Carbon Fiber Market Size to grow by USD 2,732.91 million from 2022 to 2027, Increasing use of carbon fibers in aerospace and defense sector to boost the market growth

NEW YORK, June 7, 2023 /PRNewswire/ -- The global carbon fiber market size is estimated to increase by USD 2,732.91 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 7.43% during the forecast period. The increasing use of carbon fibers in the aerospace and defense sector notably drives the carbon fiber market growth. Major aircraft manufacturers such as Boeing and Airbus use carbon fiber to manufacture aircraft parts, which reduces aircraft weight by approximately 50%. The superior strength-to-weight ratio of carbon fiber-reinforced polymers (CFRP) materials enables them to be well-suited for aerospace applications as aircraft engineers focus on creating efficient, lightweight aircraft structures. They make up about 50% of the structural weight of the Boeing 787 Dreamliner. This approach yields an average weight reduction of 20% in comparison to traditional aluminum designs. Hence, such factors drive the market growth during the forecast period. Discover some insights on market size, historic period (2017 to 2021), and Forecast 2023-2027 before buying the full report -Request a sample report

Carbon fiber market – Vendor Analysis

Vendor Landscape - The global carbon fiber market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer carbon fiber in the market are 3M Co., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Evonik Industries AG, Formosa M Co. Ltd., Hexcel Corp., Hyosung Advanced Materials, Kordcarbon AS, Kureha Corp., Mitsubishi Chemical Corp., Nippon Steel Corp., Osaka Gas Co. Ltd., Saudi Arabian Oil Co., SGL Carbon SE, SIMCO Global Technology and Systems Ltd., Solvay SA, Taekwang Group, Teijin Ltd., Toray Industries Inc., and UMATEX ROSATOM State Corp. and others.

What's New? -

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

China Composites Group Corp. Ltd. - The company offers carbon fiber such as SYT45-3K, SYT45S-12K, SYT49S-12K, SYT55-12K, and SYT49S-24K.

DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti. - The company offers carbon fiber with different materials 3K, 12K, and 24K.

Formosa M Co. Ltd. - The company offers carbon fiber such as TC-33, TC-35R, and TC-42S.

For details on the vendor and their offerings – Request a sample report

Carbon Fiber Market - Segmentation Assessment

Segment Overview

This carbon fiber market report extensively covers market segmentation by end-user (aerospace and defense, sports and leisure, wind energy, automotive, and others), raw material (pan-based, pitch-based, and rayon-based), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market share growth by the aerospace and defense segment will be significant for overall market growth during the forecast period. The carbon fiber helps reduce the overall weight of aircraft. The commercial aerospace industry is increasingly using carbon fiber, in the aerospace industry. For instance, the latest Boeing 787, 777, and Airbus A350XWP contain over 50% fiber-reinforced plastic by weight. Overall, aircraft weight is reduced, and aerodynamic performance is increased due to the use of carbon fiber to create lightweight components for aircraft. Furthermore, carbon fiber is used in many defense applications, such as flying drones, armored combat vehicles, submarines, and body armor. Hence, such factors are expected to boost the segment growth.

Geography Overview

By geography, the global carbon fiber market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global carbon fiber market.

North America is estimated to account for 32% of the growth of the global carbon fiber market during the forecast period. The high consumption of carbon fiber in industries such as aerospace, automotive, wind energy, and construction are the factors that drive the market growth during the forecast period. The production of commercial aviation and large passenger and cargo aircraft dominates the aerospace and defense sector. Hence, such factors drive regional growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Carbon Fiber Market – Market Dynamics

Key Trends -

The increasing demand for lightweight and high-performance materials is an emerging trend influencing the carbon fiber market growth.

As a result of properties such as energy saving and wear resistance, lightweight and high-performance materials are used in various industrial applications, thus increasing their demand from various end-user industries.

Properties such as a high strength-to-weight ratio, high-temperature resistance, and thermal shock resistance among others lead to various types of high-performance materials, carbon composites are the most preferred composites.

Hence, such trends will promote the use of carbon fiber in several new application areas during the forecast period.

Major challenges -

The high competition from substitutes is a challenge that may impede the carbon fiber market growth.

The alternatives for carbon fiber include fiberglass, aluminum, copper, basalt fiber, aramid fiber, and natural fibers. The demand for them poses serious challenges to the growth of the market due to the similar end-uses of the alternatives.

Aramid fibers (aromatic polyamides) exhibit high mechanical strength and are resistant to damage.

Hence, the increasing demand for substitutes is expected to hamper the growth of the fiber market during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Carbon Fiber Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the carbon fiber market between 2023 and 2027

Precise estimation of the size of the carbon fiber market and its contribution to the market with a focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the carbon fiber market across North America, Europe, APAC, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of carbon fiber market vendors

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Carbon Fiber Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 7.43%

Market growth 2023-2027

USD 2,732.91 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.78

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 32%

Key countries

US, China, Japan, Germany, and Russia, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

3M Co., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Evonik Industries AG, Formosa M Co. Ltd., Hexcel Corp., Hyosung Advanced Materials, Kordcarbon AS, Kureha Corp., Mitsubishi Chemical Corp., Nippon Steel Corp., Osaka Gas Co. Ltd., Saudi Arabian Oil Co., SGL Carbon SE, SIMCO Global Technology and Systems Ltd., Solvay SA, Taekwang Group, Teijin Ltd., Toray Industries Inc., and UMATEX ROSATOM State Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global carbon fiber market 2017 - 2021

4.2 End-user Segment Analysis 2017 - 2021

4.3 Raw Material Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by End-user

6.1 Market segments

6.2 Comparison by End-user

6.3 Aerospace and defense - Market size and forecast 2022-2027

6.4 Sports and leisure - Market size and forecast 2022-2027

6.5 Wind energy - Market size and forecast 2022-2027

6.6 Automotive - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by End-user

7 Market Segmentation by Raw Material

7.1 Market segments

7.2 Comparison by Raw Material

7.3 PAN-based - Market size and forecast 2022-2027

7.4 Pitch-based - Market size and forecast 2022-2027

7.5 Rayon-based - Market size and forecast 2022-2027

7.6 Market opportunity by Raw Material

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 Russia - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 China Composites Group Corp. Ltd.

12.4 DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti.

12.5 Formosa M Co. Ltd.

12.6 Hexcel Corp.

12.7 Hyosung Advanced Materials

12.8 Kureha Corp.

12.9 Mitsubishi Chemical Corp.

12.10 Nippon Steel Corp.

12.11 Osaka Gas Co. Ltd.

12.12 Saudi Arabian Oil Co.

12.13 SGL Carbon SE

12.14 SIMCO Global Technology and Systems Ltd.

12.15 Solvay SA

12.16 Teijin Ltd.

12.17 Toray Industries Inc.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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