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Carbon Fiber Resin Market

Carbon Fiber Resin Market

Carbon Fiber Resin Market Analysis by Resin Type (Thermoset, Thermoplastic), by Form (Prepreg, Non-Prepreg), by End-Use Industry, by Region - Global Forecast 2022-2032

Carbon Fiber Resin Market
FACT7271MR

Global Carbon Fiber Resin Market Outlook (2022-2032)

The global carbon fiber resin market is estimated to be worth USD 574 Million in 2022 and is forecast to grow with a CAGR of 15.3% to reach USD 2,377 Million by 2032. The carbon fiber demand is anticipated to remain under 5% of the global fiber consumption in 2022, which will witness 4X increase in next ten years.

Report Attributes

Details

Carbon Fiber Resin Market Size (2021A)

USD 511 Million

Estimated Market Value (2022E)

USD 574 Million

Forecasted Market Value (2032F)

USD 2,377 Million

Global Market Growth Rate (2022-2032)

 CAGR 15.3%

North America Market Share (2021)

~ 31.5%

North America Growth Rate (2022-2032)

CAGR ~ 16.0%

US Growth Rate (2022-2032)

~15.8%

Market Share of Top 5 Companies

~29.6%

 

  • ESE Industries
  • Huntsman Corporation
  • Alpha Owens-Corning
  • Hexion Inc., Ashland Inc.
  • BASF SE
  • 3M
  • Kukdo Chemical Co. Ltd.
  • Olin Corporation
  • Aliancys
  • Polynt S.p.A

Carbon Fiber Resin Market Historical Outlook (2017-2021) vs. Forecast Outlook (2022-2032)

The first successful flight of Boeing Co.’s 787, which was 50% composite by weight, brought the composites, especially carbon fiber resin to the spotlight and since then the carbon fiber resin market is attaining unprecedented heights.

From a worth of US$ 312 Mn in 2017, the market has grown with a CAGR of 13.1%  by 2021. The low weight to strength ratio reflects the success of carbon fiber resin over other composites.

Composites’ resistance to fatigue provides a flexibility in fabrication. This enables moulding of carbon fiber resins into the shape of choice with numerous bends eliminating the need of connectors. Hence, the composites are translating the products with lesser raw materials and rapid assembly.

These characteristics have fuelled the use of carbon fiber resin into wide fields. The focus on lightweight driven by the thrust for fuel economy and efficiency has expanded the use of carbon fiber resins from bicycle assembly to aircraft assemblies.

In the forecast period, the composites market is expected to experience a steep growth owing to its stiffness and tensile strength. Carbon fiber resin is 5X stronger and 2X stiffer than steel at the same time it weighs one fourth of steel, consequently, carbon fibers are rapidly being adopted in luxury automobile manufacturing propelling the market to grow 4.1X over the forecast period of 2022-2032.

Carbon fiber resins offer an attractive market with an absolute $ opportunity worth US$ 1,866 Mn over 2022 to 2032 against the slower growing legacy material markets like steel, titanium, iron etc.

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The Physical Properties of Carbon Fiber Resin are Expanding its Domain of Applications

Carbon fiber resins have high thermal and chemical resistance and low thermal expansion; they also propose good vibrational damping to be engineered for specialized applications. With the lower weight, the use of carbon fiber resins is guided into aerospace industry as well as competitive auto sports where every gram makes a count.

Its chemical resistance makes it fit for natural gas storage and fuel cells. Use of carbon fiber resins is also implied in windmill blades, pipes and deep water drilling platforms to list a few. The diverse domains catered by carbon fiber resin are accelerating its market to surpass US$ 2,377 Mn by 2032.

Carbon Fiber Resin Market forecast analysis by Fact.MR

Region-wise Analysis

Which region accounts for more enhanced demand for Carbon Fiber Resin Market?

North America dominates the carbon fiber resin market by accounting for 31.5% of the global market share in 2022. US is the key contributor of the North America market by ascribing more than 4/5th of the regional market however Canada market is expected to pace faster. The accelerating aerospace and defense sector is underpinning the growth of carbon fiber resin in the region.

What is the market scenario in Asia Pacific Carbon Fiber Resin Market?

