PUBLISHER: The Business Research Company | PRODUCT CODE: 1414083
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414083
“Carbon Fiber Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on carbon fiber market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for carbon fiber? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The carbon fiber market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Carbon fiber, a high-performance synthetic fiber, is produced through the carbonization of acrylic fiber at elevated temperatures. Known for its lightweight yet robust properties, it finds widespread applications demanding low weight, high rigidity, and excellent conductivity. Its uses span diverse industries including automotive for making car bodies, aerospace for crafting aircraft components, as well as in sporting goods such as fishing rods, golf club shafts, and tennis rackets.
Two primary categories of carbon fibers exist, virgin fiber (VCF) and recycled carbon fiber (RCF). VCF denotes fibers sourced for the first time, akin to virgin materials used in paper production, while RCF involves reusing fibers, akin to recycled paper. These fibers are derived from various materials such as polyacrylonitrile (PAN), petroleum pitch, and rayon, and are further categorized into large tow and small tow variants. Their applications range from composite materials and textiles to microelectrodes and catalysis. Industries such as aerospace and defense, automotive, wind energy, as well as sports equipment heavily rely on these fibers for their specific properties and durability.
The carbon fibers market research report is one of a series of new reports from The Business Research Company that provides carbon fibers market statistics, including carbon fibers industry global market size, regional shares, competitors with a carbon fibers market share, detailed carbon fibers market segments, market trends, and opportunities, and any further data you may need to thrive in the carbon fibers industry. This carbon fiber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The carbon fiber market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to aerospace and defense applications, automotive industry adoption, wind energy sector growth, sports and recreation applications, expanding industrial applications..
The carbon fiber market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. During the projected period, the anticipated expansion is driven by sustained demand from aerospace and defense sectors, amplified production of electric vehicles, progressions in renewable energy technologies, innovations within the sports equipment domain, and burgeoning infrastructure and construction ventures. Notable trends in this period encompass the evolution of recycling technologies, the creation of high-performance composite materials, their integration into 3D printing methodologies, a surge in the adoption of electric vehicles, and an intensified emphasis on sustainable sourcing and manufacturing practices.
The expansion of the carbon fiber market is poised to be fueled by the burgeoning automotive industry. This sector encompasses a multitude of entities involved in the complete lifecycle of motor vehicles. Carbon fiber, renowned for its lightweight and robust characteristics, plays a pivotal role in crafting vehicle parts and components, notably enhancing fuel efficiency, performance, and weight reduction in vehicles. As per the Asia Automotive Analysis, South Korea witnessed an 8.5% surge in automobile production in 2022, totaling 3,756,491 units. Thus, the thriving automotive industry acts as a primary driver for the carbon fiber market.
Anticipated growth in the carbon fiber market is closely tied to the escalating deliveries in the commercial aircraft sector. These aircraft, utilized for passenger and cargo transportation, increasingly integrate carbon fiber-reinforced composites known for their exceptional strength-to-weight ratio. Utilizing these components in aircraft structures allows manufacturers to achieve reduced weight without compromising structural integrity. For instance, Airbus SE, a prominent French aircraft manufacturer, achieved a milestone by delivering 661 commercial aircraft to 84 customers in 2022, securing 1,078 gross new orders-an 8% increase from the previous year. Consequently, the upsurge in commercial aircraft deliveries directly fuels the expansion of the carbon fiber market.
Innovative technological advancements are gaining significant traction within the carbon fiber market. Leading companies in this sector are dedicated to pioneering technologies to fortify their market standing. A case in point is Asahi Kasei Corporation, a Japanese chemical firm, unveiling a recycling technology in December 2022, targeting inexpensive, high-quality carbon fiber. This breakthrough recycling technology endeavors to create a system where recycled carbon fiber from automobiles can be used to fabricate new carbon fiber-reinforced plastic or thermoplastic for cars. This process enables the production of high-quality, cost-effective CFRP/CFRTP from recycled carbon fiber, consequently reducing vehicle weight and conserving energy.
Established players in the carbon fiber market are actively engaging in strategic partnerships and collaborations to bolster their market presence. These strategic alliances, formed between multiple entities, aim to achieve specific business objectives. An illustration of this trend is the long-term agreement between Hexcel, a US-based aerospace company, and Dassault, a French aerospace company. This collaboration, announced in July 2022, outlines Hexcel's commitment to supply carbon fiber prepreg for Dassault's Falcon 10X program. Marking a significant milestone, this initiative integrates high-performance advanced carbon fiber composites into the manufacturing of aircraft wings for Dassault's business jet program.
In December 2022, Arx Equity Partners s.r.o., a private equity firm situated in the Czech Republic, completed the acquisition of Brebeck Composite s.r.o. for an undisclosed sum. Following this acquisition, Brebeck Composite aims to maintain its core strategic direction by continuing to serve its esteemed clientele, primarily comprising major players in the automotive and motorsport sectors. Simultaneously, the company plans to broaden its product portfolio, extending its offerings to cater to clients within the aerospace industry. Brebeck Composite s.r.o. is a prominent Czech Republic-based manufacturer specializing in the production of carbon fiber.
Major companies operating in the carbon fiber market report are Toray Industries Inc., Solvay S.A., Nippon Graphite Fiber Co. Ltd., Teijin Limited, Hexcel Corporation, Hyosung Advanced Materials Corp., Mitsubishi Chemical Carbon Fiber and Composites Inc., Formosa M Co. Ltd., DowAksa, SGL Carbon SE, Zoltek Corporation, Zhongfu Shenying Carbon Co. Ltd., Jiangsu Hengshen Co. Ltd., Jilin Chemical Fiber Group Co. Ltd., BASF SE, Covestro AG, Cytec Solvay Group, Toho Tenax Co. Ltd., Kureha Corporation, Kordsa Teknik Tekstil A.S., AKSA Akrilik Kimya Sanayii A.S., Carbon Conversions Inc., Carbon-Core Corp., Carbon Revolution, Dexcraft, Kamenskvolokno JSC, Rock West Composites, Plasan Carbon Composites, ELG Carbon Fibre, Composites Horizons, Textum Inc., PRF Composite Materials, Fiberex Glass Corporation
Western Europe was the largest region in the carbon fiber market in 2023. The regions covered in the carbon fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the carbon fiber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The carbon fiber market consists of sales of PAN type carbon fiber, pitch type carbon fiber, filaments, tows, yams, rovings and continuous carbon fiber. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.