South & Central America Carbon Fiber Market Forecast to 2028 -Regional Analysis

The carbon fiber market in South & Central America is expected to grow from US$ 77.20 million in 2022 to US$ 112.95 million by 2028. It is estimated to grow at a CAGR of 6.5% from 2022 to 2028.

Increasing Usage of Carbon Fiber in the Sporting Goods Industry is Fueling South & Central America Carbon Fiber Market

The high-strength, modulus, and light-weight characteristics of carbon fiber have led to rising demand from the sporting goods manufacturing industry. Sporting goods such as golf shafts, racquets, skis, snowboards, hockey sticks, fishing rods, bats, and bicycles are manufactured using carbon fiber. Carbon fiber provides design flexibility to achieve precise shape of sporting equipment, which is critical to its performance. Carbon fiber helps to enhance the performance of bikers and golfers. The most specific use of carbon fiber in the sporting equipment is seen in the tennis racket. Players can hit faster ball with the lighter racket and control the ball better with a larger area of the racket. The increasing demand for carbon fiber-based sporting equipment provides a lucrative market opportunity for key and new market players. Many sports goods manufacturers in developed and developing countries are using carbon fiber. Thus, the increasing adoption of carbon fiber by the manufacturers of sporting goods across developed and developing countries provides lucrative growth opportunities for the carbon fiber market over the forecast period.

South & Central America Carbon Fiber Market Overview

The South & Central America carbon fiber market is segmented into Brazil, Argentina, and Rest of South & Central America. The region has well-established automotive industry, and it is poised to witness rapid growth over the forecast period. According to the Brazilian Institute of Geography and Statistics, the production of motor vehicles in Brazil accounted for 2.9 million in 2019. The original equipment manufacturers (OEMs) are strongly investing in the automotive sector across the region. Also, the automotive sector in the region is witnessing increased private investments which boost the development of the sector. This factor provides lucrative opportunities to the carbon fiber market as carbon fiber is widely used to manufacture automotive parts and components. Also, increasing demand for lightweight and high-performance sporting equipment is further driving the carbon fiber market growth over the forecast period.

Exhibit: South & Central America Carbon Fiber Market Revenue and Forecast to 2028 (US$ Million)

South & Central America Carbon Fiber Market Segmentation

The South & Central America carbon fiber market is segmented into raw material, application, end use industry, and country.

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

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

Based on end use industry, the South & Central America 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 South & Central America carbon fiber market share in 2022.

Based on country, the South & Central America carbon fiber market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America carbon fiber market share in 2022.

Formosa Plastics Corp; Hexcel Corp; Hyosung Advanced Materials 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 South & Central America.