The increasing demand for lightweight materials in various industries and carbon fiber’s multiple qualities such as high strength & low weight are the factors contributing to the carbon fiber industry growth
Rockville, Nov. 21, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Carbon Fiber Market is likely to reach a US value of $11.44 Bn by 2032 while climbing at a CAGR of 9.1%.
Carbon fiber is a lightweight and super-strong material made of thin carbon strands. It’s better than other materials because it’s really strong but much lighter, making things like airplanes and cars more fuel-efficient. It doesn’t rust, lasts a long time, and can handle much stress without getting damaged. It also conducts electricity, which is handy for electronics. People like using it because it allows for cool and intricate designs, and it can even help the environment by reducing fuel use and emissions in transportation.
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Key Segments of Carbon Fiber Industry Research Report
|By Precursor Material Type||By Tow Size||By End Use||By Region|
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The rise of the carbon fiber market is primarily driven by the increasing demand for lightweight materials in industries such as aerospace, automotive, and sports. The unique combination of high strength, low weight, and corrosion resistance offered by carbon fiber makes it a preferred choice, especially in applications where fuel efficiency, performance, and sustainability are paramount.
Making carbon fiber is expensive because it involves complex and energy-intensive processes. The material is known for being strong and light, making it popular in industries like aerospace and automotive. Carbon fiber faces tough competition from other materials, especially in industries where traditional options like steel and aluminum are well-established and seen as more cost-effective.
- The global carbon fiber market is dominated by North America, which holds a significant 32.8% share. This is primarily attributed to the notable concentration of electric car manufacturers in the region.
- The carbon fiber market in the United States is expected to experience a CAGR of 9.5% between 2022 and 2032. Substantial growth is anticipated in the US, leading to notable improvements in infrastructure, costs, and product innovation.
- Anticipated to grow at a CAGR of 11.7% throughout the forecast period, the Chinese market is witnessing a growing utilization of construction composites. This trend is particularly notable in tunnels, bridges, and residential structures.
The demand for lightweight materials in automotive and aerospace, growing applications in renewable energy like wind turbines, and continuous advancements in manufacturing technologies and processes are driving the industry growth – Says FACTMR Expert
In the fiercely competitive market, key players are concentrating on creating inventive products to bolster their global market standing. They are also employing strategies such as acquisitions and mergers. Prominent participants in this arena encompass Toray Industries, Inc., Mitsubishi Chemical Carbon Fiber & Composites, Hexcel Corporation, Teijin Carbon Fibers, Inc., and SGL Group.
- In April 2021, Impossible Objects and Ricoh 3D established a fresh partnership to produce carbon fiber composite materials designed for printing using the Composite Additive Manufacturing (CBAM) process. These new material options eliminate obstacles in the production of parts for drones, aircraft, automobiles, athletic gear, and various other applications.
- Big/Key players in the market are smartly focusing on the automotive industry. They’re promoting the use of carbon fiber to make vehicles lighter, which helps improve fuel efficiency and meet strict emission standards.
- Big companies in the industry are smartly investing in making special carbon fiber products for the aerospace industry. These products are designed to meet aircraft and spacecraft’s strict performance and safety standards.
- Employing eco-friendly practices in sourcing materials and manufacturing is a powerful strategy in the industry. This involves sourcing materials like polyacrylonitrile from sustainable sources and adopting production methods that are energy-efficient, have lower emissions, and generate less waste.
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|Value Projection (2032)||USD 11.44 Billion|
|Growth Rate (2022-2032)||9.1 % CAGR|
|No. of pages||170 Pages|
|No. of Tables||84 Tables|
|No. of Figures||112 Figures|
Carbon fibers are categorized based on precursor material into pitch-based, PAN-based, and rayon-based. PAN-based carbon fiber, distinguished by exceptional features, is expected to gain broader acceptance across various applications.
PAN-based carbon fiber finds extensive use in structural material composites within aerospace and defense, industrial, and sporting goods sectors. The preference for PAN precursor is driven by its excellent material qualities. Additionally, the lower cost of PAN compared to pitch-based carbon fiber is anticipated to contribute to the segment’s growth.
Checkout More Related Studies Published by Fact.MR Research:
Carbon Fiber Resin Market: The global carbon fiber resin market is estimated to be worth USD 574 Million in 2022 and is forecast to grow with a CAGR of 15.3% to reach USD 2,377 Million by 2032.
Carbon and Graphite Market: The global carbon and graphite market is anticipated to expand at a CAGR of 5.9%, rising from its current value of US$ 18 billion to US$ 32 billion by the end of 2033.
Carbon Black Market: The global carbon black market size is estimated to be valued at US$ 26.2 billion in 2023 and it is expected to grow at a CAGR of 6.0% to reach US$ 46.9 billion by the end of 2033.
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