NEW YORK, Nov. 27, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global carbon fiber market  size is estimated to grow by USD 2.48 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.5%  during the forecast period. Increasing use of carbon fibers in aerospace and defense sector is driving market growth, with a trend towards energy-intensive manufacturing process. However, high competition from substitutes  poses a challenge.Key market players include 3M Co., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Evonik Industries AG, Formosa M Co. Ltd., Hexcel Corp., Hyosung Advanced Materials, Kordcarbon AS, Kureha Corp., Mitsubishi Chemical Corp., Nippon Steel Corp., Osaka Gas Co. Ltd., Saudi Arabian Oil Co., SGL Carbon SE, SIMCO Technology and Systems Ltd., Solvay SA, Taekwang Group, Teijin Ltd., Toray Industries Inc., and UMATEX ROSATOM State Corp..

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Key Market Trends Fueling Growth

The Carbon Fiber market is experiencing significant growth in various industries, including Aerospace, Civil Engineering, Military, Motorsports, and the Renewable Energy sector. SGL Carbon, a leading player, produces Carbon Fiber using both inorganic and organic approaches from precursor materials like Polyacrylonitrile and Pitch. The resulting CFRP composites offer high tensile strength, low weight-to-strength ratio, and excellent corrosion resistance. Key applications include Pressure Vessels, Fuel Cell Vehicles, Luxury Cars, and Electric Cars. In the Aerospace & Defense industry, Carbon Fiber is used for fuel-efficient commercial aviation and lightweight military aircraft. In the Renewable Energy sector, Carbon Fiber is essential for Wind Energy applications, particularly in Wind Turbine Blades. Manufacturing processes like Automated Fiber Placement and Resin Infusion streamline production, reducing costs while maintaining quality. Carbon Fiber’s lightweight nature and superior properties contribute to Fuel Efficiency, Energy Efficiency, and reduced CO2 emission levels in various applications. 

The carbon fiber market involves the production of carbon fiber reinforced plastic (CFRP) composites through an energy-intensive manufacturing process. This process includes the extraction of mineral oil, which requires significant energy for separation, refining, characterization, and polymerization. Carbon fiber precursors and raw materials, essential components of polymer resin, are derived from petrochemical processes. The production of carbon and glass fibers necessitates high temperatures. Glass fiber reinforced plastics (GFRPs) are widely used in various applications such as printed circuit boards (PCBs), tanks and pipes, car body panels, and wind turbine blades. Despite their benefits, the high melting point of glass fibers poses environmental concerns. 

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Market Challenges

• The Carbon Fiber market is experiencing significant growth due to its use in various industries such as Aerospace, Civil Engineering, Military, Motorsports, and the Renewable Energy sector. The primary challenges in producing Carbon Fiber include the use of precursor materials like Polyacrylonitrile, Pitch, and Vinyl Ester, as well as the production processes like Automated Fiber Placement and Resin Infusion. SGL Carbon and other leading players dominate the market, supplying CFRP composites for Lightweight Vehicles in the Automotive and Luxury Car industries, Fuel Efficient Vehicles, and Electric Cars. The Aerospace and Defense sector relies on Carbon Fiber for its high Tensile Strength, Low Weight-to-Strength Ratio, and Corrosion Resistance. In the Renewable Energy sector, Carbon Fiber is used in Wind Energy applications, particularly for Wind Turbine Blades, due to its Lightweight Property and Energy Efficiency. The use of Carbon Fiber in Pressure Vessels and Fuel Cell Vehicles also offers advantages in terms of Fuel Consumption and CO2 Emission Levels. Organic and Inorganic approaches are used to produce Carbon Fiber, with Pitch-based Carbon Fiber being a popular choice due to its Small Tow and Large Tow applications. The market for Carbon Fiber continues to expand, with potential opportunities in Commercial Aviation, Sports or Leisure, and Molding and Compound industries.
• The carbon fiber market encompasses various industries, including automotive, aerospace and defense, construction, and wind energy. However, alternatives like glass fiber, aluminum, copper, basalt fiber, aramid fibers, and natural fiber present significant competition. Basalt fiber, derived from volcanic rocks, offers advantages such as thermal stability, high-temperature filtration, excellent acid and UV resistance, and high energy-electromagnetic radiation. These properties make it a popular choice for reinforcement in construction and automotive applications. Despite these benefits, carbon fiber faces challenges from substitutes with similar end-uses.

