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Global Carbon Fiber Composites Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material, Type, End-Users, and Region

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    Report

  • 150 Pages
  • November 2022
  • Region: Global
  • Ken Research Private Limited
  • ID: 5695666
Carbon Fiber is a long, thin strand of material, formed mostly of carbon items. The carbon items are combined in microscopic crystals that are more or less aligned parallel to the long axis of the fiber. Carbon fiber is a polymer and is sometimes called graphite fiber. Carbon fiber is stronger and lighter than steel, which makes it ideal for manufacturing materials for multiple parts such as sports goods, automobile parts, airplane body structures, and others.

According to publisher estimates, the Global Carbon Fiber Composites Market - which grew from approximately US$ 15 Billion in 2017 to approximately US$ 20 billion in 2022 - is forecasted to grow further into approximately US$ 35 Billion opportunities by 2028, owing to the continuous technological upgradation in products from multiple players, and growing usage of carbon fiber composites in multiple industries such as wind energy, sports goods, marine, and others.

The surging automotive and defense sector, is likely to drive the carbon fiber composites market during the forecast period. For instance, in June 2022, Hexcel Corporation has been awarded a long-term agreement by Sikorsky, a Lockheed Martin company, to supply advanced composites structure for CH-53K King Stallion heavy lift helicopter program. Furthermore, in January 2019, Teijin Industry announced to supply of TENAXPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The growing aerospace industry, along with collaboration among players, is likely to boost the demand for carbon fiber composites.

Lack of skilled labor in the aerospace, automobile, and wind energy industry, are restraining the growth of the market. Since the outbreak of COVID-19, various industries suffer losses, which results in job losses and turbulence in the industry structure. Auto Car Professional, a website working towards the automotive industry, stated that India’s auto industry requires 15 million skilled workers by 2022. The decline in skilled workers is likely to impact the carbon fiber composite market.

COVID-19 slowed down the growth of the carbon fiber composites market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in air traffic, were all those factors that reduce the use of carbon fiber composites in the market.

Scope of the Report

The Carbon Fiber Composites Market is segmented by raw material, type, and end-users. In addition, the report also covers market size and forecasts for the four regions in the Carbon Fiber Composites Markets. The revenue used to size and forecast the market for each segment is US$ billion.

By Raw Material

  • Polyacrylonitrile (PAN)
  • Petroleum Pitch
  • Rayon

By Type

  • Virgin Fiber (VCF)
  • Recycled Fiber (RCF)

By End-Users

  • Aerospace & Defence
  • Automotive
  • Wind Energy
  • Sports Goods
  • Civil Engineering
  • Others

By Geography

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy)
  • Asia Pacific (China, Japan, South Korea, India, Australia)
  • LAMEA (Latin America, Middle East, Africa)

Key Players

  • Toray Industries Inc
  • Mitsubishi Chemical Corporation
  • Hexcel Corporation
  • Teijin Limited
  • SGL Carbon
  • Hyosung Advanced Materials
  • Solway
  • Nippon Graphite Fiber Co Ltd
  • Anshan Sinocarb Carbon Fibers Co Ltd
  • Formosa Material Co Ltd

Key Trends by Market Segment

By Raw Material: Polyacrylonitrile (PAN) segment held the largest market share of the Global Carbon Fiber Composites Market in 2021, owing to the higher strength, density, volume, and extensive usage among industries such as aerospace, automobile, and others.

PAN is the mostly used precursor for carbon fiber, because of its higher tensile, superior strength, strong stability, and higher carbon yield.

PAN carbon fiber material is used in multiple end-user industries including aerospace, automobile, sports goods, wind energy, and others.

By Type: The recycled fiber segment accounted for the largest market share in 2021, owing to the lower cost, and adoption of material into various industries.

Recycled carbon fiber composites provide benefits such as reduced material handling and provide manufacturers with a cost-effective option.

In February 2022, Teijin Limited announced to the formation of a business alliance with Fuji Designs Co. Ltd., a Japanese manufacturer of recycled carbon to establish a business structure for the production, supply, and commercialization of carbon fiber reinforced plastics (CFRP) products.

By End-Users: The aerospace and defense segment held the largest market in 2021, owing to its increased usage, and players’ regular upgradation in the technology.

