The carbon fiber market is projected to register a CAGR of 11.0% during the forecast period. 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. New product launches leading to an increased application scope of carbon fiber as well as the growing usage of these products across various end-use industries, including wind energy, aerospace & defense, automotive, and marine are expected to augment the market growth. However, high manufacturing cost of carbon fiber is the major factor restraining the growth of the market.
Automotive is the fastest-growing end-use industry of carbon fiber, in terms of value.
Carbon fiber is gaining importance in the automotive end-use industry.The automotive industry is focused on increasing efficiency by reducing vehicle weight as well as researching on the commercial viability of advanced materials.
Several car manufacturers, along with carbon fiber producers, are slowly venturing into the production of carbon fiber-based automotive parts.For instance, in November 2017, SGL Carbon entered into a joint venture with BMW Group for lightweight automotive construction.
This helped the company consolidate the key value chain activities, from carbon fiber, through materials, to components under the roof.
The carbon fiber market in the automotive industry is expected to expand significantly in the coming years.Due to its high cost, currently, carbon fiber is only used in high-end racing cars and electric cars manufactured by companies such as BMW, Audi, Lamborghini, Chevrolet, Volkswagen, Ford, Chrysler, Daimler, Jaguar, and GM.
Carbon fiber has been used in many new applications, and new expansion plans have been decided to meet the growing demand for carbon fiber in the automotive industry.For instance, in October 2017 Volvo launched the carbon fiber parts-based electric high-performance car, Polestar 1.
In March 2018, General Motors launched the world’s first ever carbon fiber composite pickup box.
The virgin carbon fiber segment accounted for a major share of the carbon fiber market, in terms of value, during the forecast period The global carbon fiber market is projected to be dominated by the virgin carbon fiber segment, in terms of both value and volume during the forecast period.It has better mechanical properties when compared to recycled carbon fiber, which is driving its use in almost all the applications.
It is possible to produce Class A surface finish on the panels with the use of virgin carbon fibers.This fiber is robust enough for handling and processing during the manufacturing process.
Virgin carbon fiber has long-term performance potential, in terms of fatigue and environmental effects compared to recycled carbon fibers.
Europe is the largest and the fastest-growing carbon fiber market.
The European region is projected to be the fastest-growing carbon fiber market driven by the presence of large aircraft manufacturers, electric car manufacturers, and offshore wind farm installations in the region.The European region has a presence of significant commercial aircraft manufacturers such as Boeing and Airbus.
Europe 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 parts such as bonnets, bumpers, and frontends. This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories: • By Company Type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40% • By Designation- C Level- 35%, Director Level- 30%, and Others- 35% • By Region- APAC- 30%, Europe- 30%, North America- 25%, MEA-10%, Latin America-5%
The report provides a comprehensive analysis of company profiles listed below: • 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) • DowAksa (Turkey)
Research Coverage This report covers the global carbon fiber market and forecasts the market size until 2029.The report includes the market segmentation - raw material (PAN, pitch, rayon), product type (continuous, long, short), fiber type (virgin, recycled), modulus (standard modulus, intermediate modulus, high modulus), application (composite, non-composite), and end-use industry (aerospace & defense, automotive, wind energy, sporting goods, electrical & electronics, civil engineering, pipe & tank, marine, others), and region (Europe, North America, APAC, Latin America, and MEA).
Porter’s Five Forces analysis along with the drivers, restraints, opportunities, and challenges are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global carbon fiber market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways: 1. This report segments the global carbon fiber market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions. 2. The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. 3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product launches, agreements, contracts, joint ventures, partnerships, expansions, and mergers & acquisitions.
Reasons to buy the report: The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall carbon fiber market and the sub-segments.This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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