Carbon Fiber Market Expected to Reach USD 4.08 Billion by 2028 | At a CAGR of 8.3%
key players operating in the carbon fiber market are Hexcel Corporation (Connecticut, U.S.), TEIJIN LIMITED (Tokyo, Japan), TORAY INDUSTRIES, INC. (Tokyo, Japan), Solvay (Brussels, Belgium), Formosa M Co., Ltd. (Gyeonggi-do, Korea), Mitsubishi Chemical Carbon Fiber and Composites, Inc. (California, U.S.), Nippon Graphite Fiber Co., Ltd. (Hyogo, Japan), Advanced Composites Inc. (Utah, U.S.) and more players profiled.
Pune, India, March 06, 2023 (GLOBE NEWSWIRE) — The worldwide carbon fiber market size was USD 2.23 billion in 2020. The market is slated to grow from USD 2.33 billion in 2021 to USD 4.08 billion in 2028 at a CAGR of 8.3% during the 2021-2028 period. This information is provided by our expert analysts at Fortune Business Insights™, in the report, titled, “Carbon Fiber Market, 2021-2028.” Furthermore, rising automotive demand, along with an elevating requirement for lightweight automobiles, is expected to fuel the market growth.
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List of Key Players Covered in the Market Report
- ZOLTEK Corporation (Missouri, U.S.)
- Hexcel Corporation (Connecticut, U.S.)
- TEIJIN LIMITED (Tokyo, Japan)
- TORAY INDUSTRIES, INC. (Tokyo, Japan)
- Solvay (Brussels, Belgium)
- Formosa M Co., Ltd. (Gyeonggi-do, Korea)
- Mitsubishi Chemical Carbon Fiber and Composites, Inc. (California, U.S.)
- Nippon Graphite Fiber Co., Ltd. (Hyogo, Japan)
- Advanced Composites Inc. (Utah, U.S.)
- HYOSUNG ADVANCED MATERIALS (Seoul, South Korea)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 8.3% |
| 2028 Value Projection | USD 4.08 Billion |
| Report coverage | Revenue forecast, company profiles, competitive landscape, growth factors and latest trends |
| Carbon Fiber Market Size in 2021 | USD 2.33 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 408 |
| Segments Covered | By Precursor, By Application and Regional |
| Carbon Fiber Market Growth Drivers | Surging Product Usage in Automotive Industries to Fuel Market Growth |
| Inventive Product Launch Declaration by Vital Players to Boost Market Growth |
Report Coverage
The Carbon Fiber market report typically covers the following aspects:
- Overview of the Carbon Fiber market, including definition, classification, and application.
- Market size, volume, and value analysis of Carbon Fiber, including historical data and projected growth rates.
- Market segmentation by product type, application, and region.
- Competitive landscape analysis, including key players’ market share, company profiles, and product offerings.
- Industry trends and developments, including new product launches, mergers and acquisitions, and strategic partnerships.
- Market dynamics, including drivers, restraints, opportunities, and challenges.
- Technological advancements and innovations in the Carbon Fiber industry.
- Regulatory landscape and compliance requirements in the Carbon Fiber market.
- Regional analysis of the Carbon Fiber market, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
- Market outlook and future prospects of the Carbon Fiber market.
Overall, the Carbon Fiber market report provides a comprehensive and detailed analysis of the industry, enabling stakeholders to make informed decisions regarding investments, business strategies, and growth plans.
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Segmentation
End-use Industry: This segment includes industries like automotive, aerospace, construction, sporting goods, wind energy, and others.
In terms of the tow, the market is classified into small tow and large tow. The small tow segment accounted for the major share in 2020.
By application, the market is categorized into aviation, aerospace & defense, automotive, wind turbines, sports & leisure, construction, and others.
Geographically, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Manufacturing Process: This segment includes segments like wet-layup, prepreg layup, filament winding, and pultrusion.
Raw Material: This segment includes virgin Carbon Fiber and recycled Carbon Fiber.
Drivers and Restraints
Drivers:
Lightweight and high-strength properties of Carbon Fiber make it an ideal material for various applications such as aerospace, automotive, wind energy, and sports equipment.
Increasing demand for fuel-efficient vehicles and renewable energy sources is driving the growth of the Carbon Fiber market.
Technological advancements in manufacturing processes and raw materials have led to the development of cost-effective Carbon Fiber, thereby driving the market growth.
Rising demand for Carbon Fiber in emerging economies such as China, India, and Brazil is expected to drive the market growth in the forecast period.
Restraints:
High cost of production and processing of Carbon Fiber is a major challenge for the growth of the market.
Low production capacity and limited availability of raw materials are the key challenges faced by the Carbon Fiber industry.
Stringent regulations related to the use of Carbon Fiber in various applications, especially in the aerospace and defense sector, are likely to hamper the market growth.
The difficulty in recycling Carbon Fiber is another major challenge for the industry, which may limit its adoption in certain applications.
Regional Insights
Europe was worth USD 0.76 billion in 2020 and is projected to hold the majority of carbon fiber market share during the forecast period. This is accredited to the existence of a huge base of electric car manufacturers and the rising demand for lightweight and fuel-operative vehicles.
The surging demand for lightweight composite materials in the aviation sector is probable to drive the North American market size.
The occurrence of vital players in the Asia Pacific region has generate a prime market prospect in the construction business, thereby fueling the construction composite market growth.
Competitive Landscape
The important players frequently adopt various tactics to boost their position in the market as leading companies. Some key strategies include acquisitions, mergers, partnerships, and new product launches to reinforce the brand value among users.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Carbon Fiber Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Carbon Fiber Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Precursor (Volume/Value)
- PAN
- Pitch
- By Tow (Volume/Value)
- Large Tow
- Small Tow
- By Application (Volume/Value)
- Aviation, Aerospace & Defense
- Automotive
- Wind Turbines
- Sports & Leisure
- Construction
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Carbon Fiber Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Precursor (Volume/Value)
- PAN
- Pitch
- By Tow (Volume/Value)
- Large Tow
- Small Tow
- By Application (Volume/Value)
- Aviation, Aerospace & Defense
- Automotive
- Wind Turbines
- Sports & Leisure
- Construction
- Others
- By Country (Volume/Value)
- U.S.
- By Precursor (Volume/Value)
- PAN
- Pitch
- By Tow (Volume/Value)
- Large Tow
- Small Tow
- By Application (Volume/Value)
- Aviation, Aerospace & Defense
- Automotive
- Wind Turbines
- Sports & Leisure
- Construction
- Others
- By Precursor (Volume/Value)
- U.S.
TOC Continued…!
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Frequently Asked Questions (FAQs):
How big is the carbon fiber market?
Answer: The global carbon fiber tapes market size was USD 1,918.6 million in 2019 and is projected to reach USD 4,855.6 million by 2027, exhibiting a CAGR of 13.4% during the forecast period.
Who is the largest manufacturer of carbon fiber?
Answer: Toray is the largest carbon fiber manufacturer in the world with a global capacity of 29,100 metric tons per year of TORAYCA™ carbon fiber produced in the United States, Japan, France, and South Korea.
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Carbon Fiber Tapes Market to Reach USD 4,855.6 Million by 2027; Inflated Demand for Carbon Fiber in Aerospace to Boost Market, states Fortune Business Insights™
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