Carbon Fiber is a long, thin strand of material, formed mostly of carbon items. The carbon items are combined in microscopic crystals that are more or less aligned parallel to the long axis of the fiber. Carbon fiber is a polymer and is sometimes called graphite fiber. Carbon fiber is stronger and lighter than steel, which makes it ideal for manufacturing materials for multiple parts such as sports goods, automobile parts, airplane body structures, and others.
According to publisher estimates, the Global Carbon Fiber Composites Market - which grew from approximately US$ 15 Billion in 2017 to approximately US$ 20 billion in 2022 - is forecasted to grow further into approximately US$ 35 Billion opportunities by 2028, owing to the continuous technological upgradation in products from multiple players, and growing usage of carbon fiber composites in multiple industries such as wind energy, sports goods, marine, and others.
The surging automotive and defense sector, is likely to drive the carbon fiber composites market during the forecast period. For instance, in June 2022, Hexcel Corporation has been awarded a long-term agreement by Sikorsky, a Lockheed Martin company, to supply advanced composites structure for CH-53K King Stallion heavy lift helicopter program. Furthermore, in January 2019, Teijin Industry announced to supply of TENAXPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The growing aerospace industry, along with collaboration among players, is likely to boost the demand for carbon fiber composites.
Lack of skilled labor in the aerospace, automobile, and wind energy industry, are restraining the growth of the market. Since the outbreak of COVID-19, various industries suffer losses, which results in job losses and turbulence in the industry structure. Auto Car Professional, a website working towards the automotive industry, stated that India’s auto industry requires 15 million skilled workers by 2022. The decline in skilled workers is likely to impact the carbon fiber composite market.
COVID-19 slowed down the growth of the carbon fiber composites market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in air traffic, were all those factors that reduce the use of carbon fiber composites in the market.
PAN is the mostly used precursor for carbon fiber, because of its higher tensile, superior strength, strong stability, and higher carbon yield.
PAN carbon fiber material is used in multiple end-user industries including aerospace, automobile, sports goods, wind energy, and others.
By Type: The recycled fiber segment accounted for the largest market share in 2021, owing to the lower cost, and adoption of material into various industries.
Recycled carbon fiber composites provide benefits such as reduced material handling and provide manufacturers with a cost-effective option.
In February 2022, Teijin Limited announced to the formation of a business alliance with Fuji Designs Co. Ltd., a Japanese manufacturer of recycled carbon to establish a business structure for the production, supply, and commercialization of carbon fiber reinforced plastics (CFRP) products.
By End-Users: The aerospace and defense segment held the largest market in 2021, owing to its increased usage, and players’ regular upgradation in the technology.
In April 2022, Hexcel Corporation and Archer Aviation, an aircraft company, announced to enter into a letter of intent covering a proposed relationship for the supply of high-performance carbon fiber material that would be used in the manufacturing of Archer’s production aircraft.
According to Stockholm International Peace Research Institute, an independent international institute, India’s military spending of US$ 76.6 billion ranked third highest in the world.
By Geography: Asia Pacific accounted for the largest market share within the global Carbon Fiber Composites market in 2021, owing to the surging aerospace and defense industry.
According to Stockholm International Peace Research Institute, an independent international institute, in April 2022, total global military expenditure increased by 0.7% in real terms in 2021, to reach US$ 2113 billion. The five largest spenders in 2021 were the USA, China, India, the UK, and Russia.
As per Boeing, an aircraft industry company, in September 2021, forecasts that China’s airlines will require 8,700 new airplanes by 2040, valued at US$ 1.47 trillion.
In December 2019, Solvay and SGL Carbon have entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modules (IM) carbon fiber.
In August 2019, Teijin Limited announced the acquisition of Renegade Material Corporation, a leading North American supplier of highly-resistant thermoset prepreg for the aerospace industry.
Though the market is significantly competitive with ~120 participants, the majority of country-niche players dominate the market share by competitor type, and global players hold a minor share.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
According to publisher estimates, the Global Carbon Fiber Composites Market - which grew from approximately US$ 15 Billion in 2017 to approximately US$ 20 billion in 2022 - is forecasted to grow further into approximately US$ 35 Billion opportunities by 2028, owing to the continuous technological upgradation in products from multiple players, and growing usage of carbon fiber composites in multiple industries such as wind energy, sports goods, marine, and others.
The surging automotive and defense sector, is likely to drive the carbon fiber composites market during the forecast period. For instance, in June 2022, Hexcel Corporation has been awarded a long-term agreement by Sikorsky, a Lockheed Martin company, to supply advanced composites structure for CH-53K King Stallion heavy lift helicopter program. Furthermore, in January 2019, Teijin Industry announced to supply of TENAXPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The growing aerospace industry, along with collaboration among players, is likely to boost the demand for carbon fiber composites.
