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Carbon Fiber Market Size, Share, Growth Opportunities, and Forecast 2022-2029 | DataM Intelligence

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Carbon Fiber Market Size, Share, Growth Opportunities, and Forecast 2022-2029 | DataM Intelligence

September 14
22:21 2022
Carbon Fiber Market Size, Share, Growth Opportunities, and Forecast 2022-2029 | DataM Intelligence
DataM Intelligence
Global Carbon Fiber Market is expected to reach a high CAGR of 8.5% during the forecast period (2022 – 2029).

Market Overview:

Carbon Fiber or graphite fiber, is a polymer, an extremely robust and lightweight material. Although carbon fiber is five times stronger and two times stiffer than steel, it is also lighter, making it a great production material for various items. Carbon fiber is a material containing tiny, strong crystalline carbon filaments used to reinforce it. The carbon fiber could then be woven together to form cloth and if a permanent shape is required, it can be laid over a mold and coated in resin or plastic.

Market Size Growth Rate:

As per the research report by DataM Intelligence, the global carbon fiber market size was valued at USD YY billion in 2021; it is projected to reach USD YY billion by 2029, with growth at a CAGR of 8.5% over the forecast period 2022-2029. Some of the significant factors driving the carbon fiber market are the application of carbon fiber as an economical substitute for steel & aluminum and advancements in manufacturing technologies for carbon fibers. The large-scale replacement of steel and aluminum in various industrial segments such as construction, automotive and aviation increases the market prospects for carbon fibers such as sales and demand multiple folds and, therefore, could be considered a prominent market driver. The rise of the electric vehicle market is also boosting the carbon fiber market since these vehicles require lighter body designs to maximize performance.

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Market Drivers:

The rising demand for environmental-friendly regulations for carbon fibers has fueled market growth. Further boosting the market is anticipated to be implementation of strict eco-friendly legislation in both developed and developing nations. Because they reduce weight and improve fuel efficiency, carbon fibers and similar composites are in greater demand from luxury and sports car manufacturers for brake applications. The widespread use of these fibers could expand their infiltration into regular automobiles. In wealthy countries, strict environmental restrictions are already in place. 

But they are also gaining ground in developing nations like India. A roadmap for reducing CO2 emissions through CAFE regulations was drafted in the National Auto Policy (draught), 2018 document. The policy projected Indian CO2 reduction objectives to meet those set by other countries by 2025 and called for defining corporate average CO2 grams per kilometer targets for all passenger car manufacturers starting in 2020. With such endeavors, the Indian automobile market could widely accept and use carbon fibers & associated materials.

Market Restraints:

The diminished demand for luxury cars is expected to hamper the carbon fiber market. Luxury vehicles are one of the end-use markets for PAN and pitch carbon fibers. According to the European Automobile Manufacturers’ Association (ACEA), COVID-19 caused a 25% reduction in the global and European automotive markets in 2020 compared to 2019. Except for China, where sales are increasing compared to 2019, premium and luxury automobile manufacturers such as Mercedes, BMW and Audi saw a fall in sales and revenues in 2020. The demand for PAN-based and petroleum pitch carbon fibers has decreased due to these declining sales.

Market Opportunities

The advancement in manufacturing technologies of carbon fiber is expected to provide growth opportunities in the market. However, there is a considerable barrier to creating carbon fibers utilizing the modulus since attempted efforts to grow the manufactured carbon fibers significantly degraded the underlying layers, robbing them of their natural strength. Due to technological advancements, simpler manufacturing techniques are available to manufacture carbon fibers in modernity. For instance, a group of scientists from MIT invented a new method where the researchers covered carbon fibers with nanotubes without triggering fiber degradation, doubling the strength of previously nanotube-coated fibers and paving the way for carbon fiber composites that are not only stronger but also more electrically conductive.

COVID-19 Impact Analysis

The pandemic broke out for more than a year, sending shockwaves to virtually every aspect of existence. Many parts of the automotive and construction sectors have changed dramatically due to COVID-19. The automotive market has undergone a significant upheaval due to the pandemic. While internal combustion engines (ICEs) currently dominate today’s powertrains, government laws and automotive investments plainly show that electric cars (EVs) are the way of the future. In addition, the interest and investment in advanced air mobility (AAM), which includes flying cars and delivery vehicles, has soared to unprecedented heights. Most vehicles are anticipated to be battery-powered, with composites serving as a key enabler.

Further, addressing climate change with green energy infrastructures like solar, wind and hydrogen intensified during the pandemic, positively impacting composite materials’ prospects. For instance, future commercial planes will run on liquid hydrogen, which would be kept in cryogenic carbon fiber tanks. According to the Managing Director of Vaxjo, Sweden-based Connectra Global, even if the introduction of fuel-cell vehicles declared by governments globally is not fulfilled, between 30 and 58 kt of carbon fiber will still be required to construct high-pressure vessels. However, carbon fiber utilization is still in its infancy, limited by the material’s high cost to niche and high-performance vehicles with a few notable exceptions and accounting for barely 10% of the overall carbon fiber market today.

