Carbon Fiber Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

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According to UnivDatos Market Insights (UMI)’ research report “Global Carbon fiber Market”, the market is expected to witness a CAGR growth of ~8% during the forecast period 2021-2027F.

Industry is moving toward adopting lightweight components in order to reduce the product weight and increase efficiency. Globally, aerospace & defence, automotive and wind energy is adopting carbon materials to lower the weight of aircrafts, vehicles and its related equipment's, and wind blades, thus offering high efficiency product. Owing to such factors, the demand of carbon fiber is increasing. For instance, the number of aircraft delivered in 2014 was 1,531 which increased to 1,764 in 2018. However, in 2019, the number drop to 1,377 only.

Further, according to Hexcel Corporation, almost all the UAV structures are made up of carbon fiber. Moreover, since the air travel is increasing across the globe, thus the demand of aircraft from aircraft operator would also propel. Thus, increasing the demand of carbon fiber. For instance, as of June 30, 2021, The Boeing Company had the backlog of 3,334 airplanes for 737 model, 11 airplanes backlog for 747 model, 107 airplanes backlog for 767 model, 40 airplane backlog for 777 model, 246 airplane backlog for 777X model, and 417 airplanes backlog for 787 model.

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According to UnivDatos Market Insights (UMI)’ research report “Global Carbon fiber Market”, the market is expected to witness a CAGR growth of ~8% during the forecast period 2021-2027F. Increasing demand for lightweight-high strength materials, growing investment in R&D to the lower the cost, large base of end user, and stringent environment regulations are some of the key factors which are driving the growth of the market.

Based on fiber type, the market is categorized into virgin and recycled carbon fiber. Among these, virgin carbon fiber held the larger market share owing to its large production and less focus on carbon fiber recycling. However, during the forecast period, recycled carbon fiber is likely to showcase substantial growth. Around the globe, around 30% of the carbon fiber end up as a waste thus manufacturers are finding opportunity to use the wasted carbon fiber to increase the production. Further, in addition to similar carbon fiber modulus as of virgin carbon fiber, it also offers 20%-40% cost saving over virgin carbon fiber.

Based on product type, the market is trifurcated into continuous, long, and short type carbon fiber. Among these, continuous held the significant revenue share in 2020. Due to its high strength and rigidity it is commonly used in several industries like autmotovie, aerospace & defence, and wind energy.

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Asia-Pacific is likely to showcase robust growth during the forecast period

Based on region, the report provide detail analysis for overall adoption of carbon fiber in major region including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia-Pacific is likely to showcase significant growth during the forecast period owing to growing aerospace & defence and automotive industry. Further, increasing focus on renewable energy like wind is boosting the demand of carbon fiber as it is used in producing thin wind turbine blades.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global carbon fiber market are Hexcel Corporation, Mitsubishi Chemical Holdings, Toray, Solvay, Formosa Plastic Corporation, Jiangsu Hengshen Co. Ltd., DowAksa, Teijin Limited, SGL Carbon, and Hyosung Advanced Material. These companies are taking several strategic decisions to increase their market presence and revneue.

Some of the instances are:

In September 2021, Hexcel Corporation has collaborated with HP Composites S.p.A, a company engage in the production of carbon fiber component for automotive and motorsports to develop carbon fiber class A body panels.
In June 2021, Hexcel Corporation announced the successful maiden flight of a lightweight camera drone, developed using Hexcel HexPly carbon fiber prepregs. The composite drone was developed by a team of students from the University of Applied Sciences Upper Austria in Wels with composite materials supplied by Hexcel Neumarkt in Austria.
In December 2020, Toray completed a long term agreement with Joby Aviation to supply carbon fiber for piloted helicopter eVTOL for air taxi transport. The carbon fiber will be used in the aircraft structure, propulsion system, and interior components. The aircraft is likely to start operation by 2023.

“Global Carbon fiber Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

By raw material (polyacrylonitrile (PAN) and pitch)
By fiber type (virgin and recycled)
By product type (continuous, long, and short)
By tow type (regular and large)
By modulus (standard, intermediate, and high)
By application (composite and non-composite)
By end user (aerospace & defence, automotive, wind energy, sport, electrical & electronics, construction, marine, others)
By Region (North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of APAC), and Rest of World)
By Company (Hexcel Corporation, Mitsubishi Chemical Holdings, Toray, Solvay, Formosa Plastic Corporation, Jiangsu Hengshen Co. Ltd., DowAksa, Teijin Limited, SGL Carbon, and Hyosung Advanced Material)

Key questions answered in the study:

What are the current and future trends of the global carbon fiber industry?
How the industry has been evolving in terms of end-user demand and product category?
How the competition has been shaping across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the global carbon fiber industry?
What are the customer orientation, purchase behavior, and expectations from the global carbon fiber suppliers across region and countries?

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