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The carbon fiber market size is estimated to grow at a CAGR of 7.43% between 2023 and 2027. The market size is forecast to increase by USD 2,732.91 million.
The growth of the market depends on several factors, including the increasing use of carbon fibers in the aerospace and defense sector, the growth of wind power capacities, and increasing collaborations and partnerships in the carbon fiber market.
This carbon fiber market report extensively covers market segmentation by end-user (aerospace and defense, sports and leisure, wind energy, automotive, and others), raw material (pan-based, pitch-based, and rayon-based), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Carbon fibers consist of a variety of short and continuous fibers that are bound together by a polymer matrix. Polymers can be classified as thermosets and thermoplastics. Carbon fibers are polymers that can be molded, melted, and remolded without altering their physical properties. Carbon fiber exhibit properties such as high strength; toughness; resistance to chemicals, shock, fatigue, and creep; good dimensional stability; and high viscosity.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growth of wind power capacities is a key driver propelling market growth. Wind energy is a cost-effective renewable electricity generation source. Developed regions like North America and Western Europe lead in wind power investments globally, with turbine blades being a rapidly growing segment for carbon fiber composites. Thermoset prepreg is extensively used in wind turbine manufacturing due to its high strength-to-weight ratio and durability.
Vendors are investing in technologically advanced products for wind energy applications. Low-cost carbon fiber prepreg allows manufacturers to create longer and more efficient turbine blades, generating increased energy. Countries like India and Brazil are rapidly installing wind energy to meet environmental regulations. The expanding wind farm installations worldwide are expected to drive the carbon fiber prepreg market in the forecast period.
Increasing demand for lightweight and high-performance materials is a key trend shaping the market. The demand for lightweight and high-performance materials from various end-user industries has increased as these are used in various industrial applications for their properties, such as energy-saving and wear resistance. These materials are widely used in the aerospace and defense, and automotive industries.
Among various types of high-performance materials, carbon composites are the most preferred composites. This is because of their properties, such as high strength-to-weight ratio, high-temperature resistance, thermal shock resistance, non-conductive nature, and increased fuel efficiency. The demand for carbon composites is expected to increase R and D activities, which is expected to foster the use of carbon fiber in several new application areas during the forecast period.
The high cost of carbon fibers is a key challenge boosting the growth of the market. Carbon fibers face higher R&D and manufacturing costs compared to their substitutes, limiting their extensive use in the automotive industry, particularly for mass-produced, price-sensitive vehicles. Although CFRP-based pressure vessels offer twice the service life of steel and glass vessels, they are significantly costlier at USD 16.25/liter compared to USD 5/liter for steel-based and USD 7.50/liter for glass fiber composite-based vessels.
Research efforts aim to reduce the cost of carbon fiber composites. Rising prices of raw materials, such as resins and carbon fibers, further add to procurement costs for vendors. While carbon fibers find applications in luxury cars, mass production and cost-effective manufacturing processes remain challenges for the aerospace, automotive, and pressure vessel sectors during the forecast period.
The market share growth by the aerospace and defense segment will be significant during the forecast period. Carbon fiber is widely used in aerospace and defense applications due to its properties such as lightweight, high tensile strength, corrosion resistance, fatigue resistance, and excellent strength and stiffness. Carbon fiber's strength-to-weight ratio is much higher than other metals, so it is widely used in aircraft parts and structures. Carbon fiber materials are characterized by high strength, good chemical and corrosion resistance, and high viscosity. Therefore, it is used for aerospace exterior and interior parts. Carbon fiber is preferred over alloys such as aluminum and titanium alloys due to its higher modulus.
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The aerospace and defense segment was valued at USD 3,427.32 million in 2017 and continued to grow until 2021. In the aerospace industry, carbon fiber helps reduce the overall weight of aircraft. The commercial aerospace industry is increasingly using carbon fiber. The latest Boeing 787, 777, and Airbus A350XWP contain over 50% fiber-reinforced plastic by weight. Using carbon fiber to create lightweight components for aircraft reduces overall aircraft weight and improves aerodynamic performance. Carbon fiber is used in many defense applications such as flying drones, armored combat vehicles, submarines, and body armor. They are used for ballistic and non-combustible roof protection for land, air, and sea defense systems such as drones and defensive vehicles. It is lightweight, extremely hard, and has excellent heat and fire resistance. The aviation industry is growing significantly all over the world as the number of passengers increases. An increase in aircraft production is therefore expected to boost the growth of the market during the forecast period.
Based on raw materials, the market has been categorized into pan-based, pitch-based, and rayon-based. Pan-based segment holds the largest market share. PAN-based carbon fibers are used in the aerospace and defense, sporting goods, and wind energy sectors; the automotive industry; and other end-use applications. These fibers exhibit high tensile strength, corrosion and fatigue resistance, low thermal conductivity, low moisture absorption ability, and several other properties. In the aerospace, automotive, and wind energy sectors, they are used for producing lightweight and corrosion-resistant components. Such factors will shape the growth of the market.
North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The growth of the market in the region is attributed to the high consumption of carbon fiber in industries such as aerospace, automotive, wind energy, and construction. The region is one of the largest exporters of carbon fiber. The United States and Canada lead the regional market. Major aircraft manufacturers such as Airbus and Boeing, as well as manufacturers of important defense equipment, are based in the region. The aerospace and defense sector is dominated by the production of commercial aviation and large passenger and cargo aircraft. Stringent government standards to reduce vehicle weight and greenhouse gas emissions will increase the consumption of carbon fiber-based composites in the automotive industry.
In 2020, the COVID-19 pandemic severely impacted the economies of various countries across the world. Due to the rising death toll from COVID-19, lockdowns were implemented in different countries of the world. Many aircraft, automobiles, and other manufacturing facilities were closed to contain the spread of COVID-19. However, a significant number of countries across the world lifted lockdown restrictions in 2021, due to large-scale vaccination campaigns, allowing the resumption of various trade and development activities globally. End-user industries further encouraged the resumption of operations at their manufacturing facilities, leading to increased demand for carbon fiber. Therefore, the market is expected to grow at a considerable rate during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Hyosungadvancedmaterials- The company offers carbon fiber under the brand TANSOME.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Evonik Industries AG, Formosa M Co. Ltd., Hexcel Corp., Hyosung Advanced Materials, Kordcarbon AS, Kureha Corp., Mitsubishi Chemical Corp., Nippon Steel Corp., Osaka Gas Co. Ltd., Saudi Arabian Oil Co., SGL Carbon SE, SIMCO Global Technology and Systems Ltd., Solvay SA, Taekwang Group, Teijin Ltd., Toray Industries Inc., and UMATEX ROSATOM State Corp.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Carbon Fiber Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.43% |
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Market growth 2023-2027 |
USD 2,732.91 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.78 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key countries |
US, China, Japan, Germany, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Evonik Industries AG, Formosa M Co. Ltd., Hexcel Corp., Hyosung Advanced Materials, Kordcarbon AS, Kureha Corp., Mitsubishi Chemical Corp., Nippon Steel Corp., Osaka Gas Co. Ltd., Saudi Arabian Oil Co., SGL Carbon SE, SIMCO Global Technology and Systems Ltd., Solvay SA, Taekwang Group, Teijin Ltd., Toray Industries Inc., and UMATEX ROSATOM State Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Raw Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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