NEWARK, N.J., Aug. 22, 2022 /PRNewswire/ — The report published by The Brainy Insights shows that the global carbon fiber market is expected to grow from USD 4.1 billion in 2021 to USD 9.05 billion by 2030, at a CAGR of 9.2% during the forecast period 2022-2030.
The rising developments in the automotive and aerospace sector are expected to increase demand for carbon fibers as they offer rigidity and strength to vehicles. The composites made from carbon are also corrosion resistant, making them an ideal material for making aircraft parts and parts of luxury and motorsports vehicles. In December 2020, the Kentucky Center for Applied Energy, the United States Department of Energy (DOE), and Oak Ridge National Laboratory entered a strategic partnership for around 10 million products that convert coal into carbon fibers and composites.
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The research also reported several challenges related to coal feedstock, coal processing, and carbon fiber manufacturing. Kentucky Center for Applied Energy is mainly responsible for converting various coal feedstock into carbon fiber and composites. The role of the Oak Ridge National Laboratory is to correlate coal’s molecular structure.
Competitive Landscape:
In April 2021, Mitsubishi Chemical Corporation came into partnership with Dymon Co. Ltd, the robot and space development venture. Based on this agreement, Mitsubishi Chemical Corporation will provide thermoplastic materials, carbon fiber-reinforced plastic (CFRP) components, and technical support.
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Market growth and trends:
The increasing use of carbon fiber in aerospace and defense, wind energy, and automotive sector owing to its properties such as rigidity, high stiffness, low weight, high-temperature tolerance, high tensile strength, high chemical resistance, and low thermal expansion is one of the major factors driving the market growth. However, the outbreak of the Covid-19 pandemic negatively affected the market as lockdown restrictions were imposed, and several industries were temporarily closed to stop the spread of the disease, restraining the market’s growth. Moreover, the stringent eco-friendly regulations imposed to curb carbon emissions in developing and developed regions provide an opportunity for the market’s growth. Using lightweight vehicles increases fuel efficiency, thus reducing air pollution to a specific limit, providing an opportunity for the market’s growth.
Key Findings
In 2021, the PAN-based carbon fiber segment dominated the market with the largest market share of 63% and market revenue of 2.5 billion.
The raw material segment is divided into PAN-based carbon fiber and Rayon-based & Pitch-based carbon fiber. In 2021, the PAN-based carbon fiber segment dominated the market with the largest market share of 63% and market revenue of 2.5 billion. The PAN-based carbon fiber segment offers better quality and cost-effectiveness, which drives the segment’s growth.
In 2021, the continuous segment accounted for the largest share of the market, with 41% and market revenue of 1.6 billion.
The type segment is divided into long, continuous, and short. In 2021, the continuous segment accounted for the largest share of the market, with 41% and market revenue of 1.6 billion. The continuous carbon fiber offers rigidity and strength, driving the segment’s growth.
In 2021, the aerospace and defense segment accounted for the largest market share, with 16% and market revenue of 0.65 billion.
The end-use industry segment is divided into sports/leisure, aerospace & defense, wind turbines, automotive, molding & compounds, pressure vessels, misc. Consumer, sailing/yacht building, marine, civil engineering, and others. In 2021, the aerospace & defense segment accounted for the largest share of the market, with 16% and a market revenue of 0.65 billion. The segment has been growing owing to the increasing use of carbon fiber due to its properties, such as being lightweight and corrosion resistance.
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Regional Segment Analysis of the Carbon Fiber Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and the Rest of South America)
The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Europe emerged as the largest market for the global carbon fiber market, with a market share of around 33% and 1.3 billion of the market revenue in 2021. The increasing investment in research and development activities in the aerospace and defense sector in the region is driving the market’s growth. Furthermore, the growing demand for electric vehicles in the region also boosts the market’s growth.
Key players operating in the global carbon fiber market are:
Toray Industries
SGL Carbon
Teijin Limited
Hexcel Corporation
Mitsubishi Chemical Holdings
Solvay
Carbon Mods
Cytec Industries Inc.
Nippon Graphite Fiber Co., Ltd
Taekwang Industrial Co., Ltd
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This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global carbon fiber market based on the below-mentioned segments:
Global Carbon Fiber Market by Raw Material:
PAN-based carbon fiber
Pitch-based & Rayon-based carbon fiber
Global Carbon Fiber Market by Type:
Continuous
Long
Short
Global Carbon Fiber Market by End-use Industry:
Sports/Leisure
Aerospace & Defense
Wind Turbines
Automotive
Molding & Compounds
Pressure Vessels
Misc. Consumer
Sailing/Yacht Building
Marine
Civil Engineering
Pultrusion Misc.
Others
About the report:
The global carbon fiber market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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