60% of Global Carbon Fibers Market Demand Influenced by the Aerospace & Defence Industry: Fact.MR Study
Published : 17 Aug 2021 Industry: Chemical & Materials
A latest study published by Fact.MR reveals that the global market for carbon fiber will register impressive expansion, surging at above 8% CAGR during the forecast period 2021-2031, reaching nearly US$ 9 Bn by the end of the said period. Demand has surged due to low moisture absorption, high-temperature resistance, exceptional mechanical characteristics, and relatively lower price.
Based on historical data, sales of carbon fibers surged at a CAGR of 3% from 2016 to 2020, closing in at nearly US$ 4 Bn. Several architectural construction projects are generating high demand for carbon fiber-reinforced concrete. Carbon fibers are increasingly utilized in the aerospace industry, mainly because of their great strength to weight ratio.
In addition, carbon fibers find extensive applications for manufacturing aircraft components that include vertical stabilizers, floor beams, engine nacelles wings, and elevators. Manufacturers are effectively capitalizing on the proliferating opportunities in the global aerospace & defence sector. Mounting defence budgets for national security across countries is spurring demand for lightweight construction material and reduced operating costs, thus elevating usage of carbon fibers.
Key Takeaways from the Market Study
- Global market for carbon fiber is anticipated to expand over 2x by 2031
- China to remain the most lucrative region with sales set to close in approximately 50,000 tons by 2031
- PAN-based carbon fibers to account for over 95% share of the market
- Aerospace & defence applications to account for 3 out of 5 sales through 2031
- Small tow will remain preferred for carbon fibers across the globe, with sales pegged to exceed 75,000 tons.
- U.S to experience heightened demand growth, expanding at around 7% CAGR
- Over 1/3rd of global carbon fibers revenue to be stimulated by the German market
“Surging demand for lightweight and environmentally friendly construction material is likely to bolster prospects for the global fiber industry,” says the Fact.MR analyst.
Companies leverage strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.
- In April 2021, Impossible Objects and Ricoh 3D entered into a new partnership to make Carbon Fiber composite materials for printing on the Composite Based Additive Manufacturing (CBAM) process. The new material options remove barriers to printing parts for drones, aircraft, automobiles, athletic gear, and more.
- In April 2021, Hyosung Advanced Materials signed a long-term contract with Hanwha Solutions with the aim to supply high-strength carbon fiber to be used to reinforce fuel tanks for hydrogen vehicles for six years from 2021. The supply is worth about 160 billion won ($144 million).
More Insights Available
The research study on the global carbon fibers market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the carbon fibers market over 2021-2031. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2021-2031.
Market statistics have been presented on the basis of precursor material type (PAN-based, pitch based and rayon based), tow size (small tow, large tow), and end-user (aerospace & defense, energy & mining, sport/leisure, automotive, construction and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive