The high modulus of carbon fibers has resulted in its widespread use across numerous industries, including aerospace, automotive, sports, energy, and marine. The increasing penetration of carbon fiber as a replacement to traditional materials in these industries, coupled with the advancement of these industries, is set to result in the significant demand for carbon fiber over the next few years. The carbon fiber market is expected to grow from USD 4.7 billion in 2019 to USD 13.3 billion by 2029, at a CAGR of 11.0% during the forecast period.
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Composite application comprises a major share of the carbon fiber market, in terms of value.
The carbon fiber market is further divided into application segments, which include composite and non-composite. Carbon fiber composites are used in various industries such as aerospace & defense, automotive, wind energy, sporting goods, pipe & tank, civil engineering, and marine. They offer high strength, rigidity, and high tensile strength. In the composite applications, carbon fiber is mainly used in the form of prepreg, molding compound, and woven fabric. Prepreg is the largest consumer of carbon fiber in the composite application segment.
The continuous carbon fiber segment is projected to register the highest CAGR in the global carbon fiber market
Continuous carbon fiber offer higher tensile strength when compared to other types of carbon fiber products. These fibers can be used in layup, weaving, prepregging, filament winding, braiding, and pultrusion processes for manufacturing composites parts for various end-use industries such aerospace & defense, automotive, and wind energy. Continuous carbon fiber is also used in 3D printing applications as it offers stiffness and strength. Superior properties and large number of applications are driving the continuous carbon fiber segment of the market.
Europe is expected to account for the largest market share in the carbon fiber market during the forecast period.
Europe is estimated to account for the largest share of the market. Europe led the carbon fiber market due to the presence of established automotive, aerospace & defense, and wind energy industries in the region. The region is home to some of the prominent automotive manufacturers such as BMW, Fiat, and Bentley. These automotive manufacturers use carbon fiber composites in various structural automotive parts such as bonnets, bumpers, and frontends. Additionally, aircraft manufacturers such as Airbus and Boeing use carbon fiber composites in structural parts as they offer rigidity and high tensile strength. Moreover, there are a large number of offshore wind energy installations, especially in the UK and Germany. According to the Global Wind Energy Council (GWEC), the UK added 1,680 MW of offshore wind energy capacity in 2017, which is almost 39% of the global offshore wind energy capacity in the same year.
Toray Industries Inc. (Japan), SGL Group (Germany), Hexcel Corporation (US), Mitsubishi Rayon Co. Ltd. (Japan), Teijin Limited (Japan), Formosa Plastics Corporation (Taiwan), Solvay (Belgium), Jiangsu Hengshen Co. Ltd. (China), Hyosung (South Korea), and DowAksa (Turkey) were some of the key players in the global carbon fiber market. These players have adopted various organic and inorganic developmental strategies over the past five years.
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