Stringent Regulations and Carbon Emission Policies
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The global large tow carbon fiber market was valued at $570.5 million in 2021, and it is expected to grow at a CAGR of 13.43% and reach $1,960.3 million by 2031. The growth in the global large tow carbon fiber market is expected to be driven by stringent government regulations, carbon neutrality targets, energy and cost efficiency owing to the use of recycled steel, and a significant increase in steel demand with the scarcity of raw materials and energy. However, impurities in recycled steel due to incomplete separation and complex product design and the high cost of production for green steel amid high infrastructure costs and green hydrogen prices are some key restraining factors for the market.
Market Lifecycle Stage
The global large tow carbon fiber market is in a growing phase. New trends, such as rising investments in green technologies, change in business models of companies due to climate action, increasing demand for green steel across the value chain, and development of economic and environmental technologies, are further expected to provide opportunities for the market to grow in the coming years.
Industrial Impact
With an increased worldwide focus on advanced lighter materials to replace traditional heavy materials, there is an increasing shift toward advanced materials with excellent strength and mechanical and lightweight properties in end-use industries, thereby creating demand for large tow carbon fiber. The shift is more prominent in the energy and automotive industries in regions such as North America, China, and Europe.
Impact of COVID-19
The COVID-19 pandemic had a minor impact on the global large tow carbon fiber market. It altered the market in both positive as well as negative ways. During the COVID-19 pandemic, sectors such as energy and medical appliances showed positive growth, while demand from end-use industries, including automotive, aerospace, and sports, was impacted negatively due to the economic slowdown.
Demand - Drivers and Limitations
The following are the demand drivers for the global large tow carbon fiber market:
- Growing Demand from Renewable Energy Sector
- Stringent Regulations and Carbon Emission Policies
- Increasing Awareness and Rising Demand from Developing Countries
The following are the challenges for the global large tow carbon fiber market:
- High Cost of Production in Comparison to Conventional Materials
- Complex Manufacturing Process and Machining Problems
- Analyst Thoughts
According to Pooja Tanna, Lead Analyst, BIS Research,'Increasing awareness about the environment protection and carbon footprints is driving the development of advanced material for the transition of energy-intensive and carbon-intensive industries toward a more sustainable path. Although carbon fiber is a good option and caters to various end-use applications, the adoption of this advanced material is limited to premier applications in end-use industries, including aerospace and automotive, amongst others. Large tow carbon fibers are expected to be the best option for industrial application as it fits the required standards for end-use industries, including energy and automotive. Furthermore, its low cost is projected to boost the adoption of large tow carbon fiber in various end-use industries.”
How can this report add value to an organization?
- Product/Innovation Strategy: The product segment helps the reader understand the different types of large tow carbon fiber available and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different large tow carbon fiber end-use applications in industries such as aerospace, automotive, energy, sports, and others.
- Growth/Marketing Strategy: Business expansions, partnerships, acquisitions, collaborations, and joint ventures are some key strategies adopted by key players operating in this space. For instance, in January 2023, TORAY INDUSTRIES, INC., a major Japanese chemicals manufacturer, announced to invest more than $780 million for the development of carbon fiber materials production capacity by 2025.
- Competitive Strategy: Key players in the global large tow carbon fiber market analyzed and profiled in the study involve large tow carbon fiber providers. Moreover, a detailed competitive benchmarking of the players operating in the global large tow carbon fiber market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, and market penetration.
Some prominent names in this market are:
Company Type: Large Tow Carbon Fiber Industry
- TORAY INDUSTRIES, INC.
- SGL Carbon
- Teijin Limited
- Mitsubishi Chemical Corporation
- Solvay
- China Petrochemical Corporation
- Hexcel Corporation
- Jilin Tangu Carbon Fiber Co., Ltd.
- Formosa Plastics Group
- UMATEX
Market Segmentation
Segmentation 1: by End-Use Application
- Aerospace
- Energy
- Automotive
- Sports
- Others
Based on end-use application, the energy segment was dominant, accounting for a 64.6% share of the global large tow carbon fiber market in 2021.
Segmentation 2: by Product Type
- 48K
- 50K
- 60K
- Others
Based on product type, the 48K segment was dominant, accounting for a 55.84% share of the global large tow carbon fiber market in 2021. It is one of the most significant product types, which meets the requirement of major industrial application areas and breaks the application limitations caused by the high-priced carbon fiber.
Segmentation 3: by Technology
- PAN-Based
- Pitch-Based
- Others
Based on technology, the PAN-based segment was dominant, accounting for an 86.6% share of the global large tow carbon fiber market in 2021.
Segmentation 4: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- U.K.
