CHICAGO, Jan. 3, 2023 /PRNewswire/ -- The global "Carbon Fiber Market by Raw Material Type(Pan, Pitch), Fiber Type(Virgin, Recycled), Modulus (Standard, Intermediate, High), Product Type(Continuous, Long, Short), Application(Composites, Non-Composites), End-use Industry, Region - Global Forecast to 2032", is projected to grow from USD 6.5 billion in 2022 to USD 11.9 billion by 2027, at a CAGR of 13.0% during the forecasted period and USD 21.7 billion by 2032, at a CAGR of 12.9% during the forecasted period. The market is anticipated to be driven by the increasing demand from aerospace & defense industries and wind energy. Furthermore, the rising use of carbon fiber for 3D printing to increase the rigidity and strength of the fabric adds impetus to the market's growth during the forecast period.
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In terms of value and volume, Aerospace & Defense segment has the largest market share in the global carbon fiber market during the forecasted period
Aerospace & Defense led the market for carbon fiber in terms of value in 2021, accounting for 43.9% of the total. Carbon fiber has been used nearly everywhere in aircraft, most notably planes. The Boeing 787 Dreamliner passenger plane is composed of 50% composite material by weight, with most of the composite material being carbon fiber laminate or carbon fiber sandwich. Carbon fiber materials make up the fuselage, or main body, of the plane, as well as parts of the wings and tail. Boeing points out that in addition to fuel efficiency, using carbon and other composite materials allows for less maintenance since they do not corrode or fatigue like metals do. Less maintenance means more flight time, making carbon fiber planes more profitable. Carbon fiber is also used to replace metal parts in helicopters, such as the rotor blades and tail. It's also applied for instrument enclosures, doors, and interior components like seats. While using carbon fiber in smaller ways might not feel like it makes much of a difference, the weight difference can add up when heavier materials are removed. Additionally, because of carbon fibber's resistance to corrosion and fatigue, using it for instrument enclosures prolongs the use of those instruments and protects them from damage.
Non-composites segment has second largest market share in the global carbon fiber market by application during the forecast period.
Non-composite applications include chopped or discontinuous pitch carbon fibers that are used in the electrical & electronics industry. Carbon fibers are used in non-composite applications such as catalysis, electrode for batteries, and 3D printing. A structural battery is a multifunctional battery that can carry the load while storing the energy and, therefore, reduce the overall weight of a mobile electric device. The major component of a multifunctional battery is carbon fibers, as they are lightweight materials and have good electrical, electrochemical, and mechanical properties. The demand for non-composite applications will increase due to rapid growth in electric vehicles and expansion of 3D printing for various new applications. The Non-composites application of carbon fiber market is projected to grow from USD 355.6 million in 2022 to USD 606.3 million by 2027, at a CAGR of 11.3% and USD 1,023.5 million by 2032, at a CAGR of 11.0% during the forecasted period.
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North America is the second-largest region in terms of value in the carbon fiber market during the forecast period
North America is the second largest market for carbon fiber, in terms of value and volume. The growth of the carbon fiber market in North America can be attributed to the presence of leading carbon fiber manufacturers, such as Hexcel Corporation (US), Mitsubishi Rayon Carbon Fiber and Composites, Inc. (US) Toray Carbon Fibers America (US). The US is at the forefront in adopting PAN-based carbon fibers in 3D printing and medical industries. Further, the penetration of PAN-based carbon fibers in North America is also increasing in applications such as, electrodes for batteries, and catalysis of gasoline production.
Market Players
Some of the key players in the global carbon fiber market as Toray Industries Inc., (Japan), DowAksa (Turkey), Mitsubishi Chemical corporation (Japan), Solvay (Belgium), Teijin Limited (Japan), SGL Carbon (Germany), Hexcel Corporation (US), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Formosa Plastics Corporation (Taiwan), Jiangsu Hengshen Co., Ltd. (China), and Jilin Chemical Fiber Group Co., Ltd. (China) and others.
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