Carbon Fiber Market Extensive Growth Opportunities to Be Witnessed through 2027
Carbon Fiber Market To 2027 - Global Analysis and Forecasts by Precursor (PAN, Pitch) Form (Composite, Non-Composite); End Use Industry (Automotive, Aerospace and Defense, Construction, Sporting Goods, Wind Energy, Others)
The global carbon fiber market accounted for US$ 3,052 Mn in 2018 and is expected to grow at a CAGR of 11.1% during the forecast period 2019 - 2027, to account to US$ 7,763.4 Mn by 2027. Carbon fiber is defined as a long thin strand of material which is made up of carbon atoms and has a diameter of about 0.005mm to 0.010mm. Such fibers provide high tensile strength along with high-temperature tolerance and durability. Carbon fibers possess excellent corrosion resistance, higher stiffness and strength, and longer lifespans than other materials, such as aluminum and steel. Hence, these fibers find their application in broad end-use industries. They are used in various applications such as aerospace & defense, automotive, construction, and others. The wide range of application boost the growth of carbon fiber market. However, the high costs of manufacturing and processes is forecast to limits the growth of carbon fiber market over the forecast period.
The automotive manufacturers are demanding new and innovative high-quality material for producing automotive components. These materials have to fulfill the high-performance need of automotive manufacturers and also meet the needs of the customer and society. Among the various materials, carbon fiber is considered as one of the most suitable materials for lightweight automobile parts. Moreover, the carbon-fiber-reinforced composites are used as the essential materials to substitute body and other parts in an automobile. The usage of carbon fiber in the automobile application has improved brake, and steering, durability, and high fuel efficiency leading to energy conservation and minimizing carbon dioxide emissions. Leading automotive manufacturers are using carbon fiber for manufacturing components. This further provides a lucrative opportunity for the key players operating in the carbon fiber market.
Growing demand to utilize renewable resources has led to a surge in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. The wind turbine manufacturers strive to produce more efficient and longer blades. Advanced composite materials such as carbon fiber are a growing part of the construction of wind turbines, specifically the blades. The companies operating in the market has discovered that the longer the blades are on a turbine, the more energy can be generated. The carbon fiber plays a very important role in the wind energy industry. The material stiffness and deflection properties are taken into consideration while designing large blades. Thus, the aforementioned factors depict that favorable government initiatives are boosting the growth of the global carbon fiber market.
Some of the players present in global carbon fiber market are DowAksa, Formosa Plastics Corporation, Hexcel Corporation, Hyosung Corporation, Kureha Corporation, Mitsubishi Chemical Corporation, SGL Carbon, Solvay, Teijin Limited, Toray Industries, Inc., among others.