Carbon Fiber Markets Recapture High Demand

The global carbon fiber market is expected to grow from USD 4.1 billion in 2021 to USD 9.05 billion by 2030, at a CAGR of 9.2% during the forecast period 2022-2030. The market is anticipated to be driven by the rising demand for carbon composites from the wind energy and aerospace and defense industries. Furthermore, the increasing number of stringent government measures and government funding to reduce carbon emissions by using lightweight vehicles adds impetus to the market's growth during the forecast period.

The PAN-based carbon fiber segment dominated the market with market revenue of 2.5 billion in 2021

The raw material segment is divided into PAN-based carbon fiber and Pitch-based & Rayon-based carbon fiber. In 2021, the PAN-based carbon fiber segment dominated the market with a market revenue of 2.5 billion. The segment has been growing owing to its quality and cost-effectiveness.

The continuous segment is expected to grow at the fastest CAGR of 16.6% over the forecast period.

The type segment is divided into continuous, long, and short. Over the forecast period, the continuous segment is expected to grow at the fastest CAGR of 16.6%. The continuous segment has been increasing owing to its strength and rigidity, making it an ideal material for manufacturing parts for automobiles, satellites, and aircraft.

The aerospace and defense segment accounted for the largest share of the market, with 16% in 2021.

The end-use industry segment is divided into sports/Leisure, aerospace & defense, wind turbines, automotive, molding & compounds, pressure vessels, misc. Consumer, sailing/yacht building, marine, civil engineering, pultrusion misc., and others. In 2021, the aerospace & defense segment dominated the market, accounting for around 16% of global revenue. Carbon composites are widely used in the aerospace and defense industry as they are corrosion-resistant and low in weight.

Regional Segmentation Analysis:

The carbon fiber market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, Middle East, and Africa. Europe is expected to be the largest market during the forecast period. The demand for carbon fiber in Europe has been growing owing to the rising research and development in the aerospace and defense industries and the increasing demand for luxury vehicles in the region. In addition, the European Union Automotive Fuel Economy (UNEP) has made a strict regulatory standard for automotive OEMs to use lightweight vehicles to reduce carbon emissions.

Competitive Analysis:

The major players in the carbon fiber market include Toray Industries, SGL Carbon, Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Holdings, Solvay, Carbon Mods, Cytec Industries Inc., Nippon Graphite Fiber Co., Ltd, and Taekwang Industrial Co., Ltd., among others.