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Carbon Fiber Market

Carbon Fiber Market

Demand for Carbon Fiber-Reinforced Concrete to Boost the Sales of Carbon Fiber Market during 2021-2031

Carbon Fiber Market
FACT466MR

Market Snapshot

According to Fact.MR, the global carbon fiber industry is anticipated to showcase an impressive growth trajectory, reaching nearly US$ 9 Bn over the forecast 2021-2031 forecast period, expand more than 2x by 2031. As of 2020, the industry was valued at nearly US$ 4 Bn.

Demand for carbon fibers has surged significantly, attributed to low moisture absorption, exceptional mechanical characteristics, high-temperature resistance, and relatively lower cost. Numerous construction projects are employing carbon fiber-reinforced concrete for repairing aging buildings and bridges.

Key Points Addressed in Carbon Fiber Industry Analysis

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Carbon Fiber Market and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Consumption Analysis of Carbon Fiber from 2016-2020 Vs Market Outlook for 2021 to 2031

As per Fact.MR – a market research and competitive intelligence provider- from 2016 to 2020, the global market for carbon fiber expanded at nearly 3% CAGR, reaching almost US$ 4 Bn.

Carbon fibers significantly help in curtailing the time required for construction activities, thereby reducing overall expenses. Apart Besides, carbon fibers find applications in the automotive and aerospace industries, particularly for curbing the weight of components used.

Thus, considering these factors, the market for carbon fiber is projected to witness immense growth, surpassing an impressive valuation of almost US$ 9 Bn over the forecast period of 2021-2031, showcasing an impressive 8.5% CAGR.  Roughly 138,000 tons of carbon fiber are likely to be sold around the world by 2031-end.

How is the Aerospace & Defense Industry a Frontrunner of Carbon Fiber Demand?

Carbon fibers are increasingly employed in the aerospace industry on the back of their good strength to weight ratio and are utilized on a large scale for manufacturing aircraft components such as vertical stabilizers, engine nacelles wings, floor beams, and elevators. The U.S. Aerospace & Defense (A&D) industry is the world leader in design, development, and manufacturing of technologically advanced aircraft, space systems, and defense capabilities. 

This rapid growth of the aviation industry has led to a demand for lightweight and robust material for the fabrication of aircraft components. Carbon fibers have become an effective solution for curtailing production time. Aerospace & defense will continue to be the largest end-user of carbon fiber.

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How are Stringent Eco-friendly Regulations Driving Adoption of Carbon Fibers?

Large-scale implementation of stringent eco-friendly regulations in developed and developing countries has prompted increased adoption of more sustainable construction material. Weight reduction and increased fuel efficiency are what carbon fibers and their related composites have to offer. Hence, the market is experiencing heightened demand from the luxury and sports cars market. 

On January 20, 2021, President Joe Biden issued Executive Order 13990, “Protecting Public Health and the Environment and Restoring Science To Tackle the Climate Crisis,” announcing a national policy that “establishes an enforcement mechanism” to curb harmful greenhouse gas emissions. 

He expressed the support for a price on carbon emissions and clean energy investments and sector-specific decarbonization standards. The government is working on the establishment of a carbon pricing system to achieve America’s economy-wide greenhouse gas emissions reduction goal of net-zero by no later than 2050. This initiative is expected to fuel carbon fiber demand in the future.

Why is Carbon Fiber Popular in 3D printing?

Carbon fiber is being extensively deployed in the automotive industry for the creation of 3D printed car parts. For instance, Formula 1 supercars are using 3D printed parts. In addition to this, Bugatti has launched its 3D printed caliper produced using titanium. 

In March 2031, 3D printing service provider Ricoh 3D announced its partnership with composite 3D printer manufacturer Impossible Objects to launch a new ‘Powder-based 3D Composite’ materials range. 

Carbon fiber filaments use tiny fibers, infused into a base material to improve structural properties of that material. Several popular filaments can be bought with carbon fiber fill, including PLA, PETG, Nylon, ABS, and polycarbonate. These fibers are extremely strong and cause the filament to increase in strength and stiffness. This also means that the 3D printed parts will be much lighter and more dimensionally stable, as the fibers will help prevent shrinking of the part as it cools. 

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Country-Wise Analysis

What is the Growth Outlook for Carbon Fiber in Germany?

Germany is expected to remain lucrative during the forecast period owing to the government initiatives and policies to control the harmful impact on the environment. As per Fact.MR, a revenue share exceeding 1/3rd is projected for the German market.

The aerospace & defense industry in the region is at the forefront of innovation with the successful launch of the Airbus A320 family and Eurofighter. In November 2020, the German parliament's budget committee approved a €5.4 billion ($6.35 billion) contract to purchase 38 Eurofighter jets from Airbus for the country's air force.

Moreover, the European Union Automotive Fuel Economy (UNEP) standard has made stringent regulations for automotive OEMs to decrease carbon emissions by using lightweight materials. The EU has also agreed on the adoption of standards that would cut carbon emissions from new cars and vans by 15% in 2025 and 37.5% in 2030. This has led to extensive use of carbon fiber in electric cars in the region. 

