Carbon Fiber

Carbon Fiber

The carbon fiber market is expected to experience significant growth in the coming years, driven by its increasing use in various industries such as aerospace, automotive, and construction. The market is also benefiting from the growing demand for sustainable materials and the increasing need for lightweight and durable materials.

The most common method for creating carbon fibers is to spin one of the three precursor fibers—polyacrylonitrile (PAN), pitch, or rayon—and then thermally carbonize it. The resulting carbon fiber will have a varied microstructure and consequently various properties depending on the kind of precursor and the processing technique. Pitch-based fibers have a more crystalline microstructure, which leads in a higher tensile modulus and substantially higher (100 times) heat conductivity, whereas PAN-based fibers have a disordered microstructure that often imparts better tensile and compressive strengths. PAN-based fibers predominate in applications where strength is essential, while pitch-based fibers predominate in those where heat transmission or stiffness (i.e., a fiber modulus of more than 80 Mpsi) are crucial. The thermal conversion of PAN precursor fibers yields around 90% of all commercial carbon fibers. Products made of carbon fiber are vital in the production of automotive and aviation parts. Manufacturers are being urged to adopt carbon fiber composite materials as alternatives to metal components due to growing worries about fuel usage and CO2 emission levels. The demand for carbon fiber in the automotive industry is anticipated to increase as a result of technological advancements to shorten the manufacturing cycle time.

The carbon fiber market is expected to grow at a CAGR of 13% during the forecast period. The aerospace and automotive industries are expected to drive the market growth, with the aerospace industry accounting for the largest market share.

Numerous end users have been compelled by the energy crisis to use carbon fiber to improve the energy efficiency of their products. Over the projected period, a spike in product demand across aerospace and wind turbine applications is anticipated to fuel the expansion of the global market. Additionally, it is anticipated that increasing government backing for the installation of wind turbines will have a favorable impact on carbon fiber demand. Over the course of the forecast period, the expansion of the commercial aviation market is also anticipated to drive up demand for carbon fiber in aerospace applications.

Growing usage of high-performance materials which has the ability to maintain its quality under unwanted condition is increasing the demand of carbon composite and reinforced plastics materials from a large base of industries like aerospace & defence, automotive, and transportation which eventually increase the demand of carbon fiber. For instance, aircrafts like Boeing 787 and Airbus A350 have been largely made of the material mix of carbon fibers and polymer resins. Further, Boeing 787 Dreamliner passenger plane is composed of 50% composite material by weight, with most of the composite material being carbon fiber laminate or carbon fiber sandwich. In addition, automotive sector is increasingly utilizing carbon fiber to reduce the overall weight of vehicle resulting in more efficiency and helps in reducing carbon emission. For instance, BMW uses carbon fiber composites in its 7-series for the manufacturing of roof components and supporting pillars with the purpose of reducing the car’s center of gravity. The Alfa Romeo 4C, on the other hand, has a completely carbon fiber chassis, which cuts the weight of vehicle down to just 2,500lbs.

• Based on raw material , the market is bifurcated into PAN and pitch. Among these, polyacrylonitrile (PAN) held the lion share in the market. PAN is a type of polymer which dissolves in the solvent in place of melting down. Further, Pitch are of two types i.e., petroleum pitch and rayon pitch. This category held the significantly lower market share.
• Based on fiber type, the market is bifurcated into virgin and recycled carbon fiber. Among these, virgin carbon fiber held the larger market share owing to its large production and less focus on carbon fiber recycling. However, during the forecast period, recycled carbon fiber is likely to showcase substantial growth. Around the globe, around 30% of the carbon fiber end up as a waste thus manufacturers are finding opportunity to use the wasted carbon fiber to increase the production. Further, recycled carbon fiber modulus is similar to virgin carbon fiber, but it also offers 20%-40% cost saving over virgin carbon fiber.
• For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada); Europe (Germany, UK, France, Spain, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Rest of Asia-Pacific) and Rest of World. During the forecast period, Asia-Pacific region is likely to showcase robust growth owing to increasing demand from various end-use industries. The Asia-Pacific region has a strong presence in industries such as aerospace, automotive, wind energy, and sporting goods, which are major consumers of carbon fiber. The growing demand for lightweight and high-strength materials in these industries is expected to drive the market in this region. The Asia-Pacific region, particularly countries like China, Japan, and South Korea, has been investing heavily in expanding their manufacturing capabilities for carbon fiber production. These countries have the advantage of a well-established infrastructure, technological advancements, and access to raw materials. This has led to increased production capacity, making them key players in the market.
• Some of the major companies operating in the global Carbon Fiber market includes Hexcel Corporation, Mitsubishi Chemical Holdings, Toray, Solvay, Formosa Plastic Corporation, Jiangsu Hengshen Co. Ltd., DowAksa, Teijin Limited, SGL Carbon, and Hyosung Advanced Material.