Carbon Fiber Market Trends, Size and Forecast (2021-2031)
The carbon fiber market size is projected to reach US$ 7.51 billion by 2031 from US$ 3.99 billion in 2023. The market is expected to register a CAGR of 8.2% during 2023–2031. The rising demand from aerospace, automotive, sports equipment, and industrial sectors is likely to bring new carbon fiber market trends in the future.
Carbon Fiber Market Analysis
Carbon fiber possesses remarkable mechanical strength, stiffness, and heat and chemical resistance. They are significantly lighter than steel or aluminum but exhibit relative or superior strength. This makes carbon fiber sought-after material in applications where weight reduction is crucial such as aerospace, automotive, sports equipment, and industrial sectors. The carbon fiber market is expected to continue to grow as industries across various sectors increasingly adopt carbon fiber composites to meet their need for lightweight, durable, and energy-efficient materials. Technological advancements in carbon fiber manufacturing processes and the development of cost-effective production techniques are also likely to contribute to the market expansion in the coming years.
Carbon Fiber Market Overview
Automotive manufacturers seek innovative and high-quality materials for the production of lightweight automotive components that have high mechanical and tensile strength. Carbon fiber is considered as one of the most suitable materials for lightweight automobile part production. Moreover, the carbon-fiber-reinforced composites are used as the essential material to substitute steel and aluminum parts that are heavier in weight and result in reduced fuel efficiency. The use of carbon fiber in the automobile industry has improved fuel efficiency, leading to energy conservation and minimizing carbon dioxide emissions. Leading automotive manufacturers are using carbon fiber for manufacturing components. For instance, a Airbus A350 unit consists of 52% carbon fiber-reinforced polymer (CFRP), whereas a BMW i3 unit has mostly CFRP chassis.
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Carbon Fiber Market: Strategic Insights
Market Size Value in US$ 3,457.74 million in 2022 Market Size Value by US$ 5,605.57 million by 2028 Growth rate CAGR of 8.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Carbon Fiber Market: Strategic Insights
| Market Size Value in | US$ 3,457.74 million in 2022 |
| Market Size Value by | US$ 5,605.57 million by 2028 |
| Growth rate | CAGR of 8.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Carbon Fiber Market Drivers and Opportunities
Adoption of Lightweight Turbine Blades in Wind Energy Industry Bolsters Carbon Fiber Market Growth
There has been a notable surge in the installation of wind farms with the growing preference to utilize renewable resources. Large tracts of land and coastal areas in different countries are allocated for wind turbine operations. Carbon fibers play an important role in the wind energy industry. Wind turbine manufacturers, nowadays, produce more efficient longer and lightweight blades using advanced composite materials such as carbon fibers. Extending the length of turbine blades enables greater energy generation. Large blades are typically designed with a key focus on stiffness and tip deflection. Nonetheless, the high stiffness of carbon fiber contributes to lower blade deflection. Thus, large turbine blades made from composite carbon fibers allow a larger tower diameter for a given blade-to-tower clearance. Carbon fiber is also used in the spar cap, which is the backbone of the blade.
Carbon fibers are proven to be an effective alternative to glass fibers in wind turbine designs due to their higher stiffness and lower density compared to glass fibers, thus, allowing the thinner, stiffer and lighter blades. However, blades made of carbon fiber exhibit relatively low damage tolerance, compressive strength, and ultimate strain. Therefore, carbon fibers are most commonly used in the fabrication of wind turbine blades. Companies such as Vestas Wind Systems A/S and Gamesa Technology Corp use carbon fiber in selective structural parts of blades and take the advantage of the lighter weight blades throughout the turbine system. Light blades require less robust turbine and tower components, eventually resulting in the reduction of overall costs. Thus, an upsurge in the use of lightweight turbine blades in the wind energy industry bolsters the demand for carbon fiber, thereby bolstering the market growth.
Rising Demand for Carbon Fiber in 3D Printing to Generate Growth Opportunities
In the recent years, 3D printers have gathered attention as a multi-product small-volume production technology. 3D printing carbon fiber is the most popular additive manufacturing technology. Carbon fiber-reinforced plastics are added to the 3D printing filaments to improve the elasticity and strength of the printed parts. These composite materials have much higher strength than metals, irrespective of their lower weight than metals. Additionally, carbon fibers can be mixed with plastic resins to fortify the mechanical properties of 3D printed parts. 3D printing using carbon fiber-reinforced composites is among the most sought-after additive manufacturing technologies. Additive manufacturing technology is gaining immense traction due to its advantages such as potential cost reductions, higher part complexity, functional integration. Carbon fibers are used to develop 3D printing materials for racing cars, construction materials, sports equipment, drones, daily-use products, etc. Some major businesses are focused on launching carbon fiber-based 3D-printed composites.
Carbon Fiber Market Report Segmentation Analysis
Key segments considered to present the carbon fiber market analysis are product and end use.
- Based on raw material, the carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held a larger market share in 2023.
- By application, the carbon fiber market is segmented into composite materials, microelectrodes, and others. The composite materials segment held the largest market share in 2023.
- By end-use industry, the carbon fiber market is categorized into automotive, aerospace & defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The automotive segment held the largest share of the market in 2023.
Carbon Fiber Market Share Analysis, by Geography
The geographic scope of the carbon fiber market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific has dominated the carbon fiber market. The high disposable income of people in Asia Pacific is surging the sales for commercial and passenger vehicles, bolstering the need for vehicles. Additionally, increasing investments by leading automotive OEMs and rising EV manufacturing capabilities in Asia Pacific are propelling the demand for conventional and electric vehicles in the region. The growth of the vehicle components manufacturing industry in Asia Pacific is attributed to the growing automotive industry in the region. Carbon fiber is widely used in manufacturing of composites for vehicle. Thus, with the growing automotive industry, the demand for carbon fiber is also increasing across the region.
Carbon Fiber Market Report Scope
Carbon Fiber Market News and Recent Developments
The carbon fiber market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for carbon fiber:
- Toray Industries, Inc. announced today that it has developed TORAYCA T1200 carbon fiber, the world’s highest strength at 1,160 kilopound per square inch (Ksi). This new offering will move us forward to reducing environmental footprints by lightening carbon-fiber-reinforced plastic materials. This fiber also opens a new performance frontier for strength-driven applications. Its potential applications range from aerostructures and defense to alternative energy and consumer products. (Source: Toray Advanced Composites, Press Release, 2023)
- SGL Carbon will present a new 50k carbon fiber at JEC World 2023. The new SIGRAFIL C T50-4.9/235 carbon fiber will match the high strength requirements for common pressure vessel designs and exhibits a high elongation capacity. It also enables further applications in market segments that require high strength and elongation. (Source: SGL Carbon, Press Release, 2023)
Carbon Fiber Market Report Coverage and Deliverables
The "Carbon Fiber Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Raw Material, Application, and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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