Carbon Fiber Market Size, Growth | Global Industry Forecast to 2035
Carbon Fiber market witnessed a demand of around 0.15 million tons globally in 2021 and is anticipated to grow at a significant rate with a healthy CAGR of 9.82% until 2035.
According to ChemAnalyst report, “Carbon Fiber Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-Use Industries, Sales Channel, Regional Demand, 2015-2035”. Carbon Fiber market witnessed a demand of around 0.15 million tons globally in 2021 and is anticipated to grow at a significant rate with a healthy CAGR of 9.82% until 2035 owing to its surging demand in automotive sector and wind energy.
Carbon Fiber is a polymer also known as graphite fiber. It is a strong and lightweight material. Carbon Fiber is stronger and stiffer than Steel and Aluminum, which makes it ideal for manufacturing material. Carbon fiber is made of thin, strong crystalline filaments of carbon which is used to provide strength to the material. Fiber can be thinner than the width of human hair and get its strength when twisted together like yarn. Carbon fiber have high tensile strength, low weight to strength ratio, high chemical resistance, and temperature tolerant to excessive heat. Due to numerous properties of the polymer, it finds application in many industries such as aerospace, automotive, defense and sports.
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Carbon fiber or graphite fiber is used in a wide range of industries specifically those industries where strength and weight play a significant role. Industries like Aerospace, automobile, defense have huge demand of carbon fiber due to its physical properties. In modern day, parts of formula one cars are made up of composites of Carbon Fiber.
Region wise, Europe holds the largest share in the Carbon Fiber market followed by North America. Carbon Fiber market in Asia pacific region is going to increase in the forecast period due to increase in demand in automobile and wind energy farms. Europe holds majority share of consumption of carbon fiber due to presence of key players of aviation, defense and automobile sector will be going to dominate the market in the forecast period.
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To counter the increasing demand from end user industries globally, companies like Teijin Limited, Hyosung Advanced Materials, Toray Industries have announced new expansion project in their already existed facilities. China is expected to be a new market leader in the carbon fiber market, several Chinese manufactures such as Zhongfu Shenying Carbon Fiber, Kangde Composites Co., Ltd., Weihai Guangwei Composites Co Ltd are already in the development phase for carbon fiber plants in the APAC region. Sabic (Saudi Arabia) is also working on their new facility to introduce carbon fiber by the year of 2024.
According to ChemAnalyst report, “Carbon Fiber Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Glass Fiber globally are Toray Industries Inc, Hexcel Corporation, Formosa Plastic Corporation, Teijin Limited, Zhongfu Shenying carbon fiber and Mitsubishi Chemical carbon fiber & Composites Inc.
“Owing to extensive properties offered by Carbon fiber it is widely used in end use industries such as Aviation, Defense, Wind energy and Sports equipment industries. Demand from these industries is anticipated to grow with a significant rate in the coming years. To compensate the growing demand, several manufactures are already planning for the expansion or adding new facilities.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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