In April 2022, Hexcel Corporation and Archer Aviation, an aircraft company, announced to enter into a letter of intent covering a proposed relationship for the supply of high-performance carbon fiber material that would be used in the manufacturing of Archer’s production aircraft.

According to Stockholm International Peace Research Institute, an independent international institute, India’s military spending of US$ 76.6 billion ranked third highest in the world.

By Geography: Asia Pacific accounted for the largest market share within the global Carbon Fiber Composites market in 2021, owing to the surging aerospace and defense industry.

According to Stockholm International Peace Research Institute, an independent international institute, in April 2022, total global military expenditure increased by 0.7% in real terms in 2021, to reach US$ 2113 billion. The five largest spenders in 2021 were the USA, China, India, the UK, and Russia.

As per Boeing, an aircraft industry company, in September 2021, forecasts that China’s airlines will require 8,700 new airplanes by 2040, valued at US$ 1.47 trillion.

Competitive Landscape:

  • The global carbon fiber composites market is significantly competitive with ~120 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in carbon fiber composites manufacturing for multiple raw materials and serving different industries
  • Country-niche players account for the largest share by competitor type. While large global players constitute ~10% of the competition. Some of the major players in the market include Toray Industries Inc, Mitsubishi Chemical Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon, Hyosung Advanced Materials, Solway, Nippon Graphite Fiber Co. Ltd., Anshan Sinocarb Carbon Fibers Co. Ltd., Formosa Material Co Ltd, and others

Recent Developments Related to Major Players

In February 2021, Teijin Limited launched new Tenax PW (power series) and Tenax BM (beam series) brands of carbon fiber intermediate material for sports applications.

In December 2019, Solvay and SGL Carbon have entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modules (IM) carbon fiber.

In August 2019, Teijin Limited announced the acquisition of Renegade Material Corporation, a leading North American supplier of highly-resistant thermoset prepreg for the aerospace industry.

Conclusion

The global Carbon Fiber Composites market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing usage of carbon fiber composite material in multiple industries such as aerospace, wind energy, and others. The growth rate is expected to remain significant during the forecast period.

Though the market is significantly competitive with ~120 participants, the majority of country-niche players dominate the market share by competitor type, and global players hold a minor share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

  • Snapshot of the Global Carbon Fiber Composites Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of the Global Carbon Fiber Composites Market
  • Historic Growth of the Overall Global Carbon Fiber Composites Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of the Global Carbon Fiber Composites Industry
  • Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
  • COVID-19 Impact on the Overall Global Carbon Fiber Composites Market
  • Future Market Forecast and Growth Rates of the Total Global Carbon Fiber Composites Market and by Segments
  • Market Size of Type/End-Users Segments with Historical CAGR and Future Forecasts
  • Analysis of the Global Carbon Fiber Composites Market
  • Major Production/Supply and Consumption/Demand Hubs in Each Major Region
  • Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Major Continent

Major Players Mentioned in the report

  • Toray Industries Inc
  • Mitsubishi Chemical Corporation
  • Hexcel Corporation
  • Teijin Limited
  • SGL Carbon
  • Hyosung Advanced Materials
  • Solway
  • Nippon Graphite Fiber Co Ltd
  • Anshan Sinocarb Carbon Fibers Co Ltd
  • Formosa Material Co Ltd
  • DowAksa
  • Advance Composites Inc
  • Karbon composites & Technology Co Ltd
  • Zhongao Carbon
  • Carbon Light