Lack of skilled labor in the aerospace, automobile, and wind energy industry, are restraining the growth of the market. Since the outbreak of COVID-19, various industries suffer losses, which results in job losses and turbulence in the industry structure. Auto Car Professional, a website working towards the automotive industry, stated that India’s auto industry requires 15 million skilled workers by 2022. The decline in skilled workers is likely to impact the carbon fiber composite market.
COVID-19 slowed down the growth of the carbon fiber composites market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in air traffic, were all those factors that reduce the use of carbon fiber composites in the market.
Scope of the Report
The Carbon Fiber Composites Market is segmented by raw material, type, and end-users. In addition, the report also covers market size and forecasts for the four regions in the Carbon Fiber Composites Markets. The revenue used to size and forecast the market for each segment is US$ billion.By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch
- Rayon
By Type
- Virgin Fiber (VCF)
- Recycled Fiber (RCF)
By End-Users
- Aerospace & Defence
- Automotive
- Wind Energy
- Sports Goods
- Civil Engineering
- Others
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia Pacific (China, Japan, South Korea, India, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Toray Industries Inc
- Mitsubishi Chemical Corporation
- Hexcel Corporation
- Teijin Limited
- SGL Carbon
- Hyosung Advanced Materials
- Solway
- Nippon Graphite Fiber Co Ltd
- Anshan Sinocarb Carbon Fibers Co Ltd
- Formosa Material Co Ltd
Key Trends by Market Segment
By Raw Material: Polyacrylonitrile (PAN) segment held the largest market share of the Global Carbon Fiber Composites Market in 2021, owing to the higher strength, density, volume, and extensive usage among industries such as aerospace, automobile, and others.PAN is the mostly used precursor for carbon fiber, because of its higher tensile, superior strength, strong stability, and higher carbon yield.
PAN carbon fiber material is used in multiple end-user industries including aerospace, automobile, sports goods, wind energy, and others.
By Type: The recycled fiber segment accounted for the largest market share in 2021, owing to the lower cost, and adoption of material into various industries.
Recycled carbon fiber composites provide benefits such as reduced material handling and provide manufacturers with a cost-effective option.
In February 2022, Teijin Limited announced to the formation of a business alliance with Fuji Designs Co. Ltd., a Japanese manufacturer of recycled carbon to establish a business structure for the production, supply, and commercialization of carbon fiber reinforced plastics (CFRP) products.
By End-Users: The aerospace and defense segment held the largest market in 2021, owing to its increased usage, and players’ regular upgradation in the technology.
In April 2022, Hexcel Corporation and Archer Aviation, an aircraft company, announced to enter into a letter of intent covering a proposed relationship for the supply of high-performance carbon fiber material that would be used in the manufacturing of Archer’s production aircraft.
According to Stockholm International Peace Research Institute, an independent international institute, India’s military spending of US$ 76.6 billion ranked third highest in the world.
By Geography: Asia Pacific accounted for the largest market share within the global Carbon Fiber Composites market in 2021, owing to the surging aerospace and defense industry.
According to Stockholm International Peace Research Institute, an independent international institute, in April 2022, total global military expenditure increased by 0.7% in real terms in 2021, to reach US$ 2113 billion. The five largest spenders in 2021 were the USA, China, India, the UK, and Russia.
As per Boeing, an aircraft industry company, in September 2021, forecasts that China’s airlines will require 8,700 new airplanes by 2040, valued at US$ 1.47 trillion.
Competitive Landscape:
- The global carbon fiber composites market is significantly competitive with ~120 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in carbon fiber composites manufacturing for multiple raw materials and serving different industries
- Country-niche players account for the largest share by competitor type. While large global players constitute ~10% of the competition. Some of the major players in the market include Toray Industries Inc, Mitsubishi Chemical Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon, Hyosung Advanced Materials, Solway, Nippon Graphite Fiber Co. Ltd., Anshan Sinocarb Carbon Fibers Co. Ltd., Formosa Material Co Ltd, and others
Recent Developments Related to Major Players
In February 2021, Teijin Limited launched new Tenax PW (power series) and Tenax BM (beam series) brands of carbon fiber intermediate material for sports applications.In December 2019, Solvay and SGL Carbon have entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modules (IM) carbon fiber.
In August 2019, Teijin Limited announced the acquisition of Renegade Material Corporation, a leading North American supplier of highly-resistant thermoset prepreg for the aerospace industry.
