The Global Carbon Fiber Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Carbon Fiber market is segmented by Raw material (Polyacrylonitrile (PAN), Petroleum pitch and rayon); Application (Composite and Non-composite); End user (Aerospace and Defense, Automotive, Wind Energy, Sporting Goods and Others) Geography (APAC, North America, Europe and ROW).
Introduction
Carbon fiber is composed of carbon atoms bonded together to form a long chain. The fibers are extremely stiff, strong, and light, and are used in many processes to create excellent building materials.
They offer properties such as high stiffness, less weight, high-temperature tolerance, low thermal expansion, and high tensile strength.. Due to this, it is used various end-user industries such as aerospace, automotive, marine, energy, defense & military, sporting goods, electronics and so on.
Increasing demand for lightweight materials in various industries is driving the growth of carbon fiber market globally. However, the high prices of carbon fiber is likely to hinder the markets growth.
In addition, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global carbon fiber market is expected to have incremental growth of $3,155.30 million during 2020-2025.
Growth momentum is expected to accelerate during the forecast period with 11.42% CAGR.
The market is growing due to its increasing demand from aerospace and defense, automotive, and wind energy industries.
Europe is dominating the market due to the presence of large aircraft manufacturers, electric car manufacturers, and offshore wind farm installations in the region.
Key Trends
Potential opportunities in new applications such as geo-polymer and medical composites to create opportunities for the market in the coming years.
Increasing technological advancements in the use of additive manufacturing in is expected to open new avenues for carbon fiber market
New product launches such as mining truck trays and corrosive chemical tank containers is expected to boost the market demand in future
Key Market Players
Some of the key players in the market are Toray Industries, SGL Group, Teijin, Hexcel Corporation, Mitsubishi Rayon, Formosa Plastics Corporation.
The key players are rigorously competing and offering custom solutions for high-performance low-cost products. Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain.
Growth Drivers and Challenges
Rise in the demand for lightweight and fuel efficient materials can act as a driver for the market
Consolidation of aircraft manufacturers and high demand for next–generation, single-aisle aircrafts is boosting the market growth
Increasing demand from wind energy is driving the market demand
The development of carbon fibers is capital intensive and R&D cost involved is high which is restraining the market growth
High cost of these carbon fibers is the key factor hampering the demand.