Carbon Fiber Market to Reach USD 4,088.8 Million by 2028; Trend of Turning Coal Tar into CF and Composites to Boost Growth, says Fortune Business Insights™
Pune, India, April 20, 2021 (GLOBE NEWSWIRE) — The global carbon fiber market is set to gain traction from the rising research and development activities to convert coal tar into CF and composites. It will be able to surge the value of coal tar pitch by five to 55 times, unlike the current value. For instance, the U.S. Department of Energy’s (DOE) Oak Ridge National Laboratory (ORNL) collaborated with the University of Kentucky Center for Applied Energy Research (CAER) in December 2020 to convert coal into high-value composites and CF. The project is worth USD 10 million. This information is given by Fortune Business Insights™ in a new report, titled, “Carbon Fiber Market, 2021-2028.” As per the report, the market size was USD 2,238.6 million in 2020 and is projected to reach USD 4,088.8 million by 2028, exhibiting a CAGR of 8.3% during the forecast period.
COVID-19 Pandemic: Market to Be Impacted Because of Disruptions in Automotive Industry
The outbreak of the COVID-19 pandemic has compelled industries to stop their manufacturing processes. Government bodies have also implemented lockdown and social distancing measures to prevent transmission. As carbon fibers are extensively used in the automotive industry, supply chain disturbances in the sector have resulted in the lower demand. We are offering in-depth research reports to help you tackle the situation with the best strategy.
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Competitive Landscape-
Key Players Focus on Partnerships and Acquisitions to Gain a Competitive Edge
The global market contains a large number of companies that are majorly focusing on strategies, such as acquisitions and partnerships with local or international firms to gain a competitive edge.
Below are the two latest industry developments:
- August 2020: CFK/carboNXT was acquired by Mitsubishi Chemical Advanced Materials to expand its position in the carbon fiber industry. It would be able to provide sustainable solutions to its customers and help them unveil the benefits of using recycled items in their products.
- February 2020: Anand Group joined hands with Far-UK to introduce state-of-the-art solutions that are best suited for reducing emissions. The new solutions will be able to reduce the weight of vehicles by 50% and can match the high strength of alloy steel.
A list of renowned carbon fiber manufacturers operating in the global market:
- ZOLTEK Corporation (Missouri, the U.S.)
- Hexcel Corporation (Connecticut, the 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, the U.S.)
- Nippon Graphite Fiber Co., Ltd. (Hyogo, Japan)
- Advanced Composites Inc. (Utah, the U.S.)
- HYOSUNG ADVANCED MATERIALS (Seoul, South Korea)
- Other Key Players
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Segments-
Large Tow Segment Generated 24.3% Share in 2020 Globally: Fortune Business Insights™
By the precursor, the market is segregated into pitch and PAN. Based on the application, it is divided into aviation, aerospace & defense, automotive, wind turbines, sports & leisure, construction, and others. Lastly, by tow, it is bifurcated into large two and small two. Out of these, the large tow segment generated 24.3% in terms of the carbon fiber market share in 2020. This growth is attributable to the increasing production of large-tow intermediate modulus by prominent automobile companies.
Report Coverage-
This report contains accurate data associated with changes in product usage, new launches, and technological developments. It delivers market dynamics on the basis of numerous factors, such as opportunities, challenges, drivers, obstacles, and trends. It also offers a clear picture related to market share, distribution, and size from the supply side respondents present in the carbon fiber industry.
Drivers & Restraints-
Increasing Production of Various Automotive Body Parts to Augment Growth
The rising need to use lightweight vehicles and rapid urbanization are set to propel the carbon fiber market growth in the near future. Manufacturers nowadays are trying to produce automotive parts, such as fenders, bumper beams, deck lids, and hoods with novel materials to attract more customers. At the same time, carbon fibers are surging the durability of vehicles, thereby ensuring a longer life of their components and parts. However, the high cost of the product may hinder growth.
Regional Insights-
Surging Demand for Lightweight Vehicles to Help Europe Dominate
Geographically, Europe procured USD 756.5 million in 2020 in terms of revenue. It is set to retain its dominant position throughout the forthcoming years. The high demand for fuel-efficient and lightweight vehicles would aid growth in this region. Also, the increasing usage in the aerospace & defense industry is expected to bolster regional growth. North America, on the other hand, is anticipated to showcase significant growth in the near future on account of the presence of reputed players, such as American Airlines Group Inc. and Airbus in the region.
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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
- Market Size Estimates and Forecast
- By Precursor (Volume/Value)
- 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
TOC Continued…!
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