Carbon Fiber Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material (Polyacrylonitrile-Based and Pitch-Based), Application (Composite Materials, Microelectrodes, and Others), End-Use Industry (Automotive, Aerospace & Defense, Buildi

Carbon Fiber Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material (Polyacrylonitrile-Based and Pitch-Based), Application (Composite Materials, Microelectrodes, and Others), End-Use Industry (Automotive, Aerospace & Defense, Building & Construction, Sporting Goods, Wind Energy, Textiles, Marine, and Others)

The carbon fiber market was valued US$ 3,457.74 million in 2022 and is projected to reach US$ 5,605.57 million by 2028; it is expected to register a CAGR of 8.3% from 2022 to 2028.

The development and use of carbon fiber have revolutionized the aerospace & defense industry. The carbon fiber composite materials provide high-performance and lightweight features to meet rigorous industry standards. Carbon fibers help in delivering enormous benefits to the aerospace & defense industry. Carbon fibers help in reducing fuel consumption and aircraft weight. The carbon fiber composites also provide durability and toughness to the aircraft. They help in providing improved fatigue resistance and help in decreasing the maintenance cost of the aircraft. The high modulus of carbon fiber composite makes it structurally suitable for the production of aircraft and has the potential to replace the alloys such as titanium and aluminum. Carbon fibers provide advantages such as high resistance to fatigue, low thermal expansion, corrosion resistance, low microwave and radar absorption, and a higher stiffness-to-weight ratio. The increasing use of aerospace composite materials such as carbon fiber has played a significant role in the increased fuel efficiency and weight reduction of aircraft. These properties of the carbon fiber composites have encouraged their use in the manufacturing of seats, wing assemblies, propellers, and helicopter robot plates. Thus, the increasing adoption of carbon fiber in the aerospace & defense industry is driving the market growth.

Based on the end-use industry, the carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The automotive segment accounted for the largest share of the carbon fiber market in 2022. However, the wind energy segment is expected to register the highest CAGR during the forecast period.

In recent years, in carbon fiber market, 3D printers have attracted attention as a multi-product small-volume production technology. 3D printing carbon fiber is the most popular additive manufacturing technology. Carbon fiber-reinforced plastics are added to the 3D printing filaments to improve the elasticity and strength of 3D printed parts. These composite materials have strength, much more than metals, but have much less weight than metals. Additionally, the use of carbon fibers to mix with plastic resins is one of the best strategies to fortify the mechanical properties of 3D-printed parts. Carbon fiber-reinforced composite 3D printing is among the additive manufacturing technology. Additive manufacturing technology is gaining immense traction due to its advantages such as potential cost reductions, higher part complexity, and functional integration, which further surging the carbon fiber market growth.

Based on region, the carbon fiber market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, Asia Pacific held the largest share of the carbon fiber market and is also estimated to register the highest CAGR over the forecast period. Carbon fiber is used to manufacture wind turbines and blades due to its high resistance to shocks, fatigue, and temperature fluctuations and high mechanical strength. Moreover, it reduces the weight of the blades, which helps to achieve optimum energy output. This factor is driving the carbon fiber market growth across the region.

A few of the key players operating in the carbon fiber market include SGL Carbon SE, DowAksa Advanced Composite Material Industries Ltd Co, Formosa Plastics Corp, Hexcel Corp, Hyosung Advanced Materials Corp, Kureha Corp, Mitsubishi Chemical Corp, Solvay SA, Teijin Ltd, and Toray Industries Inc. These companies are focusing on new product launches and geographical expansions to meet the growing consumer demand worldwide.

The overall carbon fiber market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the carbon fiber market.

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