- Asia-Pacific and Japan - Japan, India, South Korea, and Rest-of-Asia Pacific and
- China
- Rest-of-the-World - Middle East and Africa and South America
Based on region, North America was the dominant region, accounting for a 29.04% share of the global large tow carbon fiber market in 2021.
Recent Developments in the Large Tow Carbon Fiber Market
- In October 2022, China Petrochemical Corporation’s large tow carbon fiber production line started its operations; the company has planned the country's first factory line of the large tow carbon fiber project with a production capacity of 24,000 tons per year of precursors and 12,000 tons per year of large tow carbon fibers.
- In February 2021, Montefibre Carbon announced an investment of $17.4 million for its first precursor for innovative 80K tow. The Spanish Ministry of Industry has granted $12 million to develop aerospace-grade carbon fiber. The company is currently developing and upgrading its production lines to manufacture large tow PAN precursor for converting it into carbon fiber.
- In December 2019, Belgium-based specialty chemicals manufacturer Solvay and Germany-based carbon fiber manufacturer SGL signed a joint development agreement (JDA) to develop large tow carbon fiber materials for aerostructures.
Table of Contents
1 Market
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 3D Printing Technology
1.1.1.2 Replacement of Various Conventional Materials with High-Quality, Lightweight Materials
1.1.2 Supply Chain Analysis
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Consortiums and Associations
1.1.3.2 Regulatory Bodies
1.1.3.3 Government Programs
1.1.3.4 Programs by Research Institutions and Universities
1.1.4 Impact of COVID-19 on the Large Tow Carbon Fiber Market
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Growing Demand from Renewable Energy Sector
1.2.1.2 Stringent Regulations and Carbon Emission Policies
1.2.1.3 Increasing Awareness and Rising Demand from Developing Countries
1.2.2 Business Challenges
1.2.2.1 High Cost of Production in Comparison to Conventional Materials
1.2.2.2 Complex Manufacturing Process and Machining Problems
1.2.3 Business Opportunities
1.2.3.1 Growing Demand for Electric Vehicles
1.2.3.2 Increasing Investment in Coal-Based Technologies
1.3 Start-Up Landscape
1.3.1 Key Start-Ups in the Ecosystem
1.3.2 Funding Analysis of Key Start-Ups
1.4 Comparative Analysis of Large Tow Carbon Fiber with Other Materials
1.5 Technological Outlook
1.5.1 PAN-Based Carbon Fiber Production Process
1.5.2 Pitch-Based Carbon Fiber Production Process
1.6 Porter’s Five Forces Analysis
1.6.1 Bargaining Power of Buyers
1.6.2 Bargaining Power of Suppliers
1.6.3 Threat of New Entrants
1.6.4 Threat of Substitutes
1.6.5 Competitive Rivalry among Existing Firms
1.7 Analyzing Optimistic, Pessimistic, and Realistic Scenarios
1.8 Analyzing Carbon Fiber Ecosystem
1.9 Total Addressable Market Analysis for Large Tow Carbon Fiber Market
2 Application
2.1 Large Tow Carbon Fiber Market (by Application)
2.1.1 Aerospace
2.1.2 Energy
2.1.3 Automotive
2.1.4 Sports
2.1.5 Others
2.1.5.1 Building and Construction
2.1.5.2 Healthcare and Medical
2.2 Demand Analysis of Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
3 Product
3.1 Large Tow Carbon Fiber Market - Technology and Specification
3.1.1 PAN-Based
3.1.2 Pitch-Based
3.1.3 Others
3.2 Demand Analysis of Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
3.3 Large Tow Carbon Fiber Market - Type and Specification
3.3.1 48K
3.3.2 50K
3.3.3 60K
3.3.4 Others
3.4 Demand Analysis of Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
3.5 Product Benchmarking: Growth Rate - Market Share Matrix, 2021
3.6 Patent Analysis
3.6.1 Patent Analysis (by Status)
3.6.2 Patent Analysis (by Company)
3.7 Pricing Analysis
4 Region
4.1 Demand Analysis of Large Tow Carbon Fiber Market (by Region), Volume and Value, 2021-2031
4.2 North America
4.2.1 Market
4.2.1.1 Business Dynamics
4.2.2 Application
4.2.2.1 Demand Analysis of North America Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.2.3 Product
4.2.3.1 Demand Analysis of North America Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.2.3.2 Demand Analysis of North America Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.2.4 North America: Country-Wise Analysis