Conclusion
The global Carbon Fiber Composites market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing usage of carbon fiber composite material in multiple industries such as aerospace, wind energy, and others. The growth rate is expected to remain significant during the forecast period.Though the market is significantly competitive with ~120 participants, the majority of country-niche players dominate the market share by competitor type, and global players hold a minor share.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Key Topics Covered in the Report
- Snapshot of the Global Carbon Fiber Composites Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Carbon Fiber Composites Market
- Historic Growth of the Overall Global Carbon Fiber Composites Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Carbon Fiber Composites Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Carbon Fiber Composites Market
- Future Market Forecast and Growth Rates of the Total Global Carbon Fiber Composites Market and by Segments
- Market Size of Type/End-Users Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Carbon Fiber Composites Market
- Major Production/Supply and Consumption/Demand Hubs in Each Major Region
- Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Continent
Major Players Mentioned in the report
- Toray Industries Inc
- Mitsubishi Chemical Corporation
- Hexcel Corporation
- Teijin Limited
- SGL Carbon
- Hyosung Advanced Materials
- Solway
- Nippon Graphite Fiber Co Ltd
- Anshan Sinocarb Carbon Fibers Co Ltd
- Formosa Material Co Ltd
- DowAksa
- Advance Composites Inc
- Karbon composites & Technology Co Ltd
- Zhongao Carbon
- Carbon Light
Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report
- Carbon Fiber Composites Manufacturing Companies
- Carbon Fiber Composites Marketing Companies
- Carbon Fiber Composites Material Suppliers
- Potential Investors in Carbon Fiber Composites Companies
- Polyacrylonitrile (PAN) Carbon Fiber Composites Manufacturers
- Recycled Carbon Fiber Composites Producers
- High-Grade Carbon Fiber Composites Producers
- Consulting Companies in the Chemical Market
- Government And Research Organizations Working in Chemical Industry
- Investment Banks Targeting Chemical Industry
- Carbon Fiber Companies
- Carbon Fiber Association
- Research & Development Institutes for Carbon Fiber
- Carbon Fiber Manufactures
- Carbon Fiber Supplier
- Carbon Fiber Raw Material Provider
- Investment Banks Targeting Carbon Fiber Market
- Fiber Composites Companies
- Fiber Composites Providers
- Fiber Composites Manufacturers
- Fiber Composites Suppliers
- Emerging and Startup Composites Companies in the Market
- Government Departments of Polymers and Other Chemicals
- Ministries and Departments of Paint & Coating
- Ministries and Departments of Construction Materials
- Importers and Distributors of Plastics and Composites
- Chemicals Testing and Regulatory Authorities
- Chemicals Research Institutes
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
Frequently Asked Questions
What is the Study Period of this Market Report?- The Global Carbon Fiber Composites Market is covered from 2017- 2028 in this report, including a forecast for 2022-2028
- The Global Carbon Fiber Composites Market is expected to witness a CAGR of ~10% over the next 6 years
- Surging infrastructure development and the growing presence of carbon fiber composite manufacturers worldwide is likely to fuel the growth in the Carbon Fiber Composites market
- The polyacrylonitrile (PAN) raw material segment held the largest share of the global Carbon Fiber Composites market in 2021
- Toray Industries Inc, Mitsubishi Chemical Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon, Hyosung Advanced Materials, Solway, Nippon Graphite Fiber Co. Ltd., Anshan Sinocarb Carbon Fibers Co. Ltd., Formosa Material Co. Ltd
Additional benefits of purchasing an enterprise license:
- TAM/SAM/SOM Analysis
- Customer Cohort Analysis
- Marketing Initiatives
- White Space Opportunity Analysis
- Interactive Data Visualizations
- Customization: 20 Analyst Hours
- 3 Months Post Sales Analyst Support
- Complimentary Update Next Year
- Custom Webinars
Table of Contents
1. Executive Summary
2. Market Overview and Key Trends Impacting Growth
3. Total Global- Market Segmentation by Raw Material, Historic Growth, Outlook & Forecasts
4. Total Global- Market Segmentation by Type, Historic Growth, Outlook & Forecasts
5. Total Global- Market Segmentation by End-User, Historic Growth, Outlook & Forecasts
6. Industry/Competition Analysis - Competitive Landscape
7. Key Competitor Profiles (Company Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors)
8. Geographic Analysis & Major Countries Market Historic Growth, Outlook, and Forecasts
9. Industry Expert’s Opinions/Perspectives
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Toray Industries Inc
- Mitsubishi Chemical Corporation
- Hexcel Corporation
- Teijin Limited
- SGL Carbon
- Hyosung Advanced Materials
- Solway
- Nippon Graphite Fiber Co. Ltd.
- Anshan Sinocarb Carbon Fibers Co. Ltd.
- Formosa Material Co. Ltd.
- DowAksa
- Advance Composites Inc.
- Karbon composites & Technology Co. ltd.
- Zhongao Carbon
- Carbon Light
