Europe Carbon Fiber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Europe carbon fiber market is estimated to witness a significant growth, at an estimated CAGR of around 12%, over the forecast period. Major factors driving the market studied are the increasing demand for fuel-efficient and lightweight vehicles and accelerating usage in the aerospace and defense sector.

• Increasing application in wind energy sector and emphasis on the usage of lignin as raw material for carbon fiber are likely to act as opportunities in the future.
• Germany accounted for the largest market share and is expected to continue domination during the forecast period.

Key Market Trends

Composite Materials Segment Dominated the Market

• Composite materials are of two types - carbon fiber reinforcement polymers (CFRP) and reinforced carbon-carbon (RCC).
• Carbon filament, the raw material for the carbon fiber reinforced polymer is produced from the precursor polymers, such as polyacrylonitrile (PAN), rayon, or petroleum pitch. Carbon fiber is almost 10 times stronger than steel and less than half of its weight. It also exhibits high rigidity.
• The demand for CFRP is rising owing to the strong demand from the aerospace, defense, automobile, construction, sports, and leisure sectors.
• The CFRP is useful in weight reduction and thus is helpful in various areas. The use of these materials would help in reducing fuel usage and even coping with environmental regulations.
• The CFRP recently developed a great use in improving the marine industry. These plastics have played an impressive role in replacing the use of metals and high-tension steels.
• Reinforced Carbon-Carbon or RCC is a composite material consisting of carbon fiber reinforcement in a matrix of graphite.
• Many of the Carbon-Carbon (C-C) composites currently being produced are in the form of components for missiles and military aircraft. The most important applications include rocket nozzles, exit cones for strategic missiles, and brake discs for military aircraft.
• Potential near-term uses that have been identified are high-speed train and special automobile brakes and clutches, forging dies and molding crucibles, corrosive chemical reactors and heat exchangers, fuel cells, high thermal conductivity electronic substrates, prosthetic devices, and components for internal combustion engines and much more.
• From the above-mentioned points, we can determine the demand for the composite materials in various applications which therefore increases the consumption of carbon fiber.

Germany to Dominate the Market

• Germany leads Europe’s automotive market with 41 assembly and engine production plants that contribute to one third of the total automobile production in Europe. Germany, being one of the leading manufacturing bases for the aircraft industry, is the home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.
• The German aerospace industry comprises more than 2,300 firms located all around the country, with northern Germany being the area with a higher concentration of firms.
• Germany, being one of the leading manufacturing bases for the aircraft industry, is home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.
• The country hosts a large number of production bases for aircraft interior components, MRO (maintenance, repair, and overhaul), and lightweight construction and materials, largely in Bavaria, Bremen, Baden-Württemberg, and Mecklenburg-Vorpommern.
• It has been estimated that over 30 to 35 thousand new aircraft will be operational by the next 20 years, in order to meet the rising aviation demand. Thus, with the increase in production of aircraft, the consumption of carbon fiber will increase during the forecast period.
• Overall, with the growing demand from various end-user industries is projected to drive the market in the country during the forecast period.

Competitive Landscape

The Europe carbon fiber market is highly consolidated. The major companies include Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon, Solvay, TEIJIN LIMITED, and TORAY INDUSTRIES, INC., among others.

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