IndustryARC, in its latest report, predicts that 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. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways:
1. Europe will continue to have the major share of total worldwide wind energy carbon fiber demand during the forecast period owing to its renewable energy targets and use of offshore wind capacity.
2. High price of carbon fiber is one of the factors that’s hindering the markets growth.
3. COVID-19 will hinder the markets growth, as the end use industry are facing a slow growth, hence reducing the demand for carbon fiber.
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Segmental Analysis:
1. Polyacrylonitrile Based (PAN) segment held the largest share of more than 65% in the carbon fiber market in 2020. The PAN based component offers various benefits like low density, high strength, high modulus, high-temperature resistance, wear resistance, corrosion resistance, fatigue resistance, creepage resistance, electric conduction, heat conduction, and far-infrared radiation.
2. Europe held the largest share of more than 40% in the carbon fiber market in 2020. With countries such as UK, France, and Germany are driving the market growth.
3. Continuous tow segment held the largest share of more than 60% in the carbon fiber market in 2020. Continuous tow is the most widely used tow, due to its weight, compatibility with resins, and various range of sizing available for optimal processing.
4. As per International Council on Clean Transportation report in 2020, there were 1.8 million units of EV in Europe, out of which 564,000 units registered in 2019. With Germany & Norway having the largest share in the market. Furthermore, the growing wind energy sector across the regions also fuel the market growth.
5. According to a 2019 report released by Aerospace Industries Association (AIA), in 2018 American aerospace & defense industry export amounted for $151 billion, out of which $131.5 billion were from civil aviation and the total revenue in 2018 was $929 billion, which was an increase from $865 billion in 2017 with a growth of 4.17%.
6. Aerospace and Defense segment held the largest share of more than 25% in the carbon fiber market in 2020. Airbus A350 XWB, JSF, F18 E/F, A380, Eurofighter Typhoon, Global Express, Airbus A400M, V22 Osprey, Boeing 787, and GEnx Engines are some of the end products where these composites are used and are ideal for the growth of the market.
Competitive Landscape:
The top 5 players in the Carbon Fiber industry are –
1. MakerBot Industries LLC
2. SGL Carbon SE
3. Solvay S.A
4. Hengshen Co., Ltd.
5. DowAksa Advanced Composites Holding B.V.
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