Global Carbon fiber market is predicted to witness a higher CAGR over the upcoming years. The major factor driving the carbon fiber market includes its increasing adoption across the automotive and aerospace properties, owing to the enormous remarkable advantages such as rigidity, light weight, fuel-efficiency, high-temperature resistance, low thermal expansion, and higher tensile strength.

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Key Drivers and Emerging Trends

The carbon fiber market is anticipated to witness a smooth growth curve over the upcoming years, owing to the expansion of automotive industry and the emerging need for lightweight and fuel effective vehicles. Increasing partnership among leading car companies such as Honda, BMW, Audi, General Motors, and Polestar, with carbon composite producers for mass production will offer enormous opportunities for the market. Moreover, growing demand for carbon fibers in automotive sector is projected to play a crucial role in market growth. With the growing environmental concerns, the government has enforced strategic norms regarding automotive pollution, driving the market growth. Increasing implementation of carbon fibers in 3D printing, owing to its high strength and rigidity over other metallic materials has bolstered the market growth. 3D printing using carbon fibers offers higher accuracy in the production of parts for several end-use industries such as automotive, aerospace, and dental.

Besides, the rising awareness towards a healthy lifestyle because of the increasing incidences of obesity and diabetes, individuals have inclined towards various sports and physical activities. Thus, the increasing deployment of carbon fiber in different leisure and sports equipment will boost the market growth over the upcoming years. However, the cost of carbon fiber is higher than metal, which might impede the market growth. Moreover, the time-consuming production process will further hamper the carbon fiber market size.

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Raw Material Segment Analysis

Pan-based carbon fiber is estimated to dominate the carbon fiber market over the forecast period, owing to the lower cost of Pan over pitch-based carbon fiber. Moreover, the high tensile strength, better fiber quality, and cost efficiency of pan-based carbon fiber is predicted to increase their adoption across automotive, aerospace & defense, sports & recreation, and wind energy, driving the Carbon fiber market share.

End-Use Industry Analysis

Aerospace & defense end-use industry is forecast to hold a higher share over the forecast period, because of the emerging need for lightweight materials and rapid expansion across the automotive industry. The increasing production of aircraft, especially by Boeing and Airbus has strengthened the segment’s growth, for example, the companies are experiencing an increase in the demand amounting to 9,000 new wide-bodied aircraft over the next 20 years.
Wind turbines segment is estimated to hold a larger share over the forecast period, due to the rising need for energy-efficient and lightweight wind turbines. Moreover, the product has gained immense traction in the sporting industry, owing to the surge in the demand for high performance and lightweight materials in sports equipment. Carbon composites reduce the weight of bicycles in high-performance cycling, thereby improving lap times, which has bolstered the market growth.

Product Type Segment Analysis

Short carbon fiber is predicted to dominate the carbon fiber market over the forecast period. The growing use of short carbon fiber across the aerospace industry owing to their high tensile strength and high modulus when used to produce composites, stands to be one of the major factors propelling the segment’s growth.

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Regional Analysis

North America is predicted to grow at a faster CAGR over the forecast period because of the growing emphasis of leading aircraft producers such as Airbus and defense instruments producers on advancements in the caron fiber industry. In addition, the increasing demand for lightweight composite materials in the aviation sector is projected to pave the way for market. The rising demand to utilize renewable resources has encouraged in the installation and demand for wind farms in this region.

European region is likely to lead the market over the forecast period, because of the growing demand for lightweight materials with remarkable strength, and corrosion resistance properties. Increasing number of offshore wind farm installations and the presence of leading automotive producers including Fiat, Bentley, and BMW, are boosting the demand of the market in this region. Increasing application of carbon fibers in aerospace & defense and the enforcement of stringent norms on reducing environmental pollution, are projected to boost the regional growth.

Top Market Players

Various notable players operating in the market, includeHexcel Corporation, Formosa Plastics Corporation, TEIJIN Limited, Hyosung, Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Group, Solvay, Jiangsu Hengshen Fibre Materials Co. Ltd., and Dowaksa, among others.

 Key Developments: 

