continuous Carbon Fiber
- Short Carbon Fiber
- Long Carbon Fiber
By End-Use Industry
- Aerospace & Defense
- Wind Energy
- Pipes & Tanks
- Sporting Goods
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- A&P Technology Inc. (U.S.)
- Anshan Sinocarb Carbon Fibers Co. Ltd. (China)
- DowAksa USA LLC (U.S.)
- Formosa Plastics Corporation (U.S.)
- Hexcel Corporation (U.S.)
- Holding Company Composite (Russia)
- Hyosung Advanced Materials (South Korea)
- Jiangsu Hengshen Co. Ltd. (China)
- Mitsubishi Chemical Corporation (Japan)
- Nippon Graphite Fiber Co. Ltd. (Japan)
- SGL Carbon Solvay (Belgium)
- Teijin Limited (Japan)
- Toray Industries Inc. (Japan)
- Zhongfu Shenying Carbon Fiber Co. Ltd. (China)
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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