Carbon fibers refer to the fibers that are composed of mostly carbon atoms and have a diameter of about 5-10 micrometers. These fibers are mostly used for reinforcement of different polymers owing to their high specific strength property. The carbon fiber offers numerous remarkable advantages such as high stiffness, less weight, high-temperature tolerance, low thermal expansion, and high tensile strength.

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The global carbon fiber marketis likely to experience strong demand in the next six years. The accelerating demand for carbon fiber among the aerospace & defense, automotive, and wind energy sectors is the primary factor that is surging the demand of the carbon fiber market. Moreover, the increasing automotive demand, along with the rising need for lightweight vehicles is further creating numerous growth opportunities in the market. With the rising environmental concerns, the consumers are now looking for fuel-efficient vehicles to follow the government regulations related to the automotive pollution and to decrease the amount of CO2 emission from the vehicles. Continuous expansion in the aerospace industryin the North American and European countries, will further energize the demand of the global carbon fiber market.

With the growing disposable income and globalization, there has been a drastic increase in the demand for commercial aviation, especially in the aerospace industry. The consumers are now focusing on their health and are getting involved in different sports and physical activities. This has led to the application of carbon fiber in several sports and leisure equipment to meet the accelerating demand of the consumers. All these factors will attract many end-users to opt for carbon fiber over the coming years. The growing propylene production has increased the demand for polyacrylonitrile, which is a primary raw material for carbon fiber production. The expanding number of R&D activities in the major regions is another factor that is contributing to the growth of the carbon fiber market. On the other hand, the COVID-19 outbreak has created several uncertainty in the market, which is posing a negative trend for both the automotive market and the demand for carbon fiber. However, the market is expected to bounce back in 2021 at a significant rate. s

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On the basis of raw material, the pan-based carbon fiber segment is predicted to dominate the carbon fiber market over the forecast period. The growing application of this carbon fiber in variousindustriessuch as automotive, sports & recreation, aerospace & defense, wind energy, and other industries, is a significant factor that is propelling the demand of the segment in the market. This increasing application is due to the remarkable properties of Pan-based carbon fiber, such as high strength modulus, highly cost-effective, and produces a better quality of fiber. These properties of pan-based carbon fiber will attract a large number of end-users to opt for pan-Based carbon fiber.

Based on the end-use Industry, the aerospace & defense end-use industry segment is expected to witness a faster CAGR during the forecast period owing to the growing production of aircraft, especially by Boeing and Airbus. These companies are experiencing an upsurge in the demand amounting to 9,000 new wide-bodied aircraft over the next 20 years. The combination of these factors is surging the demand of the segment in the carbon fibers market.

On the basis of product type, the short carbon fiber segment is projected to grow at a higher CAGR during the forecast period. This is attributed to the accelerating adoption of these carbon fibers in the aerospace industry due to the high tensile strength and high modulus.

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On the basis of the region, the European region is projected to lead the carbon fiber market from 2020 to 2027. The market in this region is witnessing strong demand due to the increasing demand for materials having excellent strength, are lightweight, and corrosion resistance properties. Moreover, the large presence of electric car manufacturers and aircraft manufacturers, along with the growing number of offshore wind farm installations across the European countries will further surge the demand of the carbon fibers market in this region. NumerousEuropean countries are the home to the leading global automotive manufacturers including Fiat, Bentley, and BMW. These manufacturers are emphasizing on using carbon fibers in various structural automotive parts including bonnets, frontends, and bumpers. These factors are boosting the demand of the market in this region.

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 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 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 FiberMarket by Region

• • North America Carbon Fiber Market(Option 1: As a part of the free 25% customization)
    • North America Market by Raw Material
    • North America Market by Fiber Type
    • North America Market by Product Type
    • North America Market by Modulus
    • North America Market by Application
    • North America Market 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)
    • Europe Market by Raw Material
    • Europe Market by Fiber Type
    • Europe Market by Product Type
    • Europe Market by Modulus
    • Europe Market by Application
    • Europe Market by End-Use Industry
    • UK Market All-Up
    • Germany All-Up 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)
    • Asia-Pacific Market by Raw Material
    • Asia-Pacific Market by Fiber Type
    • Asia-Pacific Market by Product Type
    • Asia-Pacific Market by Modulus
    • Asia-Pacific Market by Application
    • Asia-Pacific Market 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)
    • RoW Market by Raw Material
    • RoW Market by Fiber Type
    • RoW Market by Product Type
    • RoW Market by Modulus
    • RoW Market by Application
    • RoW Market 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