The global Carbon Fibers market is forecast to reach USD 12.06 Billion by 2028, according to a new report by Reports and Data. Carbon Fiber, sometimes known as graphite fiber, is a very strong and lightweight polymer. It is five-times stronger and twice as stiffer than steel. The fiber is lighter than steel, which makes it ideal for manufacturing material for many parts.
The polymer is made of strong, thin crystalline filaments of carbon and is used to strengthen any material. The fiber can be thinner than a strand of human hair, and it gets the strength when twisted together like a yarn. Carbon fibers can be woven together to manufacture cloth and take it can take a permanent shape when laid over a mold and coated in plastic or resin.
Europe held the largest market share. The region has the presence of major recycled manufacturers such as ELG Carbon Fibre Ltd., Procotex Corporation SA, Alpha Recyclage Composites, and SGL Carbon. The development in the region is supported by advancement and penetration of composites technology and its utilization in pipe & tank, aerospace & defense, automotive & transportation, construction & infrastructure, and wind energy industries. The government in the region is focusing on the usage of environment-friendly products. This is further augmenting market growth.
Key participants include Teijin Limited, Toray Industries Inc., Mitsubishi Rayon Co., Ltd., SGL Group, Formosa Plastics Corporation, Hexcel Corporation, Solvay, Formosa Plastics Corporation, Dowaksa, and Jiangsu Hengshen Co. Ltd., among others.
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Further key findings from the report suggest
- The recycled carbon fibers is similar to virgin carbon fibers. It is commonly used in automotive and transportation. The superior properties of the polymer, such as flexural strength, high strength-to-weight ratio, tensile strength, and cost-effectiveness, are driving its demand among various end-users.
- Aircraft manufacturers are taking several initiatives to intensify the standards for environmental management in the discarding of end-of-life aircraft parts. Moreover, Boeing made an agreement with ELG Carbon Fibers to supply its composite scrap to the company.
- Pitch-based carbon fibers have various end-uses due to their high strength. These polymers are used in the aerospace industry due to their high modulus and high price. These fibers could be used within the sports and automotive industries, but the cheaper PAN-based products provide a high strength for these applications.
- Carbon fibers consists of fibers, which consist of less than 92% carbon. Some parallel filaments are clubbed together to form a single tow. Fibers having filaments up to 24,000 are known as small tow.
- Small tow fibers are commonly known used in the aerospace industry due to high tensile strength and modulus when used for manufacturing composites, which are applicable in several end-use. Small-tow fibers are more expensive than large tow-fibers.
- The market in North America is growing with the increase in research and development in the aerospace and defense sector. High demand for commercial aviation on account of globalization and increased disposable income is driving the market in the region. The surge in demand for sports and leisure applications is also impacting the market.
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For the purpose of this report, Reports and Data have segmented into the global Carbon Fibers market on the basis of raw materials, fiber type, industry verticals, and region:
Raw Materials Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Pan-Based Carbon Fibers
- Pitch-Based Carbon Fibers
- Rayon-Based Carbon Fibers
Fiber Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Virgin Carbon Fibers
- Recycled Carbon Fibers
Industry Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Sports/Leisure
- Automotive
- Aerospace and Defense
- Wind Energy
- Civil Engineering
- Marine
- Electrical & Electronics
- Pipe and Tank
- Others
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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