Fiber material

Carbon fiber market size to exceed USD 6,838.67 million by 2027

The increasing use of carbon fibers in the wind power industry is driving the growth of the market. APAC is expected to be the fastest growing market over the forecasted years.

NEW YORK, USA, March 11, 2022 / — According to the latest market research from The Insight Partners on “Carbon Fiber Market Forecast to 2027 – Impact of COVID-19 and Global Analysis – Raw material (PAN and pitch), End-use industry (automotive, aerospace and defense, construction, sporting goods, wind energy and others)”. Growing demands from automotive and aerospace applications to drive its demand in the global market. The overall global carbon fiber market size has been derived based on primary and secondary sources.

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Carbon fibers are long, thin strands with a diameter of about 0.005 to 0.01 mm. These fibers give high resistance to the vessels or systems in which they are incorporated, which makes it possible to avoid explosions of gas storage systems. They provide high tensile strength as well as high temperature tolerance and durability to end products. Carbon fibers exhibit excellent corrosion resistance, superior stiffness and strength, and longer life than other materials, such as aluminum and steel. Therefore, these fibers find their application in wide end-use industries. They are rigid and chemically inert, which makes them difficult to compress and stretch.

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 the 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 parts 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. Major car manufacturers use carbon fiber to manufacture components. For example, the Airbus A350 is made of 52% carbon fiber reinforced polymer (CFRP) and the BMW i3 has mainly a CFRP chassis. Carbon fiber is also used in high-end bicycle frames, tennis rackets and surfboards.

As carbon fibers offer high modulus and specific strength, fatigue resistance, stiffness and pressure resistance capability; lower coefficient of thermal expansion; corrosion resistance; and other beneficial properties; these are widely used in automotive and other industrial applications. These fibers are widely preferred over aluminum and steel. Additionally, growing demand for lightweight materials, along with government initiatives to reduce harmful gas emissions and increase fuel efficiency, is expected to drive the market for carbon fiber in automotive applications. Carbon fibers are widely used for transporting and storing liquefied and compressed natural gas in automotive applications, with major applications in North America, Europe and APAC. Additionally, carbon fiber is also used in the aerospace industry.

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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 factories 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.

Carbon Fiber Market: Competitive Analysis

Toray Industries, Inc.; Plastics Society; Carbon SGL; Solvay; Hexcel Corporation; Tejin Limited; DowAksa; and Mitsubishi Chemical Corporation are some of the major players operating in the global carbon fiber market.

Carbon Fiber Market: By Raw Material

Based on raw material, the carbon fiber market is segmented into PAN and pitch. The PAN segment dominated the carbon fiber market with a larger share in 2019. PAN, i.e. polyacrylonitrile fibers, offers better productivity and excellent processing properties. They have lower costs than pitch fibers. PAN-based carbon fibers are widely used in various applications due to their higher strength and modulus than pitch-based carbon fibers. Pitch-based carbon fibers have been developed recently and their demand is increasing in low-cost applications.

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Samir Joshi
Insight Partners
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