The Asia-Pacific region collectively comprises of 28.6% of the global market share in 2022. However, the carbon fiber resin market behavior changes significantly in different geographies of APAC owing to its diverse economies. The low income, lower-middle income, upper-middle income and high-income countries together amalgamate the market behavior of APAC region.

China is expected to occupy more than 2/5th of the APAC market owing to its technological advancements and leadership in manufacturing automobile parts. On the other hand, India is a rapidly developing economy and is expected to propel the carbon fiber resin market fastest in the APAC region.

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Country-wise Analysis

Which country accounts for more enhanced demand for Carbon Fiber Resin Market?

US, China and Germany are anticipated to offer the largest markets for carbon fiber resin in 2022 by conquering more than 45% of the global market. US will lead the market by contributing 27.8% share to the global carbon resin market.

The growing aerospace & defense industries and the need for green product manufacturing is driving the market forward. Harnessing renewable sources of energy like wind energy are the utmost need of the hour, the use of carbon fiber resins in manufacturing wind mill blades is also a key propeller of its market.

Category-wise Analysis

Which Resin Type Holds Dominant Market Share and is Likely to Show Higher Growth in Carbon Fiber Resin Market Over the Assessment Period?

The carbon fiber resin market is segmented into thermoset and thermoplastic resins under resin type. The thermoset resin segment leads the market by holding 56.9% of the overall market share and is projected to register a CAGR of 15.5% during the forecast period.

The thermoset resins are preferred over thermoplastic resins because of its excellent resistance to solvents and corrosives and high temperature tolerance. The adoption of thermoplastic resins is also anchored by the challenges they offer in forming composites.

Which End-Use Industry Segment is Estimated to Support Market Growth in the Carbon Fiber Resin Market During the Forecast Period?

Under the end-use industry segment, the carbon fiber resin market is segmented into aerospace & defence, automotive OEM, wind energy, sporting goods and others. The aerospace & defence segment is forecast to dominate the market with a market share of 31.4% in 2022 and is projected to witness the fastest growth of CAGR 17.8% in coming years.

 The reduction in overall weight achieved by replacing the legacy materials with carbon fiber resins is the foremost driver of its accelerating use in aerospace industry. The physical strength of carbon fiber resin make sit fit to withstand the extreme environments of heights and depths and wars leading its applications in aerospace & defence.

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Competition Landscape

Key manufacturers of carbon fiber resin market enlists ESE Industries, Huntsman Corporation, Alpha Owens-Corning, Hexion Inc., Ashland Inc., BASF SE, 3M, Kukdo Chemical Co. Ltd., Olin Corporation, Aliancys, and Polynt S.p.A.

The capital intensiveness of the carbon fiber resin manufacturing is limiting its market to a handful of manufacturers. However, technological advancements in the field can promise cost reduction. Meanwhile, expanding applications of the carbon fiber resins are stimulating the manufacturers to robustly study the pros and cons of its broad-spectrum use.

The leading manufacturers are collaborating with the end-use industries to understand the physical parameters essential for molding the carbon fibers into the bespoke products when complexed with resins. This is steering the growth of carbon fiber resins into untapped markets.

Fact.MR has provided detailed information about the price points of top carbon fiber resin manufacturers positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion, in the recently published report.

Key Segments of Carbon Fiber Resin Industry Survey

  • Global Carbon Fiber Resin Market by Resin Type:

    • Thermoset
    • Thermoplastic
  • Global Carbon Fiber Resin Market by Form:

    • Prepreg
    • Non-Prepreg
  • Global Carbon Fiber Resin Market by End-Use Industry:

    • Aeropspace & Defence
    • Automotive OEM
    • Wind Energy
    • Sporting Goods
    • Other Industries
  • Global Carbon Fiber Resin Market is segmented by Region:

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

- FAQs -

The global value of carbon fiber resin market is estimated to be worth over USD 574 Million in 2022.
The demand is anticipated to surpass USD 2,377 Million by 2032 end.
During 2017-2021, global carbon fiber resin market grew at 13.1% CAGR.
Some of the prominent players in carbon fiber resin market are ESE Industries, Huntsman Corporation, Alpha Owens-Corning, Hexion Inc., Ashland Inc., BASF SE etc.
North America tops the global carbon fiber resin market accounting for 31.5% of global market share in 2022.
Thermoset resin segment will contribute 56.9% of market share in global sales of carbon fiber resin for year 2022.

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