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Carbon Fiber or graphite fiber, is a polymer, an extremely robust and lightweight material. Although carbon fiber is five times stronger and two times stiffer than steel, it is also lighter, making it a great production material for various items. Carbon fiber is a material containing tiny, strong crystalline carbon filaments used to reinforce it. The carbon fiber could then be woven together to form cloth and if a permanent shape is required, it can be laid over a mold and coated in resin or plastic.

As per the research report by DataM Intelligence, the global carbon fiber market size was valued at USD YY billion in 2021; it is projected to reach USD YY billion by 2029, with growth at a CAGR of 8.5% over the forecast period 2022-2029. Some of the significant factors driving the carbon fiber market are the application of carbon fiber as an economical substitute for steel & aluminum and advancements in manufacturing technologies for carbon fibers. The large-scale replacement of steel and aluminum in various industrial segments such as construction, automotive and aviation increases the market prospects for carbon fibers such as sales and demand multiple folds and, therefore, could be considered a prominent market driver. The rise of the electric vehicle market is also boosting the carbon fiber market since these vehicles require lighter body designs to maximize performance.

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The rising demand for environmental-friendly regulations for carbon fibers has fueled market growth. Further boosting the market is anticipated to be implementation of strict eco-friendly legislation in both developed and developing nations. Because they reduce weight and improve fuel efficiency, carbon fibers and similar composites are in greater demand from luxury and sports car manufacturers for brake applications. The widespread use of these fibers could expand their infiltration into regular automobiles. In wealthy countries, strict environmental restrictions are already in place. 

But they are also gaining ground in developing nations like India. A roadmap for reducing CO2 emissions through CAFE regulations was drafted in the National Auto Policy (draught), 2018 document. The policy projected Indian CO2 reduction objectives to meet those set by other countries by 2025 and called for defining corporate average CO2 grams per kilometer targets for all passenger car manufacturers starting in 2020. With such endeavors, the Indian automobile market could widely accept and use carbon fibers & associated materials.

The diminished demand for luxury cars is expected to hamper the carbon fiber market. Luxury vehicles are one of the end-use markets for PAN and pitch carbon fibers. According to the European Automobile Manufacturers’ Association (ACEA), COVID-19 caused a 25% reduction in the global and European automotive markets in 2020 compared to 2019. Except for China, where sales are increasing compared to 2019, premium and luxury automobile manufacturers such as Mercedes, BMW and Audi saw a fall in sales and revenues in 2020. The demand for PAN-based and petroleum pitch carbon fibers has decreased due to these declining sales.

The advancement in manufacturing technologies of carbon fiber is expected to provide growth opportunities in the market. However, there is a considerable barrier to creating carbon fibers utilizing the modulus since attempted efforts to grow the manufactured carbon fibers significantly degraded the underlying layers, robbing them of their natural strength. Due to technological advancements, simpler manufacturing techniques are available to manufacture carbon fibers in modernity. For instance, a group of scientists from MIT invented a new method where the researchers covered carbon fibers with nanotubes without triggering fiber degradation, doubling the strength of previously nanotube-coated fibers and paving the way for carbon fiber composites that are not only stronger but also more electrically conductive.

The pandemic broke out for more than a year, sending shockwaves to virtually every aspect of existence. Many parts of the automotive and construction sectors have changed dramatically due to COVID-19. The automotive market has undergone a significant upheaval due to the pandemic. While internal combustion engines (ICEs) currently dominate today’s powertrains, government laws and automotive investments plainly show that electric cars (EVs) are the way of the future. In addition, the interest and investment in advanced air mobility (AAM), which includes flying cars and delivery vehicles, has soared to unprecedented heights. Most vehicles are anticipated to be battery-powered, with composites serving as a key enabler.

Further, addressing climate change with green energy infrastructures like solar, wind and hydrogen intensified during the pandemic, positively impacting composite materials’ prospects. For instance, future commercial planes will run on liquid hydrogen, which would be kept in cryogenic carbon fiber tanks. According to the Managing Director of Vaxjo, Sweden-based Connectra Global, even if the introduction of fuel-cell vehicles declared by governments globally is not fulfilled, between 30 and 58 kt of carbon fiber will still be required to construct high-pressure vessels. However, carbon fiber utilization is still in its infancy, limited by the material’s high cost to niche and high-performance vehicles with a few notable exceptions and accounting for barely 10% of the overall carbon fiber market today.

A major challenge in front of the market is the availability of low-cost substitutes. The high price of carbon fiber is a significant issue for market expansion. Due to their high price, these composites are not widely used and for the manufacturer, finding low-cost technologies is their biggest issue. Carbon fiber composites are only utilized in high-end and luxury vehicles in the automotive industry. In addition, the development of the industry is seriously threatened by replacement composites of carbon fibers made of glass, aluminum, copper, basalt and natural fiber, all of which have similar end-use applications and are strong and reasonably priced.

Recent Developments in the Industry:

As per the research analysis, the global carbon fiber market is segmented by tow size into small tow and large tow. By modulus into standard, intermediate and high. 

According to the report, the global carbon fiber market is divided into regions, i.e., North America, South America, Europe, Asia-Pacific and Middle East & Africa.

The growth in the carbon fiber market in North America is estimated to show significant growth at a healthy CAGR over the forecast period. The improving demand for fuel-efficient and lightweight vehicles and the accelerating use of renewable energy in the aerospace and military sector are all major factors driving the market share for carbon fibers in the region.

U.S. Carbon fiber Market: U.S. dominated the carbon fiber market in 2021. Furthermore, the rising popularity of recycled carbon fiber and a focus on using lignin as raw carbon fiber is anticipated to present opportunities in the region. U.S. aircraft industry is one of the fastest-growing industries across the globe. Passenger and cargo fleets will likely be fueled by increased demand for air travel and expansion in air freight. 

Canada Carbon fiber Market: The aerospace sector in North America drives the region’s market growth. Many North America-based companies are running huge investments to develop the latest R &D program for carbon fiber in the aerospace industry. For instance, on March 9, 2020, SGL Carbon developed a high-tensile strength and stiffness (Intermediate Modulus/I.M.) large-tow carbon fiber for aerospace.

Mexico Carbon fiber Market: The growth in the North American aerospace industry is creating huge market opportunities for carbon fibers to make flight safer and more sustainable.

The key players are adopting various growth strategies such as product launches, innovative technologies, acquisitions and collaborations, driving the growth of the global carbon fiber market. In July 2020, Mitsubishi Chemical Corporation acquired two Germany-based carbon fiber recycling companies, carboNXT GmbH and CFK Valley Stade Recycling GmbH & Co. KG, through its subsidiary Mitsubishi Chemical Advanced Materials AG. With the acquisition, Mitsubishi will construct a chain throughout Europe, starting with the fabrication of carbon fibers and carbon fiber composites and ending with the collection and recycling of products, similar to what it has done in Japan.

Major market players contributing to the expansion include Toray Industries, Inc., Solvay, SGL Carbon, Hexcel Corporation, TEIJIN LIMITED, Mitsubishi Chemical Holdings Corporation, Formosa Plastics and others.

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The Full Report has the below insights.

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