Global Carbon Fiber Market size is expected to be valued at USD 7.27 billion by 2025 projected to expand with a CAGR of 10.6% over the forecast period. Declining prices of the once expensive carbon fiber is among the major driving factor for increase in demand of the material across diverse industry verticals. Characteristics of carbon fiber such as light weight, high tensile strength, stiffness and high fatigue strength makes it an ideal material for usage across wide range of industries and a major driver of the carbon fiber industry growth.
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Global Carbon Fiber Market is strongly guided by following key Players:
• Teijin Limited
• Mitsubishi Rayon Co. Ltd.
• SGL Carbon
• Formosa Plastics Corp
• Hexcel Corporation
• Cytec Industries (Cytec Solvay Group)
Carbon fiber composite market can trace its origin to its first use in the aerospace industry. Carbon fiber composites could provide the aircraft structure with the required strength along with significant reduction in its weight. Aircraft parts such as main wings, tail units, ailerons, rudders, floor panel and lavatory units are some of the components carbon fiber is used in. With time, usage of carbon fiber material has significantly increased in aerospace industry. For instance, around 50% of Boeing’s 787 Dreamliner’s structure, which was introduced in 2011 is made up of carbon fiber reinforced polymers as compared with 10% usage in its predecessor Boeing 777, launched in 1995. Overall, aerospace & defense industry is estimated to continue its dominance in global carbon fiber industry with share of 27.2% in 2025.
Apart from aerospace, automotive industry has next big potential for the consumption of carbon fiber composite market. Stricter fuel emission norms have compelled manufacturers to bring design changes in their vehicles. Latest U.S. regulations mandate that the average fuel economy standard should meet 54.5 miles per gallon by 2025, over the 35.5 mpg of vehicles as of now. Use of carbon fibers and its composites can reduce the vehicle weight by 25%-70% as compared to other materials such as aluminum. Therefore, large number of automobile manufacturers are imbibing carbon fiber in their design. For instance, Porsche, a unit of Volkswagen AG, introduced CRPF (carbon fiber reinforced plastic) wheel in the market in late 2017. The composite wheel is 20 percent lighter as compared to its aluminum equivalent.
Carbon Fiber Market analysis, on the basis of type of design, is done by categorizing carbon fiber products into regular and large tow. Carbon fibers tow lesser than 24k, are known as regular or small tow whereas tow count higher than 24k are known as large tow carbon fibers. Regular tow carbon fibers possess superior properties such as lighter weight and high tensile strength owing to which they are used in niche applications such as aerospace & wind turbines. However, large tow carbon fiber is also witnessing incremental demand owing to its suitability for automotive industry.
Carbon fiber consumption has increased significantly across the globe. However, consumption is still dominated by the developed regions such as Europe and North America. Europe alone accounted for 40.5% of revenue share in 2017. Europe followed by North America is anticipated to dominate the carbon fiber consumption. In developing regions, China recorded significant growth owing to increasing investments in wind energy sector. India & Southeast Asia have significant potential in long term growth scenario of carbon fiber industry.
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Leading players have global presence and maintain steep entry barriers for challengers through economies of scale and proprietary production processes. Owing to rapid growth in demand for carbon fiber, players are focused on expanding their manufacturing base in order to strengthen their customer base. Carbon Fiber Market share by company puts Toray Industries Inc. at the leading position globally in 2017.
Key segments of the global Carbon Fiber Market:
1] Type Overview, 2013-2025 (Tons) (USD Million)
• Regular Tow
• Large Tow
2] Application Overview, 2013-2025 (Tons) (USD Million)
• Aerospace & Defense
• Wind Turbines
• Sports Equipment
• Industrial Materials
3] Regional Overview, 2013-2025 (Tons) (USD Million)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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