The global carbon fiber thread market is experiencing growth due to several factors, including carbon fiber thread is used profitably in a variety of end-use industries, an increase in the demand for lightweight vehicles, and a surge in renewable energy sources.
PORTLAND, Ore., June 26, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Carbon fiber thread market by Product Type (Continuous Carbon Fiber Thread, Chopped Carbon Fiber Thread), by End-Use Industry (Aerospace, Automotive, Sports and Recreation, Construction and Infrastructure, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global carbon fiber thread market was valued at $1.6 billion in 2022, and is projected to reach $2.7 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.
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Prime Determinants of Growth:
The global carbon fiber thread market is experiencing growth due to several factors, including the fact that carbon fiber thread is used profitably in a variety of end-use industries, an increase in the demand for lightweight vehicles, and a surge in renewable energy sources. On the other hand, the high cost of carbon fiber thread production hampered growth to some extent. The cost factor can limit its widespread adoption, especially in price-sensitive industries or applications where cost competitiveness is crucial. Furthermore, the shift towards electric vehicles (EVs) presents a significant opportunity for carbon fiber thread manufacturers. As the demand for EVs continues to grow globally, the demand for carbon fiber thread in the automotive sector is expected to increase significantly. Thus, an increase in the demand for environmentally friendly and sustainable materials will create a lucrative opportunity for the upcoming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $1.6 billion |
Market Size in 2032 | $2.7 billion |
CAGR | 5.3 % |
No. of Pages in Report | 197 |
Segments covered | Product Type, End-Use Industry, and Region |
Drivers | Carbon fiber thread is used profitably in a variety of end-use industries |
Rise in demand for lightweight vehicles | |
Surge in renewable energy sources | |
Opportunities | Rise in demand for sustainable and eco-friendly materials |
Restraints | Excessive cost for producing carbon fiber thread. |
The continuous carbon fiber thread segment to maintain its leadership status throughout the forecast period-
By product type, the continuous carbon fiber thread segment held the highest market share in 2022, accounting for nearly three-fifths of the global carbon fiber thread market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would also display the fastest CAGR of 5.4% from 2023 to 2032. Continuous carbon fiber thread offers a high strength-to-weight ratio, making it an ideal material for industries that require lightweight components with exceptional strength. Industries such as aerospace, automotive, and sporting goods prioritize weight reduction to improve fuel efficiency, performance, and overall product functionality.
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The aerospace segment to rule the roost by 2032-
By end-use industry, the aerospace segment held the highest market share in 2022, accounting for more than one-third of the global carbon fiber thread market and is projected to rule the roost in terms of revenue during the forecast period. The aerospace industry constantly seeks ways to reduce the weight of aircraft to improve fuel efficiency and increase payload capacity. Carbon fiber thread offers an excellent solution due to its remarkable strength-to-weight ratio. By utilizing carbon fiber thread in the manufacturing of aircraft structures, including wings, fuselages, and empennages, engineers can significantly reduce weight without compromising on structural integrity, thereby achieving lighter and more fuel-efficient aircraft. However, the automotive segment would showcase the highest CAGR of 5.63% from 2023 to 2032. The automotive industry is driven by several key factors that contribute to the growing demand for carbon fiber thread. These driving factors stem from the industry's objectives of lightweighting, performance enhancement, and sustainability.
Asia-Pacific to maintain its dominance by 2032-
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global carbon fiber thread market and is expected to maintain its dominance throughout the forecast period. The same region would also exhibit the fastest CAGR of 5.5% from 2023 to 2032. Carbon fiber thread offers significant weight reduction compared to traditional materials, enabling automakers to produce vehicles that are more environmentally friendly and economical to operate. The adoption of carbon fiber thread in the automotive industry in the Asia-Pacific region is driven by the need to meet strict emissions regulations, enhance vehicle performance, and cater to the preferences of eco-conscious consumers.
Leading Market Players:
- MITSUBISHI CHEMICAL CORPORATION.
- BEIJING KONFITEX TECHNOLOGY CO. LTD.
- TEIJIN LIMITED
- Solvay S.A.
- SGL Carbon
- KUREHA CORPORATION
- Hexcel Corporation.
- Formosa Plastics Corporation
- ZHONGAO CARBON
- TORAY INDUSTRIES, INC.
- Beijing Konfitex Technology Co. Ltd.
The report provides a detailed analysis of these key players in the global carbon fiber thread market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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