What is Bolstering the Market in the U.S?

The U.S will witness major growth as the research and development in the region have made way for significant uptakes in infrastructure, costs, and product innovation. A CAGR of 7% is anticipated for the U.S market by Fact.MR’s report until 2031.

In April 2021, the Federal Government announced its plans to achieve 50% sales of all-electric, plug-in hybrid, or hydrogen-powered automobiles by 2030. In addition, an executive order that tasks the Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) to develop aggressive long-term regulations is on the cards.

Why is China an Attractive Investment Hub for Carbon Fiber Manufacturers?

The aircraft parts and assembly manufacturing sector in China is picking up pace, comprising of over 200 small aircraft parts manufacturers. Additionally, China is projected to be the world’s largest single country market for civil aircraft sales over the next 20 years, expected to surpass the U.S. as the world's largest aviation market.

Under the plan, ‘Made in China 2025’, China intends its commercial aircraft companies to supply 10% of the domestic fleet, while its jetliners will likely account for up to 20% of the global market by 2025. Considering the aforementioned factors, Fact.MR projects the market for carbon fibers to remain the most lucrative, with sales set to close in approximately 50,000 tons by 2031-end.

Category-Wise Insights

Why are PAN-based Carbon Fibers in High Demand?

PAN-based carbon fiber is a highly lucrative precursor material type owing to its cost-effectiveness and better quality of fiber produced. As per estimates by Fact.MR, nearly 95% of global carbon fiber revenue is accounted for by PAN-based fibers.

PAN-based carbon fiber provides over 85% yield and is extensively used for structural material composites in aerospace & defense, industrial and sporting goods sectors.

How are Aerospace and Defence Leading the End User Segment?

The developments in the aerospace and defense sectors in major countries like Germany, India, the U.S, and China are leading to a high consumption rate of carbon fibers. Almost 3/5th of global carbon fiber demand is spurred by the aerospace & defence sector.

Governments are investing huge amounts in these sectors which is further fueling the demand for carbon fibers. Moreover, the aerospace industry is one of the key driving factors and the early adopters of the global 3D printing materials market, thus catapulting carbon fiber usage.

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Competitive Landscape

The global carbon fiber market is highly competitive in nature. Occupancy of a large number of players has made the nature of the global market for carbon fiber to be fragmented, with the intensity of competition among players surging at a significant rate. 

Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market and are adopting strategies like acquisitions and mergers.

  • 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).

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • GCC
  • South Africa

Key Market Segments Covered

  • Precursor Material Type
  • Tow Size
  • End User
  • Region

Key Companies Profiled

  • Hyosung
  • Kemrock
  • Dow/AkSA
  • Cytec
  • Hexcel
  • SGL
  • Formosa Plastics
  • Mitsubishi Rayon
  • Toho Tenax
  • Toray

Pricing

Available upon Request

Key Segments Covered

  • Precursor Material Type

    • PAN based Carbon Fiber
    • Pitch based Carbon Fiber
    • Rayon based Carbon Fiber
  • Tow Size

    • Small Tow Carbon Fiber
    • Large Tow Carbon Fiber
  • End User

    • Carbon Fiber for Aerospace & Defence
    • Carbon Fiber for Energy & Mining
    • Carbon Fiber for Sport/Leisure
    • Carbon Fiber for Automotive
    • Carbon Fiber for Construction
    • Carbon Fiber for Other End Users

Carbon Fiber Market- Scope of Report

A recent study by Fact.MR on the carbon fiber market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering carbon fiber.

The study also provides the dynamics responsible for influencing the future status of the carbon fiber market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the carbon fiber market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of carbon fiber across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of carbon fiber during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative carbon fiber markets?
  • Which factors will impact the growth of carbon fiber?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the carbon fiber industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for carbon fiber are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global carbon fiber market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the carbon fiber during the forecast period.

Country-specific valuation on demand for carbon fiber has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of carbon fiber, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering carbon fiber has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the carbon fiber domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the carbon fiber industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

According to Fact.MR, the carbon fiber market is projected to register an impressive valuation of US$ 9 Bn by 2031.

A CAGR exceeding 8% is anticipated for the global market for carbon fiber until 2031

From 2016 to 2020, sales of carbon fibers ascended at a CAGR of 3%

Fact.MR anticipates that roughly 138,000 tons of carbon fiber are likely to be sold around the world by 2031-end.

Government initiatives to reduce greenhouse gas emissions is currently driving the demand for carbon fiber

PAN-based CF will remain preferred, comprising 95% of global market demand

The market across the US is projected to be highly lucrative, growing at 7% CAGR

According to Fact.MR, almost 50,000 tons of carbon fibers will be sold across China

Aerospace & defence is the primary carbon fiber consumer, experiencing 3 out of 5 sales

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.