Asia Pacific Carbon Fiber Market Forecast to 2028 -Regional Analysis

The carbon fiber market in Asia Pacific is expected to grow from US$ 1,509.83 million in 2022 to US$ 2,485.08 million by 2028. It is estimated to grow at a CAGR of 8.7% from 2022 to 2028.

Surging Use of Carbon in 3D Printing is Fueling Asia Pacific Carbon Fiber Market

In the recent years, 3D printers have attracted attention as multi-product small volume production technology. 3D printing carbon fiber is the most popular additive manufacturing technology. Carbon fiber-reinforced plastics are added to the 3D printing filaments to improve the elasticity and strength of 3D printed parts. These composite materials have strength, much more than metals, but have much less weight than metals. Additionally, the use of carbon fibers to mix with plastic resins is one of the best strategies to fortify the mechanical properties of 3D printed parts. Carbon fiber-reinforced composite 3D printing is among the most sought-after additive manufacturing technology. Additive manufacturing technology is gaining immense traction due to its advantages such as potential cost reductions, higher part complexity, functional integration. Carbon fibers are used to develop 3D printing materials include racing cars, construction, sports equipment, drones, daily-use products, etc. Carbon fiber is a very popular material in industrial 3D printing due to its ability to enhance materials’ mechanical properties and strength. Major players are highly focused on launching carbon fiber-based 3D-printed composites. Such strategic initiatives are further expected to have a positive impact on the growth of carbon fiber market over the forecast period.

Asia Pacific Carbon Fiber Market Overview

The Asia Pacific carbon fiber market is classified into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. According to the Asia Pacific Wind Energy Council, China installed 52 Giga Watt of new wind power capacity in 2020. The growth of the wind energy industry is one of the significant factors driving the demand for carbon fiber across the region. Carbon fiber is used to manufacture wind turbines and blades due to its high resistance to shocks, fatigues, temperature fluctuations, and high mechanical strength. Moreover, it reduced the weight of the blades which help to achieve optimum energy output. This factor is driving the demand for carbon fiber across Asia Pacific. Also, the growth of automotive sector with surging demand for electric vehicles in the region is also providing strong growth potential to the carbon fiber market. According to the China Passenger Car Association, Tesla Inc delivered 83,135 made-in-China electric vehicles in 2022. Further, the rising demand for carbon fiber across the region’s sporting goods industry to manufacture lightweight and high-performance sporting equipment is also expected to further drive the market growth over the forecast period.

Exhibit: Asia Pacific Carbon Fiber Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Carbon Fiber Market Segmentation

The Asia Pacific carbon fiber market is segmented into raw material, application, end use industry, and country.

Based on raw material, the Asia Pacific carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held a larger Asia Pacific carbon fiber market share in 2022.

Based on application, the Asia Pacific carbon fiber market is segmented into composite materials, microelectrodes, and others. The composite materials segment held the largest Asia Pacific carbon fiber market share in 2022.

Based on end use industry, the Asia Pacific carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The automotive segment held the largest Asia Pacific carbon fiber market share in 2022.

Based on country, the Asia Pacific carbon fiber market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The China dominated the Asia Pacific carbon fiber market share in 2022.

DowAksa Advanced Composite Material Industries Ltd Co; Formosa Plastics Corp; Hexcel Corp; Hyosung Advanced Materials Corp; Kureha Corp; Mitsubishi Chemical Corp; SGL Carbon SE; Solvay SA; Teijin Ltd; and Toray Industries Inc are the leading companies operating in the carbon fiber market in the Asia Pacific.