Europe Carbon Fiber Market Forecast to 2028 -Regional Analysis

The carbon fiber market in Europe is expected to grow from US$ 887.15 million in 2022 to US$ 1,389.89 million by 2028. It is estimated to grow at a CAGR of 7.8% from 2022 to 2028.

Escalating Demand for Automotive and Aerospace Applications is Fueling Europe Carbon Fiber Market

The automotive manufacturers are demanding innovative and high-quality materials for producing automotive components that are lighter in weight and have high mechanical and tensile strength. 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 steel and aluminum parts that are heavier in weight and result in reduced fuel efficiency. The use of carbon fiber in the automobile industry has improved fuel efficiency, leading to energy conservation, and minimizing carbon dioxide emissions. Leading automotive manufacturers are using carbon fiber for manufacturing components. As carbon fibers offer high modulus and specific strength, fatigue strength, stiffness, and pressure-withstanding capacity; lower thermal expansion coefficient; corrosion resistance; and other beneficial properties; these are being widely used in the automotive and other industrial applications. These fibers are widely preferred over aluminum and steel. Government initiatives that emphasize on reduction of harmful gas emissions and increase fuel efficiency, is expected to drive the market for carbon fiber in automotive industry. Furthermore, carbon fiber is also used in the aerospace industry. Carbon fiber has high chemical resistance, tensile strength, stiffness, and low thermal expansion and weight properties which makes it suitable for aerospace application. It is used in designing, assembling, and manufacturing various types of aircrafts. Over the past few years, the aerospace industry has switched from aluminum material to carbon fiber for the construction of the aircraft. Carbon fiber aircraft parts consume lesser amount of fuel due to its lightweight property. Due to lesser fuel consumption, the aircraft also has enough fuel left to cover long distances. These advantages of carbon fiber are significantly driving the Europe carbon fiber market growth.

Europe Carbon Fiber Market Overview

Automotive industry is one of the significant contributors to the GDP of European countries. According to the report by European Commission, turnover generated by the automotive industry in Europe represents 7% of the region’s total GDP. According to the 2022 report by International Energy Agency, the number of electric vehicles sold in Europe were 2.3 million in 2021 (up from 1.4 million in 2020). Carbon fiber is extensively used in the automotive industry to manufacture vehicle parts that have high mechanical strength, elasticity, and lighter weight. Thus, the presence of well-established automotive industry in Europe provides strong potential to the carbon fiber market. Moreover, Europe is a significant market owing to the presence of major manufacturers involved in manufacturing commercial, military, and business jets. The rising utilization of carbon fiber reinforced composites in aviation industry and other end-use industries across Germany, France, the UK, and other European countries are expected to fuel the carbon fiber market during the forecast period.

Europe Carbon Fiber Market Revenue and Forecast to 2028 (US$ Million)

Europe Carbon Fiber Market Segmentation

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

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

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

Based on end use industry, the Europe 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 Europe carbon fiber market share in 2022.

Based on country, the Europe carbon fiber market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe 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 Europe.