According to the new market research report “Carbon Fiber Market by Raw Material (PAN, Pitch, Rayon), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy), and Region – Global Forecast to 2029″, The carbon fiber market is expected to grow from USD 4.7 billion in 2019 to USD 13.3 billion by 2029, at a CAGR of 11.0% during the forecast period.
The carbon fiber market is growing due to its increasing demand from the aerospace & defense, automotive, and wind energy industries. Boeing and Airbus have increased the production of commercial aircraft to cater to the rising airline passenger traffic. The increasing use of carbon fiber in electric cars and rising aircraft production are the major drivers for the market.
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The carbon fiber market size is estimated to be USD 4.7 billion in 2019 and is projected to reach USD 13.3 billion by 2029, at a CAGR of 11.0% during the forecast period. The new developments across the carbon fiber value chain such as the expansion of production capacity by various players, new players entering into the market with low-cost carbon fibers, and demand from aerospace and automotive industries and new applications such as mining trucks and corrosive chemical tank containers are bolstering the market, globally.
This growth is attributed to the increasing demand for lightweight and high strength materials such as carbon fiber as it results in fuel efficiency and safety in the aerospace & defense and automotive industries. The rising number of collaborations between the industries such as aerospace & defense and automotive and carbon fiber manufacturers for new projects is driving the market. For instance, in June 2018, Airbus and Bombardier (Quebec, Canada) entered into a partnership for the production of the C Series aircraft. Agreements have been signed between research organizations and carbon fiber manufacturers to manufacture low-cost carbon fibers for the automotive industry. For instance, in May 2016, RMX Technologies (US) subsidiary, 4M Carbon Fiber (US) entered into an agreement with Oak Ridge National Laboratory (US) to manufacture low-cost carbon fiber through plasma oxidation technology.
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The high modulus of carbon fibers has resulted in its widespread use across numerous industries, including aerospace, automotive, sports, energy, and marine. The increasing penetration of carbon fiber as a replacement to traditional materials in these industries, coupled with the advancement of these industries, is set to result in the significant demand for carbon fiber over the next few years. The carbon fiber market is expected to grow from USD 4.7 billion in 2019 to USD 13.3 billion by 2029, at a CAGR of 11.0% during the forecast period.
Over the past few years, companies have strengthened their position in the global carbon fiber market by adopting strategies such as new product launch, expansion & agreement, and partnership & joint venture.
From 2014 to 2019, expansion and new product launch were the key strategies adopted by the market players to maintain growth in the global carbon fiber market. These strategies accounted for 30% and 16%, respectively, of the overall strategies adopted between 2014 and 2019. The market players concentrated mainly on consolidation through new product launch and expansion with the focus on increasing their market shares and enhancing their sustainability.
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Toray Industries Inc. (Japan), Hexcel Corporation (US), and SGL Group (Germany) are the major players in the carbon fiber market. Toray Industries Inc. (Japan) is one of the leading companies and the largest contributor to the growth of the global carbon fiber market. It accounted for the largest share of all the development activities undertaken in the global market between 2014 and 2019. As a part of its growth strategy, the company focused on production expansion to meet the requirements of end-use industries, globally. For instance, in April 2018, the company expanded large tow carbon fiber production capacity at its US-based subsidiary, Zoltek Companies, Inc. (US). The company is also planning to increase the production capacity of Zoltek’s Hungarian and Mexican facilities. This will lead to Zoltek’s total annual production capacity to be approximately 25,000 tons.
SGL Group (Germany) is the second-largest player in the carbon fiber market. It has a production capacity of 15,000 tons per annum. The company is involved in improving their position in value chain with particular emphasis on innovation, high value-added products, and services. The company is involved in providing innovative and effective solutions for distinguished automotive clients around the globe. In December 2018, the company entered into an agreement with BMW Group for the supply of carbon fibers and scrims for BMW iNeXT to position itself as a supplier of fibers, materials, and components to the automotive industry.
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