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Carbon fiber is made from carbon atoms of 5-10 micrometers. The process used for producing carbon fiber is a combination of chemical and mechanical processes. Carbon fiber is woven raw material fiber or is combined with other materials like filament. The typical sequence used to form carbon fiber involves various steps such as spinning, stabilizing, carbonizing, treating the surface and sizing. Carbon fiber has various properties such as high tensile strength, low weight, high stiffness, high chemical and temperature resistance, and low thermal expansion. These properties make it a preferred material for aerospace & defence, sports & leisure, and automotive industries.
On the basis of raw material, the carbon fiber market can be segmented into polyacrylonitrile, pitch, and rayon based carbon fiber. Polyacrylonitrile (PAN) is the largest segment for market. PAN is widely used in carbon fiber production due to its superior material properties such as high tensile strength and temperature resistance. The low cost of PAN is expected to support the carbon fiber market growth.
On the basis of application, the carbon fiber market can be segmented into composite and non-composite. The growing aerospace & defence industry is expected increase the demand for composite carbon fiber. They provide strength, rigidity, and tensile strength which increases its applications such as composite molding, woven fibers, and others.
Key Market Driver -
Key Market Driver – Rise in demand for carbon fibers from various end-use industries
Key Market Restraint -
Key Market Restraint – High price of carbon fiber
On the basis of the end-use industry, the carbon fiber market can be segmented into aerospace & defence, sports & leisure, automotive, wind energy, marine, and others. The aerospace & defence end-use industry is the largest segment and will continue to grow during the given forecast period. The rise in demand for production of aircraft for commercial use as well for public transportation has resulted in the growth of carbon fibers from aerospace & defence end-use industry.
The key market driver for the carbon fiber market is the rise in the demand for carbon fiber from various end-use industries. Increased manufacturing of aircraft and advanced technology are driving factors for the carbon fiber market growth. In addition, increasing use of carbon fiber in wind energy end-use industry may act as a driving factor for the market growth.
The key market restraint, for the carbon fiber market is the high price of carbon fibers, which is increasing year on year. Hence, carbon fiber is used for specialty applications such as aircraft and wind turbines.
Some of the key players in global carbon fiber market are Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon SE, Teijin Limited, Toray Industries Inc, Solvay, Jiangsu Hengshen Co. Ltd., DowAksa, Zhongfu Shenying Carbon Fiber Co. Ltd, and Weihai Guangwei Composites Co. Ltd.
On geographical basis, the global carbon fiber market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe has been the dominant region in the global carbon fiber market followed by North America and APAC. The presence of established end-use industries such as aerospace & defense, automotive, and wind energy has made Europe the largest region in the carbon fiber market share.
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APAC is the fasted growing market for carbon fiber due to the increasing demand for carbon fibers from aerospace & defence end-use industry. North America region has witnessed the high growth in the demand for carbon fibers due to easy availability of advanced technology within the region. In Latin America and Middle East & Africa, the growing economy is supporting the market growth of carbon fiber, also industrialization and urbanization are the driving factors for the growth of the global carbon fiber market in the region.
By Raw Material
By End-Use Industry
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