CHICAGO, July 7, 2021 /PRNewswire/ — According to new market research report “carbon fiber market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-Composite), End-Use Industry (A&D, Automotive, Wind Energy), and Region – Global forecasts to 2031″published by MarketsandMarkets™, the market is expected to rise from $3.7 billion in 2020 for $8.9 billion by 2031, at a CAGR of 8.6% over the forecast period. The carbon fiber market is growing due to increasing demand from the aerospace and defense, automotive, and wind energy industries. Boeing and Airbus increased commercial aircraft production to meet increased airline passenger traffic. The increasing use of carbon fiber in electric cars and the increase in aircraft production are the main drivers of the market.
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“Virgin carbon fiber will dominate the carbon fiber market, both in value and volume.”
The carbon fiber market is dominated by virgin carbon fiber. Being the original fiber, it has better mechanical properties compared to recycled carbon fiber, which leads to its use in almost all applications. Recycled carbon fiber is expected to grow at a faster rate than virgin carbon fiber over the forecast. This is due to the low price and reduced greenhouse gas emissions to the environment when manufacturing recycled carbon fibers.
“The composite application represents a significant share of the carbon fiber market, in terms of value and volume.”
The carbon fiber market is divided into application segments, which include composites and non-composites. Carbon fiber composites are used in various industries such as aerospace and defense, automotive, wind power, sporting goods, pipes and tanks, civil engineering and marine. They offer high strength, stiffness and tensile strength. In composite applications, carbon fiber is mainly used in the form of prepreg, molding compound and woven fabric. Prepreg is the largest consumer of carbon fiber in the composite applications segment.
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“The continuous carbon fiber segment represents a significant share of the carbon fiber market, both in terms of value and volume.”
Continuous carbon fiber offers higher tensile strength compared to other types of carbon fiber products. These fibers can be used in draping, weaving, preimpregnation, filament winding, braiding and pultrusion processes to manufacture composite parts for various end-use industries such as aerospace and defense , automotive and wind energy. Continuous carbon fiber is also used in 3D printing applications as it provides stiffness and strength. Superior properties and a large number of applications are driving the continuous carbon fiber segment of the market.
“Europe is expected to account for the largest market share in the carbon fiber market over the forecast period.”
Europe is estimated to have the largest market share. Europe has dominated the carbon fiber market due to the presence of automotive, aerospace and defense and wind power industries established in the region. The area is home to some of the major automobile manufacturers such as BMW, Fiat and Bentley. These automakers use carbon fiber composites in various structural auto parts such as hoods, bumpers, and fronts. Additionally, aircraft manufacturers such as Airbus and Boeing use carbon fiber composites in structural parts as they provide high stiffness and tensile strength. Additionally, there are many offshore wind power installations.
Toray Industries Inc. (Japan), SGL Group (Germany), Hexcel Corporation (USA), Mitsubishi Rayon Co. Ltd. (Japan), Teijin Limited (Japan), Formosa Plastic Corporation (Taiwan), Solvay (Belgium), Jiangsu Hengshen Co.Ltd. (China), Hyosung (South Korea), and Dow Aksa (Turkey) were among the key players in the global carbon fiber market. These players have adopted various organic and inorganic development strategies over the past five years.
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