According to a recent Fact.MR study, the global market for carbon fibre will grow significantly over the forecast period of 2022–2032, soaring at a CAGR of more than 8% and reaching almost US$ 9 Bn. Due to its exceptional mechanical properties, high-temperature resistance, low moisture absorption, and relatively low cost, demand has increased.
According to historical data, the global market for carbon fibres increased at a CAGR of 3% between 2016 and 2020, reaching close to US$ 4 Bn. Demand for carbon fiber-reinforced concrete is increasing as a result of several architectural construction projects. Carbon fibres are being used more and more in the aerospace sector, primarily due to their excellent strength to weight ratio.
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In addition, a wide range of aircraft parts, such as vertical stabilisers, floor beams, engine nacelles wings, and elevators, are made using carbon fibres. Manufacturers are successfully seizing the expanding opportunities in the international aerospace and defence sector. Rising defence spending for national security across nations is boosting the need for lightweight building materials and lower operating costs, which is increasing the use of carbon fibres.
Key Takeaways from the Market Study
- By 2031, the carbon fibre market is expected to double in size.
- China will continue to be the most profitable region, with sales expected to reach a peak of 50,000 tonnes by 2031.
- PAN-based carbon fibres are expected to hold a market share of more than 95%.
- Through 2031, 3 out of 5 sales will be accounted for by aerospace and defence applications.
- Worldwide, small tow will continue to be preferred for carbon fibres, with sales expected to exceed 75,000 tonnes.
- Demand will increase in the U.S., growing at a CAGR of about 7%.
- The German market will boost revenue from carbon fibres by more than one-third of the world total.
Competitive Landscape
Businesses use strategic joint ventures to grow their market share and profitability. In order to improve the capabilities of their products, they are also buying up start-ups developing related technologies.
- Impossible Objects and Ricoh 3D formed a new partnership in April 2021 to produce Carbon Fiber composite materials for the Composite Based Additive Manufacturing (CBAM) method of 3D printing. With the new material options, it is now possible to print parts for a variety of items, including athletic gear, aircraft, cars, and drones.
- With a long-term agreement signed with Hanwha Solutions in April 2021, Hyosung Advanced Materials will provide high-strength carbon fibre for six years starting in 2021 to be used to reinforce fuel tanks for hydrogen vehicles. Approximately 160 billion won ($144 million) is the supply’s value.
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Key Segments Covered in Carbon Fiber Industry Research
- Carbon Fiber Market by Precursor Material Type :
- PAN-based Carbon Fiber
- Pitch-based Carbon Fiber
- Rayon-based Carbon Fiber
- Carbon Fiber Market by Tow Size :
- Small Tow Carbon Fiber
- Large Tow Carbon Fiber
- Carbon Fiber Market by End Use :
- Aerospace & Defense
- Sporting Goods
- Automotive
- Electrical & Electronics
- Wind Energy
- Civil Engineering
- Other End Uses
- Carbon Fiber Market by Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Why Is Carbon Fiber in High Demand in the United States?
From 2022 to 2032, the U.S. carbon fibre market is anticipated to grow at a CAGR of 9.5 percent. The United States will experience significant growth as a result of significant advancements in infrastructure, costs, and product innovation spurred by domestic research and development.
With material and component suppliers, device manufacturers, entire system integrators, and engine manufacturers all having headquarters there, the nation is one of the most significant manufacturing hubs for the aircraft industry.