Global Carbon Fiber Market - Overview
Market Research Future (MRFR) projects the Carbon Fiber Market size is expected to register a CAGR of 10.6% to reach USD 7.8 billion by the forecast period (2020 - 2030), which has been considered by Market Research Future (MRFR) as the forecast period for a better analytical understanding of the market.
The global market for carbon fiber is banking on new carbon fiber technology that can bring in innovations. Carbon fiber can be termed as a polymer that is known as graphite fiber. It is light in weight and is strong-stronger than steel. Its ability to exhibit high tensile strength, resistance to chemicals, low thermal expansion, and heat-resistance ability can promote the demand for the market. These factors can ensure carbon fiber future in several end user industries. The carbon fiber as raw material is expected to find growth with the automobile and aerospace industries among many. Its proliferation into sporting industries and the production of wind turbines can also ensure better growth. However, the high cost of carbon fiber market can hold back global market growth. The price of carbon fiber also dwindles a lot, which can inspire better growth.
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Global Carbon Fiber Market – Prominent Players
Toray Industries, Inc (Japan), Teijin Limited (Japan), SGL Group (Germany), Hexcel Corporation (US), Mitsubishi Chemical Corporation (Japan), HYOSUNG (South Korea), Cytec Industries Inc. (US), DowAksa (US), OJSC «SvetlogorskKhimvolokno» (Belarus), Taekwang Industrial Co., Ltd (South Korea), Nippon Graphite Fiber Co., Ltd. (Japan), Formosa Plastics Corporation (US), Carbon Mods (US), and Kureha Corporation (Japan) are some of the major players in the global carbon fiber market.
Top Drivers and Challenges
Carbon fiber has become a sought-after industrial material. According to a recent study conducted by Market Research Future (MRFR), the global carbon fiber market is set to demonstrate 10.6% CAGR during 2016 to 2023. Towards the end of the assessment period, the market is expected to surpass a valuation of USD 7 Bn. Carbon fiber is revered for light-weight and high tensile strength properties. It is five time stronger than steel.
It is a high-performance material, which holds tremendous market potential. The increasing usage of carbon fiber in industries such as sport equipment, military and defense, automotive and aerospace is reflecting favorably on the market. Over the years, a slew of carbon fiber variants have come up, which short, long and continuous carbon fiber.
Increasing application scope of the material in prompting suppliers to increase capacity. The automotive sector remains under pressure to make vehicles environmentally viable and fuel-efficient. Use of light-weight components in one of the key solution to achieve the goal where carbon fiber can play an important role. The material is opted for manufacturing of sports equipment, construction, molding & compounding, wind turbines, pressure vessels and others.
The global carbon fiber market is gaining a rapid momentum. Carbon fiber is used for manufacturing various types of automotive components spanning across body to engine. Carbon fiber is used for making both interior and exterior parts. The growth of the automotive sector has partly influenced the demand for carbon fiber. Despite the growing market, carbon fiber remains a pricey material. The high cost of carbon fiber somewhat undermines its market potential.
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Market Segmentation
The global carbon fiber market, as discussed in the expert report MRFR, includes segments like raw material, form, type, and application for a proper understanding of the market flow. These segments have factorial details that command the market and can transform the market growth pattern for the coming years.
By raw material, the global report on the carbon fiber market can be segmented into pitch, PAN, and rayon. The PAN segment had the maximum market coverage in 2017 and it is growing with the fastest CAGR the would secure more grounds for it in the coming years.
By form, the global report on the carbon fiber market can be segmented into composite and non-composite. The composite segment, with its percolation into the automobile and aerospace industries, can ensure better growth for the market. It had the largest market share in 2017.
By type, the report on the global carbon fiber market can be segmented into long, continuous, and short carbon fibers. The construction industry is inspiring better growth for the long carbon fibers.
By application, the market study on the global carbon fiber market can ben segmented into aerospace & defense, pressure vessels, automotive, sports equipment, wind turbines, construction, molding & compounding, and others. The burgeoning automotive segment can trigger growth for the same.
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Carbon Fiber Market - Regional Analysis:
North America had the largest market share in 2017. This is primarily due to the growing demand from segments like aerospace, defense, automobile, and sports. Such a wide range of its application can inspire significant growth. The product is quite lightweight and can trigger a better growth rate in the coming years. Especially markets like the US and Canada can inspire better growth. The Asia Pacific market, as discussed in 2017, would be the fastest-growing one for the coming years. This would gain much traction from the automobile and construction segments. The construction sector can witness a hike in growth due to rising investments from various governments. Interests for the automobile shown by various market players can influence a better growth rate for the market. The regional market would be thriving with the contributions made by India, China, and others. In Europe, the growth would be more from wind turbines and the robust automobile industry. The regional government policies are quite stringent and can ensure better market growth. The market in the Middle East & Africa would find the growth to be sluggish due to the presence of several poor economies that can distract the market growth in the coming years.
Industry/ Innovation /Related News:
In November 2019, Markforged, one of the premium metal and carbon fiber 3D printers, announced that their new Turbo Print for the X7 3D printer can print faster than any other commercially-available machines without compromising the quality.
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