Market Challenges:

A major challenge in front of the market is the availability of low-cost substitutes. The high price of carbon fiber is a significant issue for market expansion. Due to their high price, these composites are not widely used and for the manufacturer, finding low-cost technologies is their biggest issue. Carbon fiber composites are only utilized in high-end and luxury vehicles in the automotive industry. In addition, the development of the industry is seriously threatened by replacement composites of carbon fibers made of glass, aluminum, copper, basalt and natural fiber, all of which have similar end-use applications and are strong and reasonably priced.

Recent Developments in the Industry:

  1. In April 2021, Mitsubishi Chemical Corporation decided to invest in C.P.C. SRL, an MCC affiliate that manufactures and sells carbon fiber reinforced plastic (CFRP) automotive parts. The investment will be made by MCC Group company Mitsubishi Chemical Advanced Materials AG. It will include additional 5,000 metric tons of press machines, which will be among the largest globally when they begin operation in 2023.
  2. In July 2021, ZHONGFU SHENYING CARBON FIBER CO., LTD. announced that the company’s 10,000 metric ton production facility for high-performance carbon fiber, located in Xining, China became operational. The project began in 2019 and is worth US$ 320 million.

Market Segmentation:

As per the research analysis, the global carbon fiber market is segmented by tow size into small tow and large tow. By modulus into standard, intermediate and high. 

  1. Small Tow: It is expected to have the highest share in 2021. Carbon fiber tow is the elemental form of carbon fiber before being transformed into a completed carbon fiber reinforcement, most commonly a woven carbon fiber cloth. Carbon fiber tow comes in various sizes, but the most common are 1K, 3K, 12K and 24K. The ‘K’ refers to thousands of individual carbon fiber filaments that make up the tow. 
  2. Large Tow: Large-tow carbon fiber is commercial-grade carbon fiber with over 48K tow size that fits the needs of general industrial applications. It can be developed to 480K and 540K. In terms of price, there is a clear advantage. For example, in the current global market for large commercial tow, the price of basic type T300 carbon fiber has been reduced to 8-10 US$/1b, while the price of aerospace-grade is 15-20 US$/1b.

Geographical Classification:

According to the report, the global carbon fiber market is divided into regions, i.e., North America, South America, Europe, Asia-Pacific and Middle East & Africa.

Global Carbon fiber Market:

The growth in the carbon fiber market in North America is estimated to show significant growth at a healthy CAGR over the forecast period. The improving demand for fuel-efficient and lightweight vehicles and the accelerating use of renewable energy in the aerospace and military sector are all major factors driving the market share for carbon fibers in the region.

U.S. Carbon fiber Market: U.S. dominated the carbon fiber market in 2021. Furthermore, the rising popularity of recycled carbon fiber and a focus on using lignin as raw carbon fiber is anticipated to present opportunities in the region. U.S. aircraft industry is one of the fastest-growing industries across the globe. Passenger and cargo fleets will likely be fueled by increased demand for air travel and expansion in air freight. 

Canada Carbon fiber Market: The aerospace sector in North America drives the region’s market growth. Many North America-based companies are running huge investments to develop the latest R &D program for carbon fiber in the aerospace industry. For instance, on March 9, 2020, SGL Carbon developed a high-tensile strength and stiffness (Intermediate Modulus/I.M.) large-tow carbon fiber for aerospace.

Mexico Carbon fiber Market: The growth in the North American aerospace industry is creating huge market opportunities for carbon fibers to make flight safer and more sustainable.

Competitive Analysis:

The key players are adopting various growth strategies such as product launches, innovative technologies, acquisitions and collaborations, driving the growth of the global carbon fiber market. In July 2020, Mitsubishi Chemical Corporation acquired two Germany-based carbon fiber recycling companies, carboNXT GmbH and CFK Valley Stade Recycling GmbH & Co. KG, through its subsidiary Mitsubishi Chemical Advanced Materials AG. With the acquisition, Mitsubishi will construct a chain throughout Europe, starting with the fabrication of carbon fibers and carbon fiber composites and ending with the collection and recycling of products, similar to what it has done in Japan.

Major Companies:

Major market players contributing to the expansion include Toray Industries, Inc., Solvay, SGL Carbon, Hexcel Corporation, TEIJIN LIMITED, Mitsubishi Chemical Holdings Corporation, Formosa Plastics and others.

Additional Benefits Post Purchase:

1) Unlimited Analyst support for 1 year. 

2) Any query regarding the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

The Full Report has the below insights.

  • The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable projections about market size during the forecast period (2022-2029).
  • Visualize the composition of the global carbon fiber market segmentation by material, modulus, tow size, application, end-user and country, highlighting the key commercial assets and players. 
    • By Material: Petroleum Pitch, Polyacrylonitrile, Rayon, Bio-based, Others
    • By Modulus: Standard, Intermediate, High
    • By Tow Size: Small Tow, Large Tow
    • By Region: North America, South America, Europe, Asia-Pacific, Middle East & Africa
  • Identify commercial opportunities in the global carbon fiber market by analyzing trends and co-development deals.
  • The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
  • Excel data sheet with thousands of the global carbon fiber market-level 4/5 segmentation data points.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. 
  • Product mapping in excel for the key product of all major market players
  • The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages. 


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