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Segment Overview 

This carbon fiber market report extensively covers market segmentation by

1. End-user 
• 1.1 Aerospace and defense
• 1.2 Sports and leisure
• 1.3 Wind energy
• 1.4 Automotive
• 1.5 Others
2. Raw Material
• 2.1 PAN-based
• 2.2 Pitch-based
• 2.3 Rayon-based
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Aerospace and defense-  Carbon fiber is a popular material in the aerospace and defense industries due to its unique properties, including high tensile strength, low weight, and excellent resistance to corrosion and fatigue. Its high strength-to-weight ratio makes it a preferred choice for aircraft components and structures. Major aircraft manufacturers, such as Boeing and Airbus, use carbon fiber-reinforced plastics extensively in their commercial planes, such as the Boeing 787 and Airbus A350XWB, which contain over 50% carbon fiber by weight. The US and Europe are the leading consumers of carbon fiber in the aerospace and defense sector, with Boeing, Airbus, and Bombardier Aerospace being major consumers. Toray Industries is a leading supplier of carbon fiber composite materials for the Boeing 787. Carbon fibers are also used in defense applications, such as aerial drones, armored fighting vehicles, submarines, and body armors, due to their lightweight, high stiffness, and superior heat and fire resistance. The growing aviation industry and increasing aircraft production are expected to drive the growth of the global carbon fiber market in the aerospace industry during the forecast period.

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Research Analysis

Carbon fiber is a high-performance lightweight material renowned for its exceptional tensile strength and low weight-to-strength ratio. It is a composite material consisting of a polymer matrix reinforced with carbon fibers, primarily made from precursor materials like Polyacrylonitrile (PAN) and Pitch. The manufacturing process involves heating these precursors to create fibers, which are then woven or laid into mats and impregnated with a resin. Carbon fiber finds extensive applications in various industries, including aerospace, civil engineering, military, motorsports, fuel cell vehicles, and wind energy. In aerospace, it is used to manufacture lightweight yet strong components for commercial aviation and military aircraft, reducing fuel consumption and CO2 emission levels. In civil engineering, carbon fiber is used for reinforcement in structures to increase their energy efficiency and durability. In the automotive industry, it is used in fuel-efficient vehicles to reduce weight and improve performance. In the military sector, carbon fiber is used to manufacture pressure vessels and other critical components due to its high strength-to-weight ratio. In motorsports, carbon fiber is used to construct lightweight and durable race cars and motorcycle frames. In the wind energy sector, carbon fiber is used to manufacture wind turbine blades, increasing their efficiency and reducing their weight.

Market Research Overview

Carbon fiber is a high-performance lightweight material known for its exceptional tensile strength, low weight-to-strength ratio, and corrosion resistance. It is a composite material made of carbon fibers embedded in a polymer matrix. Precursor materials for carbon fiber production include polyacrylonitrile (PAN), pitch, and vinyl ester. The process of creating carbon fiber can be categorized into inorganic and organic approaches. Carbon fiber finds extensive applications in various industries such as aerospace, civil engineering, military, motorsports, and automotive. In aerospace, carbon fiber reinforced polymer (CFRP) composites are used in aircraft structures for their high strength-to-weight ratio, contributing to fuel efficiency and reduced CO2 emission levels. In civil engineering, carbon fiber is used in the construction of bridges and pressure vessels due to its superior strength and durability. In the automotive sector, carbon fiber is used in the production of lightweight vehicles, including luxury cars and electric cars, leading to increased fuel efficiency and energy efficiency. The renewable energy sector, particularly wind energy, utilizes carbon fiber in the manufacturing of wind turbine blades, enhancing their durability and reducing maintenance costs. Carbon fiber is also used in the sports and leisure industry for molding and compounding, providing excellent performance and durability. The small tow and large tow carbon fibers are used in various applications, including fuel-efficient vehicles, commercial aviation, and wind turbines. Carbon fiber’s chemical attack resistance and high strength make it an ideal material for various applications, including pressure vessels and fuel cell vehicles.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• End-user
• Aerospace And Defense
• Sports And Leisure
• Wind Energy
• Automotive
• Others
• Raw Material
• PAN-based
• Pitch-based
• Rayon-based
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

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Email: [email protected]

Website: www.technavio.com/

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