4.2.4.1 United States (U.S.)
4.2.4.1.1 Market
4.2.4.1.2 Application
4.2.4.1.2.1 Demand Analysis of the U.S. Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.2.4.1.3 Product
4.2.4.1.3.1 Demand Analysis of the U.S. Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.2.4.1.3.2 Demand Analysis of the U.S. Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.2.4.2 Canada
4.2.4.2.1 Market
4.2.4.2.2 Application
4.2.4.2.2.1 Demand Analysis of Canada Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.2.4.2.3 Product
4.2.4.2.3.1 Demand Analysis of Canada Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.2.4.2.3.2 Demand Analysis of Canada Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.2.4.3 Mexico
4.2.4.3.1 Market
4.2.4.3.2 Application
4.2.4.3.2.1 Demand Analysis of Mexico Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.2.4.3.3 Product
4.2.4.3.3.1 Demand Analysis of Mexico Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.2.4.3.3.2 Demand Analysis of Mexico Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.3 Europe
4.3.1 Market
4.3.1.1 Business Dynamics
4.3.2 Application
4.3.2.1 Demand Analysis of Europe Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.3.3 Product
4.3.3.1 Demand Analysis of Europe Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.3.3.2 Demand Analysis of Europe Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.3.4 Europe: Country-Wise Analysis
4.3.4.1 Germany
4.3.4.1.1 Market
4.3.4.1.2 Application
4.3.4.1.2.1 Demand Analysis of Germany Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.3.4.1.3 Product
4.3.4.1.3.1 Demand Analysis of Germany Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.3.4.1.3.2 Demand Analysis of Germany Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.3.4.2 France
4.3.4.2.1 Market
4.3.4.2.2 Application
4.3.4.2.2.1 Demand Analysis of France Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.3.4.2.3 Product
4.3.4.2.3.1 Demand Analysis of France Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.3.4.2.3.2 Demand Analysis of France Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.3.4.3 Spain
4.3.4.3.1 Market
4.3.4.3.2 Application
4.3.4.3.2.1 Demand Analysis of Spain Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.3.4.3.3 Product
4.3.4.3.3.1 Demand Analysis of Spain Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.3.4.3.3.2 Demand Analysis of Spain Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.3.4.4 Italy
4.3.4.4.1 Market
4.3.4.4.2 Application
4.3.4.4.2.1 Demand Analysis of Italy Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.3.4.4.3 Product
4.3.4.4.3.1 Demand Analysis of Italy Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.3.4.4.3.2 Demand Analysis of Italy Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.3.4.5 Rest-of-Europe
4.3.4.5.1 Market
4.3.4.5.2 Application
4.3.4.5.2.1 Demand Analysis of Rest-of-Europe Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.3.4.5.3 Product
4.3.4.5.3.1 Demand Analysis of Rest-of-Europe Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.3.4.5.3.2 Demand Analysis of Rest-of-Europe Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.4 U.K.
4.4.1 Market
4.4.1.1 Business Dynamics
4.4.2 Application
4.4.2.1 Demand Analysis of the U.K. Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.4.3 Product
4.4.3.1 Demand Analysis of the U.K. Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.4.3.2 Demand Analysis of the U.K. Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.5 China
4.5.1 Market
4.5.1.1 Business Dynamics
4.5.2 Application
4.5.2.1 Demand Analysis of China Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.5.3 Product
4.5.3.1 Demand Analysis of China Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.5.3.2 Demand Analysis of China Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.6 Asia-Pacific and Japan
4.6.1 Market
4.6.2 Application
4.6.2.1 Demand Analysis of Asia-Pacific and Japan Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.6.3 Product
4.6.3.1 Demand Analysis of Asia-Pacific and Japan Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.6.3.2 Demand Analysis of Asia-Pacific and Japan Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.6.4 Asia-Pacific and Japan: Country-Level Analysis
4.6.4.1 Japan
4.6.4.1.1 Market
4.6.4.1.2 Application
4.6.4.1.2.1 Demand Analysis of Japan Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.6.4.1.3 Product
4.6.4.1.3.1 Demand Analysis of Japan Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.6.4.1.3.2 Demand Analysis of Japan Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.6.4.2 India
4.6.4.2.1 Market
4.6.4.2.2 Application
4.6.4.2.2.1 Demand Analysis of India Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.6.4.2.3 Product
4.6.4.2.3.1 Demand Analysis of India Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.6.4.2.3.2 Demand Analysis of India Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.6.4.3 South Korea
4.6.4.3.1 Market
4.6.4.3.2 Application
4.6.4.3.2.1 Demand Analysis of South Korea Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.6.4.3.3 Product
4.6.4.3.3.1 Demand Analysis of South Korea Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.6.4.3.3.2 Demand Analysis of South Korea Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.6.4.4 Rest-of-Asia-Pacific and Japan
4.6.4.4.1 Market
4.6.4.4.2 Application
4.6.4.4.2.1 Demand Analysis of Rest-of-Asia-Pacific and Japan Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.6.4.4.3 Product
