Carbon Fiber Market Size, Share & Industry Analysis, By Raw Material (Polyacrtlonitrile, Pitch, Rayon), By Application (Composite Carbon Fiber, Non-Composite Carbon Fiber), By End-Use Industry (Aerospace & Defence, Sports & Leisure, Automotive, Wind Energy, Marine, Others) and Regional Forecast, 2019-2026

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 aircrafts 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.

Key Players Covered:

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.

Regional Analysis:

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.

Segmentation

Key Industry Developments

• In October 2019, Hexcel corporation will present lightweight solutions for industrial applications at Turkish Composite Summit 2019. These industrial range of composite materials will feature, carbon fiber and reinforcements to prepreg, honeycomb and adhesives, and others.


• In March 2017, Mitsubishi Rayon Company,Japan aquired SGL Carbon Fibers LLC, the fiber production base of the German SGL Group. This plant will produce high quality large-tow carbon fiber upto 5000 tons/year.


• In September 2019, SGL Carbon presented solutions and materials made of carbon fiber composites for industrial and other applications at the China Composites Expo. The company showcased it’s product portfolio ranging from SIGRAFIL carbon fibers and textile semi-finished products to REFRASIL silica-based materials, specially developed for high-temperature applications in the aerospace industry.