According to a recent FactMR analysis, the global market for carbon fibre will grow significantly over the forecast period of 2021–2031, rising at a rate of over 8% CAGR to reach around US$ 9 Bn. Due to its remarkable mechanical properties, high-temperature resistance, low moisture absorption, and comparatively inexpensive cost, demand has increased.
According to historical statistics, the global market for carbon fibres increased at a CAGR of 3% between 2016 and 2020, reaching close to US$ 4 Bn. Demand for carbon fiber-reinforced concrete is increasing as a result of several architectural construction projects. Carbon fibres are being used more and more in the aerospace sector, primarily because to their excellent strength to weight ratio.
In addition, a wide range of aircraft parts, such as vertical stabilisers, floor beams, engine nacelles wings and elevators, are made using carbon fibres. Manufacturers are successfully seizing the expanding prospects in the international aerospace and defence sector. Rising defence spending for national security across nations is boosting the need for lightweight building materials and lower operational costs, which is increasing the use of carbon fibres.
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Regional Analysis of Lab Automation Market
As a result of the region’s research and development-led advancements in infrastructure, costs, and product innovation, the U.S. will experience tremendous growth. According to Fact.MR’s analysis, the U.S. industry will grow at a 7% CAGR through 2031.
The federal government declared its intention to sell 50% of all-electric, plug-in hybrid, or hydrogen-powered vehicles by 2030 in April 2021. The Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) would be tasked with creating aggressive long-term restrictions, according to a forthcoming executive order.
Germany is anticipated to stay profitable during the projected period as a result of government measures and legislation to reduce negative environmental effects. According to Fact.MR, the German market is expected to have a revenue share greater than one-third.
With the successful introduction of the Airbus A320 series and Eurofighter, the aerospace and defence sector in the area is at the forefront of innovation. The finance committee of the German parliament authorised a €5.4 billion ($6.35 billion) deal in November 2020 to buy 38 Eurofighter aircraft from Airbus for the nation’s air force.
Key Segments Covered
Precursor Material Type
- PAN based Carbon Fiber
- Pitch based Carbon Fiber
- Rayon based Carbon Fiber
Tow Size
- Small Tow Carbon Fiber
- Large Tow Carbon Fiber
End User
- Carbon Fiber for Aerospace & Defence
- Carbon Fiber for Energy & Mining
- Carbon Fiber for Sport/Leisure
- Carbon Fiber for Automotive
- Carbon Fiber for Construction
- Carbon Fiber for Other End Users
Competitive Landscape
The global carbon fiber market is highly competitive in nature. Occupancy of a large number of players has made the nature of the global market for carbon fiber to be fragmented, with the intensity of competition among players surging at a significant rate.
Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market and are adopting strategies like acquisitions and mergers.
- In April 2021, Impossible Objects and Ricoh 3D entered into a new partnership to make Carbon Fiber composite materials for printing on the Composite Based Additive Manufacturing (CBAM) process. The new material options remove barriers to printing parts for drones, aircraft, automobiles, athletic gear, and more.
- In April 2021, Hyosung Advanced Materials signed a long-term contract with Hanwha Solutions with the aim to supply high-strength carbon fiber to be used to reinforce fuel tanks for hydrogen vehicles for six years from 2021. The supply is worth about 160 billion won ($144 million).
Key Companies Profiled
- Hyosung
- Kemrock
- Dow/AkSA
- Cytec
- Hexcel
- SGL
- Formosa Plastics
- Mitsubishi Rayon
- Toho Tenax
- Toray
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Key Takeaways from the Market Study
- Global market for carbon fiber is anticipated to expand over 2x by 2031
- China to remain the most lucrative region with sales set to close in approximately 50,000 tons by 2031
- PAN-based carbon fibers to account for over 95% share of the market
- Aerospace & defence applications to account for 3 out of 5 sales through 2031
- Small tow will remain preferred for carbon fibers across the globe, with sales pegged to exceed 75,000 tons.
- U.S to experience heightened demand growth, expanding at around 7% CAGR
- Over 1/3rd of global carbon fibers revenue to be stimulated by the German market
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