• • In 2021, Hyosung Advanced Materials entered into a contract with Hanhwa Solutions to provide reinforced carbon fiber used in high-pressure containers for the long term.
  • In 2021, Mitsubishi Chemical Corporation joined forces with Dymon Co. Ltd, the robot and space development venture. Under this agreement, MCC will provide carbon fiber reinforced plastic (CFRP) components and thermoplastic materials and technical support.
  • In 2021, Teijin Limited launched its new Tenax PW and Tenax BM brands of carbon fiber intermediate materials for sports applications. Tenax PW is the latest aircraft-quality material that helps in maximizing power and speed owing to its exceptional durability and toughness.
  • In 2020, CFK Valley Stade Recycling GmbH & Co. KG (CFK) and carboNXT, two German carbon fiber recycling companies were Mitsubishi Chemical Corporation to expand its product portfolio
  • In 2020, The ANAND Group entered into a strategic partnership with FAR-UK for the development of carbon fiber composites and to reduce carbon emission. FAR-UK manufactures and designs lightweight structural composite solutions.
  • In 2020, TEIJIN Limited announced to build its new Teijin Automotive Center Europe GmbH (TACE) base in Germany for technical functions within the company’s automotive composite business.
  • In 2020, Toray Industries, Inc., entered into an agreement with Lilium GmbH to supply carbon fiber and composite materials for the Lilium Jet. Lilium will emphasize on the development of all-electric, vertical take-off and landing aircraft to deliver clean, regional air mobility by 2025. Carbon fiber composite materials are important to lighten such vehicles as the Lilium Jet.
  • In 2020, Mitsubishi Chemical Corporation declared the acquisition of German carbon fiber prepreg manufacturer, c-m-p GmbH through its subsidiary, Mitsubishi Chemical Advanced Material, with the main focus to strengthen its presence in the carbon fiber and composite material business
  • In 2019, Hyosung announced to expand its current annual production of carbon fiber from 2,00 tons on a single line to 24,000 tons on ten lines by 2028. The company entered into a partnership with South Jeolla Province and Jeonju City to install and extendthe production facilities and investment support.

The global carbon fiber market segmented into raw material, fiber type, product type, modulus, application, end-use industry, and region. Based on the raw material, the market has been segmented into Pan-Based Carbon Fiber, Pitch-Based Carbon Fiber, and Rayon-Based Carbon Fiber. Based on the fiber type, the market has been segmented into Virgin Carbon Fiber and Recycled Carbon Fiber. Based on the product type, the market has been segmented into Continuous Carbon Fiber, Long Carbon Fiber, and Short Carbon Fiber. Based on the Modulus, the market has been segmented into standard modulus, intermediate modulus, and high modulus. Based on the application, the market has been segmented into composite and non-composite. Based on the end-use industry, the market has been segmented into Aerospace & Defense, Wind Energy, Automotive, Sporting Goods, Pipe & Tank, Civil Engineering, electrical & electronics, marine, other end-use industries.

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Key questions answered in this research report:

• • At what pace is global Carbon Fibermarket growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Carbon Fibermarket? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Carbon Fibermarket?
  • Which Raw Material generated maximum revenues in 2019 and identify the most promising Raw Materialduring the forecast period?
  • What are the various Fiber Types of global Carbon Fibermarket and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Raw Material, By Fiber Type, By Product Type, By Modulus, By Application, By End-Use Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Hexcel Corporation, Formosa Plastics Corporation, TEIJIN Limited, Hyosung, Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Group, Solvay, Jiangsu Hengshen Fibre Materials Co. Ltd., and Dowaksa, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Carbon Fiber Market by Raw Material

• • PAN–based carbon fiber
  • Pitch–based carbon fiber
  • Rayon–based carbon fiber

Global Carbon Fiber Market by Fiber Type

• • Virgin carbon fiber
  • Recycled carbon fiber

Global Carbon Fiber Marketby Product Type

• • Continuous carbon fiber
  • Long carbon fiber
  • Short carbon fiber

Global Carbon Fiber Marketby Modulus

• • Standard modulus
  • Intermediate modulus
  • High modulus

Global Carbon Fiber Marketby Application

• • Composite
    • Prepreg
    • Molding Compound
    • Woven Fabric
  • Non-composite

Global Carbon Fiber Marketby End-Use Industry

• • Aerospace &defense
    • Commercial Aircraft
    • Regional Jets
    • General Aviation
    • Rotorcraft
    • Defense Aircraft
    • Others
  • Automotive
    • Interior Parts
    • Exterior Parts
  • Wind Energy
  • Sporting goods
  • Electrical & electronics
  • Civil Engineering
  • Pipe & Tank
  • Marine
    • Yachts
    • Catamarans
    • Racing Boats
  • Others

Global Carbon Fiber Market by Region

• • North America Carbon Fiber Market(Option 1: As a part of the free 25% customization)
    • By Raw Material
    • By Fiber Type
    • By Product Type
    • By Modulus
    • By Application
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Carbon Fiber Market(Option 2: As a part of the free 25% customization)
    • By Raw Material
    • By Fiber Type
    • By Product Type
    • By Modulus
    • By Application
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Carbon Fiber Market(Option 3: As a part of the free 25% customization)
    • By Raw Material
    • By Fiber Type
    • By Product Type
    • By Modulus
    • By Application
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Carbon Fiber Market(Option 4: As a part of the free 25% customization)
    • By Raw Material
    • By Fiber Type
    • By Product Type
    • By Modulus
    • By Application
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region)Market All-Up

Major Players Operating the Carbon Fiber(Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hexcel Corporation
  • Formosa Plastics Corporation
  • TEIJIN Limited
  • Hyosung
  • Cytec Industries Inc.
  • Mitsubishi Rayon Co. Ltd.
  • Toray Industries Inc.
  • SGL Group
  • Solvay
  • Jiangsu Hengshen Fibre Materials Co. Ltd.
  • Dowaksa