- The strong trend of aerospace engineers using carbon fiber composites to design dream planes opens up lucrative opportunities
- The low weight advantage of carbon fiber allows for longer blades and increased energy capture in low wind locations to assist with immense demand for wind power generation
WILMINGTON, Del., July 7, 2022 /PRNewswire/ — TMR analysts estimate the carbon fiber market to grow at a CAGR of 6.8% for the forecast period of 2022 to 2031. Carbon fiber demand from engineers and designers for the manufacture of high-performance specialty products such as racing cars, aircraft, and sports equipment are fueling the growth of the carbon fiber market.
Carbon fiber exhibits excellent strength and stiffness for use in a variety of high performance applications across multiple end-use industries. Prospects of growing demand for carbon fiber in building and construction for products for maintenance and repair work are expected to shape carbon fiber market trends in the coming years. Additionally, R&D investments to develop carbon fiber materials for applications in various fields such as water treatment and electrochemistry are emerging trends in the carbon fiber market.
Asia Pacific held 33.1% share of the carbon fiber market in 2021. The region’s carbon fiber market is expected to grow at a CAGR of 7.5% during the forecast period owing to strong demand for carbon fiber composites from wind power and automotive industries in the region.
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Carbon Fiber Market – Key Findings of the Report
- Analysis of carbon fiber market demand reveals that polyacrylonitrile is used for almost 90% of the carbon fiber produced, with the remaining 10% made up of rayon or petroleum pitch
- The outlook for the carbon fiber market is promising with the critical benefits of carbon fiber in increasing vehicle fuel efficiency while maintaining safety and performance. Carbon fiber has the highest strength and stiffness per density, making it ideal for track-focused, high-performance vehicles where every pound lost can translate into increased acceleration and top speed .
- Potential for carbon fiber to overtake metal as the preferred structural material for aircraft to provide superior aerodynamics, fewer components required and lower fuel cost requirements to create many opportunities in the fiber market of carbon. So much so that aerospace engineers are using carbon fiber composite materials to design their dream planes for the desired versatility.
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- Growing demand for carbon fiber composites from commercial airlines for the construction of aircraft bodies to create new growth frontiers in the carbon fiber market. The Airbus A350 XWB and the Boeing 787 Dreamliner are two commercial aircraft that use carbon fiber composites.
- Superior characteristics of high strength, stiffness and low density make carbon fiber composites desirable components for wind turbines. The significant difference in weight of wind turbine blades made up of carbon fiber compared to those made up of traditional fiberglass allows carbon fiber blades to be longer than fiberglass ones and suitable for low wind locations. Extended service life due to high fatigue strength for wind power generation to open the greatest opportunity for carbon fiber market in the coming years.
- North America The carbon fiber market is expected to show a marginal increase in its share from 32.04% in 2021 to 33.03% in 2031. The demand for carbon fiber from the aerospace industry is contributing significantly to the growth of the carbon fiber market. carbon fiber from the region.
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Carbon Fiber Market – Growth Drivers
- The demand for carbon fiber for various high performance applications due to an array of unique properties such as high stiffness, light weight, high chemical resistance and high temperature tolerance is fueling the growth of the carbon fiber market
- The critical role of carbon fiber in boosting the fuel economy of modern automobiles to reduce the carbon footprint creates many opportunities in the carbon fiber market
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Carbon Fiber Market – Key Players
Some of the major players operating in the carbon fiber market are;
- Formosa Plastics Corp.
- Toray Industries Inc.
- Hexcel Corporation
- Teijin Carbon
- Carbon SGL
The carbon fiber market is segmented as follows;
Carbon Fiber Market, By Product
Carbon Fiber Market, By Technology
- Prepreg layup
- Press and injection molding
Carbon Fiber Market, By Application
- Residential construction
- Non-residential construction
- Automotive and Transportation
- Aerospace and Defense
- Sports & Leisure
- Marine and oil and gas
- Wind energy
Carbon fiber market, by region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research firm registered in Wilmington, Delaware, United States, provides personalized research and consulting services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine the growth of the markets over the next decade.
Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers, made possible by experienced teams of analysts, researchers and consultants. Proprietary data sources and the various tools and techniques we use always reflect the latest trends and information. With a broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques in all of its trade reports.
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