4.6.4.4.3.1 Demand Analysis of Rest-of-Asia-Pacific and Japan Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.6.4.4.3.2 Demand Analysis of Rest-of-Asia-Pacific and Japan Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.7 Rest-of-the-World
4.7.1 Market
4.7.1.1 Business Dynamics
4.7.2 Application
4.7.2.1 Demand Analysis of Rest-of-the-World Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.7.3 Product
4.7.3.1 Demand Analysis of Rest-of-the-World Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.7.3.2 Demand Analysis of Rest-of-the-World Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.7.4 Rest-of-the-World: Region-Wise Analysis
4.7.4.1 Middle East and Africa
4.7.4.1.1 Market
4.7.4.1.2 Application
4.7.4.1.2.1 Demand Analysis of Middle East and Africa Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.7.4.1.3 Product
4.7.4.1.3.1 Demand Analysis of Middle East and Africa Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.7.4.1.3.2 Demand Analysis of Middle East and Africa Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
4.7.4.2 South America
4.7.4.2.1 Market
4.7.4.2.2 Application
4.7.4.2.2.1 Demand Analysis of South America Large Tow Carbon Fiber Market (by Application), Volume and Value, 2021-2031
4.7.4.2.3 Product
4.7.4.2.3.1 Demand Analysis of South America Large Tow Carbon Fiber Market (by Technology), Volume and Value, 2021-2031
4.7.4.2.3.2 Demand Analysis of South America Large Tow Carbon Fiber Market (by Type), Volume and Value, 2021-2031
5 Market - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Competitive Positioning Matrix
5.1.2 Market Share Analysis
5.1.3 Product Mapping for Large Tow Carbon Fiber Market
5.1.4 Comparative Feature Analysis
5.2 Business Development
5.2.1 Business Strategies
5.2.1.1 Product Developments
5.2.1.2 Market Developments
5.2.2 Corporate Strategies
5.2.2.1 Partnerships, Collaborations, and Joint Ventures
6 Research Methodology
6.1 Primary Data Sources
6.2 Secondary Data Sources
6.3 Top-Down and Bottom-Up Approach
6.4 Assumptions and Limitations
Executive Summary
The global large tow carbon fiber market was valued at $570.5 million in 2021, and it is expected to grow at a CAGR of 13.43% and reach $1,960.3 million by 2031.
The growth in the global large tow carbon fiber market is expected to be driven by stringent government regulations, carbon neutrality targets, energy and cost efficiency owing to the use of recycled steel, and a significant increase in steel demand with the scarcity of raw materials and energy. However, impurities in recycled steel due to incomplete separation and complex product design and the high cost of production for green steel amid high infrastructure costs and green hydrogen prices are some key restraining factors for the market.With an increased worldwide focus on advanced lighter materials to replace traditional heavy materials, there is an increasing shift toward advanced materials with excellent strength and mechanical and lightweight properties in end-use industries, thereby creating demand for large tow carbon fiber. The shift is more prominent in the energy and automotive industries in regions such as North America, China, and Europe.
USP of the Report
- Technological outlook, detailed Porter’s Five Force Analysis, analysis of optimistic, pessimistic, and realistic scenarios, carbon fiber ecosystem analysis, and total addressable market analysis for large tow carbon fiber market
- Market ranking analysis based on product portfolios, recent developments, and regional spread
- Patent analysis, start-up landscape, including product adoption scenario
Analyst Perspective
According to Pooja Tanna, Lead Analyst with the publisher, 'Increasing awareness about the environment protection and carbon footprints is driving the development of advanced material for the transition of energy-intensive and carbon-intensive industries toward a more sustainable path. Although carbon fiber is a good option and caters to various end-use applications, the adoption of this advanced material is limited to premier applications in end-use industries, including aerospace and automotive, amongst others. Large tow carbon fibers are expected to be the best option for industrial application as it fits the required standards for end-use industries, including energy and automotive. Furthermore, its low cost is projected to boost the adoption of large tow carbon fiber in various end-use industries.”
Key Questions Answered in the Report
- What is large tow carbon fiber?
- What are the key trends in the large tow carbon fiber market?
- What kinds of new strategies are being adopted by the existing market players to strengthen their positions in the industry?
- For a new company looking to enter the large tow carbon fiber market, which areas could it focus on to stay ahead of the competition?
- Who should buy this report?
Companies Mentioned
- TORAY INDUSTRIES, INC.
- SGL Carbon
- Teijin Limited
- Mitsubishi Chemical Corporation
- Solvay
- China Petrochemical Corporation
- Hexcel Corporation
- Jilin Tangu Carbon Fiber Co., Ltd.
- Formosa Plastics Group
- UMATEX
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 165 |
| Published | March 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 570.5 Million |
| Forecasted Market Value ( USD | $ 1960.3 Million |
| Compound Annual Growth Rate | 13.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
