Carbon fiber has become a sought-after industrial material. According to a recent study conducted by Market Research Future (MRFR), the Carbon Fiber Market is expected to register a CAGR of 10.6% to reach USD 7.8 billion by 2027. Towards the end of the assessment period, the market is expected to surpass a valuation of USD 7 Bn. Carbon fiber is revered for light-weight and high tensile strength properties. It is five time stronger than steel.

It is a high-performance material, which holds tremendous market potential. The increasing usage of carbon fiber in industries such as sport equipment, military and defense, automotive and aerospace is reflecting favorably on the market. Over the years, a slew of carbon fiber variants have come up, which short, long and continuous carbon fiber.

Increasing application scope of the material in prompting suppliers to increase capacity. The automotive sector remains under pressure to make vehicles environmentally viable and fuel-efficient. Use of light-weight components in one of the key solution to achieve the goal where carbon fiber can play an important role. The material is opted for manufacturing of sports equipment, construction, molding & compounding, wind turbines, pressure vessels and others.

The global carbon fiber market is gaining a rapid momentum. Carbon fiber is used for manufacturing various types of automotive components spanning across body to engine. Carbon fiber is used for making both interior and exterior parts. The growth of the automotive sector has partly influenced the demand for carbon fiber. Despite the growing market, carbon fiber remains a pricey material. The high cost of carbon fiber somewhat undermines its market potential.

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Global Carbon Fiber Market: Segmental Analysis

The segmental analysis of the market has been conducted based on type, form, raw material, application and region.

On the basis of type, the market has been segmented into short carbon fibers, long and continuous. On the basis of form, the market has been segmented into non-composite and composite. On the basis of raw material, the market has segmented into rayon, pitch and PAN. On the basis of application, the market has been segmented into aerospace & defense, sports equipment, construction, automotive, pressure vessels, molding & compounding, wind turbines and others.

Global Carbon Fiber Market: Regional Analysis

On the basis of region, the market has been segmented into North America, Latin America, Asia Pacific (APAC), the Middle East & Africa (MEA) and Europe. North America accounts for the largest market share in terms of value. The region is expected to retain its top position of the forecast period. APAC represents the fastest growing market for carbon fiber. This is mainly credited to increased demand for carbon fiber in verticals like automotive and construction. APAC is expected to remain a highly profitable market for carbon fiber during the forecast period. Europe is also an important market for prepreg carbon fiber tape. The growth of the market in the region can be attributed to increased consumption by end-use industries. In addition, growing popularity of carbon fiber in 3D printing. Market growth is expected to relatively slower in regions like Latin America and the Middle East during the assessment period.

Competition Analysis

Some of the leading companies operating in the global carbon fiber market, include Teijin Limited (Japan), Hexcel Corporation (US), Cytec Industries Inc. (US), OJSC «SvetlogorskKhimvolokno» (Belarus), DowAksa (US), ), Nippon Graphite Fiber Co., Ltd. (Japan), Carbon Mods (US), Toray Industries, Inc (Japan), Formosa Plastics Corporation (US), SGL Group (Germany), Kureha Corporation (Japan), Mitsubishi Chemical Corporation (Japan), Taekwang Industrial Co., Ltd (South Korea), and HYOSUNG (South Korea).

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Carbon Fiber Market, Ongoing Trends and Recent Till 2022-2030