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Carbon Fiber Market is Expected to Accumulate USD 6838.67 Million by 2027

Increasing use of carbon fiber in wind power industry is driving the growth of carbon fiber market

NEW YORK, USA, April 6, 2022 / — According to research by The Insight Partners, the global carbon fiber market was valued at US$3,060.67 million in 2019 and is expected to reach US$6 US$838.67 million by 2027, expanding at a CAGR of 10.7% over 2020-2027. The growing demand for carbon fiber in automotive and aerospace applications and its growing use in the wind power industry are major factors credited for this expansion.

Automotive manufacturers are demanding new, innovative, high-quality materials for the production of automotive components. These materials must meet the high performance needs of car manufacturers and also meet the needs of the customer and society. Among various materials, carbon fiber is considered one of the most suitable materials for lightweight auto parts. Additionally, carbon fiber reinforced composites are used as essential materials to replace bodywork and other components in an automobile. The use of carbon fiber in the automotive industry has improved brakes, steering, durability and high fuel efficiency, saving energy and minimizing carbon dioxide emissions.

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The growing need to use renewable resources has led to an increase in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. Wind turbine manufacturers are striving to produce more efficient and longer blades. Advanced composite materials such as carbon fiber are increasingly used in the construction of wind turbines, especially blades. Companies operating in the market have discovered that the longer the blades of a turbine, the more energy can be generated.

Carbon Fiber Market: Competitive Landscape

Key players profiled in the global carbon fiber market are DowAksa Advanced Composites Holdings BV; Formosa Plastics Corporation; Hexcel Corporation; Hyosung Corporation; Kureha Society; Mitsubishi Chemical Holdings Corporation; SGL Carbon SE; Solvay SA; Teijin Limited; and Toray Industries, Inc.

• In July 2019, Mitsubishi Chemical Corporation intended to start its European Carbon Fiber Sheet Molding Compound (SMC) manufacturing plant in Italy.
• In January 2019, Teijin Limited announced that its carbon fiber product named Tenax was qualified by Boeing and registered in its list of qualified products. Teijin began supplying TENAX TPUD as an intermediate advanced composite material for Boeing’s primary structural parts.
• In April 2018, Solvay SA launched EvoliteTM F1050, a high performance thermoplastic composite with continuous carbon fiber reinforcement and used for offshore oil and gas applications.
• In November 2017, SGL Technologies Composites, a subsidiary of SGL Carbon SE, acquired a 50% stake in Benteler Carbon Composites from Benteler-SGL GmbH to promote the purchase of glass or carbon fiber reinforced plastic products .

Impact of the COVID-19 pandemic on the carbon fiber market

The COVID-19 pandemic began in Wuhan (China) in December 2019. As of February 2021, the United States, India, Brazil, Russia, United Kingdom, France, Spain, Italy, Turkey, Germany, Colombia and Argentina are among the most affected countries in terms of confirmed cases and deaths. The pandemic has affected the economies and industries of various countries due to government-imposed shutdowns and travel bans, as well as business closures. Chemicals and Materials is one of the major industries suffering severe disruptions in the form of supply chain disruptions, tech event cancellations, office closures, and more. The closure of various plants and plants in regions such as North America, Europe, Asia-Pacific, South America, and the Middle East and Africa has affected the supply chain worldwide and had a negative impact on manufacturing, delivery schedules and product sales. In addition, various companies have already predicted possible delays in product deliveries and a drop in future sales of their products. Travel bans imposed by countries in Europe, Asia and North America affect business collaborations and partnership opportunities. All these factors affect the activities of the chemical and materials industry and thus hinder the growth of the various markets related to this industry.

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Carbon fiber plays a crucial role in the wind power industry because large blades are usually designed by stiffness and deflection, and the high stiffness of carbon fiber reduces blade deflection, allowing for a larger tower diameter large for a given clearance between the blades and the towers. Carbon fiber is also added in the spar cap, which is the backbone of the blade. On the other hand, the high costs and other disadvantages associated with carbon fibers are likely to hinder the proliferation of the market over the analysis period.

Based on raw material, the global carbon fiber market is divided into polyacrylonitrile (PAN) and pitch. Among these, the polyacrylonitrile (PAN) segment held 90.4% of the market share in 2019. The segment was valued at US$2,765.28 million in 2019 and is expected to earn US$6,129.75 million US dollars by 2027, increasing to 10.6% CAGR over the analysis. period.

According to the spectrum of end users, the business sphere is divided into aerospace and defense, automotive, sporting goods, wind energy, construction and others. Among these, the aerospace and defense segment accounted for 41.2% of the market share in 2019. The segment was valued at US$1,261.03 million in 2019 and is expected to increase to 10, 6% CAGR over 2020-2027 to reach US$2,803.21 million by 2027.

In the regional frame of reference, the Asia-Pacific market is expected to register a staggering growth rate of 11.4% over the period 2020-2027. The region was valued at US$1098.99 million in 2019 and is expected to raise US$2,571.34 million by 2027.

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About Insight Partners

The Insight Partners is a one-stop industrial research provider of actionable solutions. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as technology, media, food and beverage, chemicals and materials, and telecommunications.

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