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Carbon Fiber Market size is forecast to reach $11.2 billion by 2026, after growing at a CAGR of 11.5% during 2021-2026. Carbon fiber is a high strength, low weight, high stiffness, conductive to electricity, and is one of the most corrosion and heat resistant material. Growing demand for lightweight products from aerospace & defense, automotive, and wind energy industries and minimizing carbon emissions are driving the market growth. Whereas, the growing building and construction sector in the emerging country is also driving the market growth. As carbon fiber is used primarily in the strengthening and reinforcement of concrete, steel, timber, and masonry.

Competitive Landscape:

The top 5 players in the Carbon Fiber industry are –

1. Hexcel Corp

2. Formosa Plastics Corp

3. TEIJIN Aramid B.V.

4. Hyosung Advanced Materials

5. ESE Carbon Co

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Segmental Analysis:

1. Continuous tow also makes carbon fiber far superior to glass and aramid fibers because of their added strength & stiffness and are used in manufacturing wind turbines, industrial, and automotive manufacturing. Therefore, these properties & advantages of continuous tow will further drive its demand in the market.

2. Composite segment held the largest share of more than 55% in 2020 and is forecasted to be the most utilized application of carbon fiber. The high strength, high thermal & electrical conductivity, light weight, and high modulus properties of composite makes them suitable to use across aerospace & defense, automotive, sports, and wind turbine industry, which are ideal for its growth. 

3. The use of carbon fiber in manufacturing narrow-body aircraft is also witnessing growth and creating a demand for the market. According to Indian Machine Tool Manufacturers’ Association (IMTMA) report, the Aerospace and Defense (A&D) market in India is estimated to reach $70 billion by 2030, which will further create the demand for carbon fiber in the region.

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Market Drivers and Challenges:

1. In the automotive industry, carbon fiber composites are only used in high-end and luxury cars. Moreover, substitute composites of carbon fibers such as glass fiber, aluminum, copper, basalt fiber, and natural fiber pose a serious challenge to the growth of the market. As these substitutes have similar end-use applications and are durable & cost effective.

2. The pandemic has severely hindered the growth of carbon fiber market, as the automotive, and aviation industry are facing slow growth due to travel restriction, slowing demand for spare parts as maintenance in reduced, passengers stop traveling, customers postponing delivery of new aircraft and no discretionary spending by consumers.

3. The exact shape of equipment is very critical for its performance and can easily be achieved by using carbon fiber composites.

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