Adoption of Carbon Fiber Composites Increasing to Optimize Fuel Usage and Reduce CO2 Emissions
ROCKVILLE, Md., May 23, 2024 /PRNewswire/ — The world is seeing an increasing preference for carbon fiber in the aerospace sector, driven by its effective weight-reduction properties. According to this updated report by Fact.MR, the global carbon fiber market is expected to reach a valuation of US$ 5.74 billion in 2024 and thereafter expand briskly at a CAGR of 9.1% through 2034.
Carbon fiber, also referred to as graphite fiber, is composed of carbon atoms that are 5 to 10 micrometers in diameter. These fibers are characterized by their high stiffness, high tensile strength, high temperature tolerance, low thermal expansion, and superior chemical resistance. The high strength-to-weight ratio of these carbon-based fibers makes them the preferred material in various sectors such as aerospace, automotive, defense, construction, wind turbines, and sports.
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Market growth is being driven by increasing demand for carbon fiber in the automotive industry in the production of lightweight vehicles. Factors such as the requirement for fuel-efficient vehicles and stringent government regulations on carbon emissions significantly influence market growth. Carbon fiber materials are crucial in the production of parts for automobiles and aircraft. Growing concerns about fuel usage and levels of CO2 emissions have prompted manufacturers to opt for carbon fiber composites as alternatives to metal parts. Advancements in technology aimed at shortening the manufacturing cycle are expected to boost carbon fiber demand in the automotive industry.
Key Takeaways from Market Study
- The global carbon fiber market size is forecasted to expand at a CAGR of 9.1% through 2034.
- Global sales of carbon fiber are estimated at US$ 5.74 billion in 2024.
- The market is projected to reach US$ 13.71 billion by 2034-end.
- The North American market is projected to expand at a CAGR of 6.8% through 2034.
- Small-tow carbon fiber is estimated to account for 55.8% market share in 2024.
- East Asia is projected to account for 24.6% of the global market share by 2034.
“Defense and construction sectors are increasingly adopting carbon fiber due to its high strength-to-weight ratio. Strict government regulations on carbon emissions are also driving market growth,” says a Fact.MR analyst.
Market Developments
Key carbon fiber producers are Solvay, Toray Industries, Teijin Limited, Hexcel Corporation, and Mitsubishi Chemical Group Corporation. Key players in the market are strategically partnering with other renowned manufacturers to fortify their market standing and capture a significant market share.
- In 2022, Solvay and Trillium partnered to work on bio-based acrylonitrile to manufacture carbon fiber for use in various sectors such as automotive, aerospace, consumer goods, and energy.
Country-wise Insights:
According to a newly published analysis by Fact.MR, a market research and competitive intelligence service, in East Asia is expected to account for 24.6% of the worldwide carbon fiber market by 2034. Carbon fiber manufacturing are located in a variety of geographical regions, including Southeast Asia, Central and South America, and Australia. This geographical diversity enables market participants to meet increased demand while reducing reliance on certain sourcing sources.
In 2024, the United States accounts for 71.7% of the carbon fiber market in North America. Significant advances in research and development in the country are expected to result in significant improvements in infrastructure, cost-effectiveness, and product innovation. The United States is an important manufacturing hub for the aerospace industry, housing a diverse spectrum of businesses like as material and component suppliers, device manufacturers, system integrators, and engine producers.
China’s market is expected to rise significantly in the future years. This expansion is driven by the country’s growing demand for carbon fibre, which is widely employed in industries such as wind energy and sports. The industry in the country is also expected to grow rapidly because to the increased demand for lightweight automobiles and tight government rules on carbon emissions.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the carbon fiber market for 2018 to 2023 and forecast market statistics for 2024 to 2034.
The study divulges essential insights into the market based on precursor material type (PAN-based, pitch-based, rayon-based), tow size (small tows, large tows), and end use (aerospace & defense, sporting goods, automotive, electrical & electronics, wind energy, civil engineering), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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