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

  • Carbon Fiber Composites Manufacturing Companies
  • Carbon Fiber Composites Marketing Companies
  • Carbon Fiber Composites Material Suppliers
  • Potential Investors in Carbon Fiber Composites Companies
  • Polyacrylonitrile (PAN) Carbon Fiber Composites Manufacturers
  • Recycled Carbon Fiber Composites Producers
  • High-Grade Carbon Fiber Composites Producers
  • Consulting Companies in the Chemical Market
  • Government And Research Organizations Working in Chemical Industry
  • Investment Banks Targeting Chemical Industry
  • Carbon Fiber Companies
  • Carbon Fiber Association
  • Research & Development Institutes for Carbon Fiber
  • Carbon Fiber Manufactures
  • Carbon Fiber Supplier
  • Carbon Fiber Raw Material Provider
  • Investment Banks Targeting Carbon Fiber Market
  • Fiber Composites Companies
  • Fiber Composites Providers
  • Fiber Composites Manufacturers
  • Fiber Composites Suppliers
  • Emerging and Startup Composites Companies in the Market
  • Government Departments of Polymers and Other Chemicals
  • Ministries and Departments of Paint & Coating
  • Ministries and Departments of Construction Materials
  • Importers and Distributors of Plastics and Composites
  • Chemicals Testing and Regulatory Authorities
  • Chemicals Research Institutes

Time Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?
  • The Global Carbon Fiber Composites Market is covered from 2017- 2028 in this report, including a forecast for 2022-2028
What is the Future Growth Rate of the Global Carbon Fiber Composites Market?
  • The Global Carbon Fiber Composites Market is expected to witness a CAGR of ~10% over the next 6 years
What are the Key Factors Driving the Global Carbon Fiber Composites Market?
  • Surging infrastructure development and the growing presence of carbon fiber composite manufacturers worldwide is likely to fuel the growth in the Carbon Fiber Composites market
Which is the Largest Product Segment within the Global Carbon Fiber Composites Market?
  • The polyacrylonitrile (PAN) raw material segment held the largest share of the global Carbon Fiber Composites market in 2021
Who are the Key Players in the Global Carbon Fiber Composites Market?
  • Toray Industries Inc, Mitsubishi Chemical Corporation, Hexcel Corporation, Teijin Limited, SGL Carbon, Hyosung Advanced Materials, Solway, Nippon Graphite Fiber Co. Ltd., Anshan Sinocarb Carbon Fibers Co. Ltd., Formosa Material Co. Ltd


