The report “Carbon Fiber Market by Raw Material Type(Pan, Pitch), Fiber Type(Virgin, Recycled), Modulus (Standard, Intermediate, High), Product Type(Continuous, Long, Short), Application(Composites, Non-Composites), End-use Industry, Region – Global Forecast to 2032”, is projected to grow from USD 6.5 billion in 2022 to USD 11.9 billion by 2027, at a CAGR of 13.0% during the forecasted period and USD 21.7 billion by 2032, at a CAGR of 12.9% during the forecasted period. The market is anticipated to be driven by the increasing demand from aerospace & defense industries and wind energy. Furthermore, the rising use of carbon fiber for 3D printing to increase the rigidity and strength of the fabric adds impetus to the market’s growth during the forecast period.
Some of the prominent key players are:
· Toray Industries Inc., (Japan)
· DowAksa (Turkey)
· Mitsubishi Chemical corporation (Japan)
· Solvay (Belgium)
· Teijin Limited (Japan)
· SGL Carbon (Germany)
· Hexcel Corporation (US)
Opportunity: Increasing demand from FCEVs-
Carbon fiber and composites are used in manufacturing hydrogen tanks that are used in fuel tank and mobile pipeline applications. The market for FCEVs is expected to grow rapidly on the back of stringent eco-friendly rules focused on using clean fuel. Currently, the market for FCEVs is very small. However, it is expected to grow rapidly during the forecast period. US aims to achieve a target of 5.3 million units of buses and coaches and 3 million units of forklifts by 2030. Europe has the highest number of hydrogen refuelling stations and targets to reach a market of 3.7 million units of hydrogen-powered FCEVs and 45,000 fuel cell trucks and buses by 2030. South Korea has also designed a roadmap to produce 1.8 million units of FCEVs by 2030. These factors are expected to increase the penetration and demand for hydrogen tanks in the next ten years. This presents significant potential for the growth of carbon fibers.
Non-composites segment has second largest market share in the global carbon fiber market by application during the forecast period.
Non-composite applications include chopped or discontinuous pitch carbon fibers that are used in the electrical & electronics industry. Carbon fibers are used in non-composite applications such as catalysis, electrode for batteries, and 3D printing. A structural battery is a multifunctional battery that can carry the load while storing the energy and, therefore, reduce the overall weight of a mobile electric device. The major component of a multifunctional battery is carbon fibers, as they are lightweight materials and have good electrical, electrochemical, and mechanical properties. The demand for non-composite applications will increase due to rapid growth in electric vehicles and expansion of 3D printing for various new applications. The Non-composites application of carbon fiber market is projected to grow from USD 355.6 million in 2022 to USD 606.3 million by 2027, at a CAGR of 11.3% and USD 1,023.5 million by 2032, at a CAGR of 11.0% during the forecasted period.
North America is the second-largest region in terms of value in the carbon fiber market during the forecast period.
North America is the second largest market for carbon fiber, in terms of value and volume. The growth of the carbon fiber market in North America can be attributed to the presence of leading carbon fiber manufacturers, such as Hexcel Corporation (US), Mitsubishi Rayon Carbon Fiber and Composites, Inc. (US) Toray Carbon Fibers America (US). The US is at the forefront in adopting PAN-based carbon fibers in 3D printing and medical industries. Further, the penetration of PAN-based carbon fibers in North America is also increasing in applications such as, electrodes for batteries, and catalysis of gasoline production.
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