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Table of Contents

1. Executive Summary
1.1 Highlights of Global Carbon Fiber Composites Market Historic Growth & Forecast
1.2 Highlights of Market Trends, Challenges, and Competition
1.3 Highlights of Market Revenue Share by Segments
2. Market Overview and Key Trends Impacting Growth
2.1 Global Carbon Fiber Composites Market Taxonomy
2.2 Industry Value Chain
2.3 The Ecosystem of Major Entities in the Global Carbon Fiber Composites Market
2.4 Government Regulations & Developments
2.5 Key Growth Drivers & Challenges Impacting the Market
2.6 COVID-19 Impact on Global Carbon Fiber Composites Market
2.7 Total Global Carbon Fiber Composites Market Historic Growth by Segment Type, 2017-2021
2.7.1 By Raw Material
2.7.2 By Type
2.7.3 By End-Users
2.7.4 By Major Region
2.8 Total Global Carbon Fiber Composites Market Historic Growth & Forecast, 2017-2028
2.9 Key Takeaways
3. Total Global- Market Segmentation by Raw Material, Historic Growth, Outlook & Forecasts
3.1 Market Definition - Segmentation by Raw Material
3.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Raw Material, 2017-2028
3.2.1 Polyacrylonitrile (PAN)
3.2.2 Petroleum Pitch
3.2.3 Rayon
3.3 Key Takeaways from Market Segmentation by Raw Material
4. Total Global- Market Segmentation by Type, Historic Growth, Outlook & Forecasts
4.1 Market Definition - Segmentation by Type
4.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Type, 2017-2028
4.2.1 Virgin Fiber (VCF)
4.2.2 Recycled Fiber (RCF)
4.3 Key Takeaways from Market Segmentation by Type
5. Total Global- Market Segmentation by End-User, Historic Growth, Outlook & Forecasts
5.1 Market Definition - Segmentation by End-User
5.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by End-User, 2017-2028
5.2.1 Aerospace & Defense
5.2.2 Automotive
5.2.3 Wind Energy
5.2.4 Sport Goods
5.2.5 Civil Engineering
5.2.6 Others
5.3 Key Takeaways from Market Segmentation by End-User
6. Industry/Competition Analysis - Competitive Landscape
6.1 Types of Players (Competitors) & Share of Competition
6.2 Porter’s 5 Forces Analysis of Global Carbon Fiber Composites Competitors
6.3 Key Developments in the Global Carbon Fiber Composites Sector Impacting Market Growth
6.4 Comparison of Leading Competitors within the Global Carbon Fiber Composites Market, 2021
6.5 Comparison of Leading Competitors within the Global Carbon Fiber Composites Market by Coverage of Raw Material, 2021
6.6 Comparison of Leading Competitors within the Global Carbon Fiber Composites Market by Coverage of Type, 2021
6.7 Comparison of Leading Competitors within the Global Carbon Fiber Composites Market by Coverage of End-Users, 2021
6.8 Comparison of Leading Competitors within the Global Carbon Fiber Composites Market by Coverage of Major Regions, 2021
6.9 Key Takeaways from Competitive Landscape
7. Key Competitor Profiles (Company Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors)
7.1 Toray Industries Inc
7.2 Mitsubishi Chemical Corporation
7.3 Hexcel Corporation
7.4 Teijin Limited
7.5 SGL Carbon
7.6 Hyosung Advanced Materials
7.7 Solway
7.8 Nippon Graphite Fiber Co. Ltd.
7.9 Anshan Sinocarb Carbon Fibers Co. Ltd.
7.10 Formosa Material Co. Ltd.
8. Geographic Analysis & Major Countries Market Historic Growth, Outlook, and Forecasts
8.1 Major Countries Comparison of Macroeconomic Factors
8.2 Total Global- Market Revenue Share, Historic Growth, Outlook and Forecasts by Geography, 2017-2028
8.3 Major Region Market Analysis, Historic Growth, Outlook & Forecasts
8.4 North America - Carbon Fiber Composites Market Analysis
8.4.1 Major Production and Consumption Hubs in North America
8.4.2 Notable Emerging Carbon Fiber Composites Companies in North America
8.4.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Raw Material, 2017-2028
8.4.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Type, 2017-2028
8.4.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by End-Users, 2017-2028
8.4.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
  • USA
  • Canada
  • Mexico
8.5 Asia Pacific - Carbon Fiber Composites Market Analysis
8.5.1 Major Production and Consumption Hubs in the Asia Pacific
8.5.2 Notable Emerging Carbon Fiber Composites Companies in the Asia Pacific
8.5.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Raw Material, 2017-2028
8.5.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Type, 2017-2028
8.5.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by End-Users, 2017-2028
8.5.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
8.6 Europe - Carbon Fiber Composites Market Analysis
8.6.1 Major Production and Consumption Hubs in Europe
8.6.2 Notable Emerging Carbon Fiber Composites Companies in Europe
8.6.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Raw Material, 2017-2028
8.6.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Type, 2017-2028
8.6.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by End-Users, 2017-2028
8.6.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
8.7 LAMEA - Carbon Fiber Composites Market Analysis
8.7.1 Major Production and Consumption Hubs in LAMEA
8.7.2 Notable Emerging Carbon Fiber Composites Companies in LAMEA
8.7.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Raw Material, 2017-2028
8.7.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Type, 2017-2028
8.7.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by End-Users, 2017-2028
8.7.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Sub-Regions, 2017-2028
  • Latin America
  • Middle East
  • Africa
9. Industry Expert’s Opinions/Perspectives
9.1 Notable Statements/Quotes from Industry Experts and C-Level Executives on the Current Status and Future Outlook of the Market
10. Analyst Recommendation
10.1 Analyst Recommendations on Identified Major Opportunities and Potential Strategies to Gain from Opportunities
11. Appendix
11.1 Research Methodology - Market Size Estimation, Forecast, and Sanity Check Approach
11.2 Sample Discussion Guide
  • Disclaimer

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Toray Industries Inc
  • Mitsubishi Chemical Corporation
  • Hexcel Corporation
  • Teijin Limited
  • SGL Carbon
  • Hyosung Advanced Materials
  • Solway
  • Nippon Graphite Fiber Co. Ltd.
  • Anshan Sinocarb Carbon Fibers Co. Ltd.
  • Formosa Material Co. Ltd.
  • DowAksa
  • Advance Composites Inc.
  • Karbon composites & Technology Co. ltd.
  • Zhongao Carbon
  • Carbon Light