Carbon Fiber Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Fiber Type (PAN Type, Pitch Type), By Modulus Type (Standards Modulus, Intermediate Modulus, High Modulus, Ultra-High Modulus), By Application (Automotive Components, Turbine Blades, Aircraft Parts, Implants & Imaging Application, Construction Material, Others), By Industry Vertical (Automotive, Building & Construction, Aerospace, Energy Generation, Medical & Healthcare, Others), And By Geography - Forecasts From 2023 To 2028

Carbon fiber is a lightweight synthetic fiber that has high chemical resistance, and tensile strength, and is temperature tolerant. Such fiber owing to its rich performance features is used in aircraft parts, wind turbine blades, and components of high end-cars. Moreover, fiber also finds its usage as a construction material where it is used for the external strengthening of concrete columns. Also, the fiber is well suited for the construction of exterior trim, windows, decks, and door systems in residential buildings. The growing number of housing starts in countries has provided major growth opportunities to the carbon fiber market. For instance, according to the Canada Mortgage and Housing Corporation, in September 2022, the number of housing starts in Canada stood at 298,811 units showing a 19% rise in comparison to 2021 for the same month. Moreover, carbon fiber forms a great material to be used for prosthetic limbs and implant applications for the replacement of damaged bone. The number of orthopedic surgeries is witnessing a surge over the years, For instance, the American Academy of Orthopedic Surgeons reported, in 2021, reporting a number of knee and hip bone replacement surgeries 2.4 million in the US showing an 18.3% increase in comparison to the number of surgical procedures conducted in 2020. Furthermore, according to the 2022 annual report of the Australia Orthopaedic Association National Joint Replacement Surgery Registry, in 2021, the total number of joint replacement surgeries reported in 2021 Australia stood at 1.85 million

Based on industry vertical, the carbon fiber market is segmented into automotive, building & construction, aerospace, energy generation, medical & healthcare, and others. The aerospace sector is projected to hold a decent market share during the forecast period. Carbon fiber adoption for an aircraft fuselage, wings, and tails is attributable to its high durability, strength, and low-weight features which improve the overall fuel efficiency and aerodynamic performance of the aircraft. Commercial aircraft manufacturing is making progressive use of carbon fiber, and with the growing air traffic, the demand for such aircraft has also increased. Major aircraft manufacturers such as Being are reporting an increase in revenue in their commercial aircraft segment. For instance, according to Boeing’s annual report, the company earned a revenue of US$ 19,493 million in its commercial airplanes for 2021 which represented a 20.6% increase over 2020’s revenue.

The growing wind power capacity of countries has positively impacted the market demand for carbon fiber. Carbon fiber in comparison to fiberglass provides improved strength and being light weighted it enables the blades to rotate at a higher speed thereby creating electricity at a much more efficient rate. The growing demand for a renewable and inexhaustible energy source for electricity generation has increased the wind energy capacity in countries. For instance, according to World Economic Forum, wind turbine capacity in the US increased by 14.2 gigawatts in 2020 followed by 17.1 gigawatts in 2021. Furthermore, according to the recent data from the Ministry of New And Renewable Energy, in Q2 of 2022, India added 430.4 megawatts of wind power capacity, showing an 80% increase in comparison to 239.6 megawatts installed in Q2 of 2021. Such growing wind power capacity is expected to accelerate the demand and usage of carbon fiber for turbine blades application, thereby boosting the overall market growth.

Recent developments

• In May 2022, ARX Equity Partners acquired a majority stake in Czech Republic-based carbon fiber manufacturer Brebeck Composites. The acquisition made ARX Equity Partners one of the leading European manufacturers of carbon fiber for automotive applications.
• In February 2021, Teijin Limited announced the launch of two new carbon fiber intermediate materials “Tenax PW” and “Tenax BM” which offer high tenacity and strength five times steel. The material is designed to be used in sporting applications such as golf shacks, hockey sticks, tennis rackets, and fishing poles.
• In February 2020, Sigmatex launched its recycled carbon fiber non-woven fabric which offers improved fiber-to-resin bond strength and is designed to be used in carbon-fiber-reinforced polymer parts.

Covid-19 Impact on the Carbon Fiber Market

The COVID-19 pandemic negatively impacted the industrial productivity of major end users of carbon fiber such as aerospace and building & construction which contracted its market demand. For instance, according to the General Aviation Manufacturers Association, in 2020, the worldwide aircraft shipment stood at 2,399 units which represents a 9.7% decrease in comparison to 2,658 aircraft shipped in 2019 globally. Furthermore, as per the UNEP’s 2020 Global Status report for building and construction, it was found that global construction activities witnessed a drop of 10-25% in comparison to 2019. However, with the government showing ease in restrictions, the market for carbon fiber is expected to show positive growth in the future.

Carbon Fiber Market Scope:

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023–2028
Forecast Unit (Value)	USD Billion
Segments Covered	Fiber Type, Modulus Type, Application, Industry Vertical, And Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Zoltek Corporation, Toray Industries, SGL Carbon, Mitsubishi Chemical Corporation, Hexcel Corporation, Solvay, MBCC Group, Allred & Association Corporation, Nippon Graphite Fiber Co., Ltd, Teijin Carbon GmbH
Customization Scope	Free report customization with purchase

Market Segmentation:

• By Fiber Type
  • PAN Type
  • Pitch Type
• By Modulus Type
  • Standards Modulus
  • Intermediate Modulus
  • High Modulus
  • Ultra-High Modulus
• By Application
  • Automotive Components
  • Turbine Blades
  • Aircraft Parts
  • Implants & Imaging Application
  • Construction Material
  • Others
• By Industry Vertical
  • Automotive
  • Building & Construction
  • Aerospace
  • Energy Generation
  • Medical & Healthcare
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Covid-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Driver

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of End-Users

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. CARBON FIBER MARKET, BY FIBER TYPE

5.1. Introduction

5.2. PAN Type 

5.3. Pitch Type

 

6. CARBON FIBER MARKET, BY MODULUS TYPE

6.1. Introduction

6.2. Standard Modulus

6.3. Intermediate Modulus

6.4. High Modulus

6.5. Ultra-High Modulus

 

7. CARBON FIBER MARKET, BY APPLICATION

7.1. Introduction

7.2. Automotive Components

7.3. Turbine Blade

7.4. Aircraft Parts

7.5. Implants & Imaging Application

7.6. Construction Material

7.7. Others

 

8. CARBON FIBER MARKET, BY INDUSTRY VERTICAL

8.1. Introduction

8.2. Automotive

8.3. Building & Construction

8.4. Aerospace

8.5. Energy Generation

8.6. Medical & Healthcare

8.7. Others

 

9. CARBON FIBER MARKET, BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. USA

9.2.2. Canada

9.2.3. Mexico

9.3. South America

9.3.1. Brazil

9.3.2. Argentina

9.3.3. Others

9.4. Europe

9.4.1. Germany

9.4.2. France

9.4.3. United Kingdom

9.4.4. Italy

9.4.5. Spain

9.4.6. Others

9.5. Middle East and Africa

9.5.1. Saudi Arabia

9.5.2. Israel

9.5.3. United Arab Emirates

9.5.4. Others

9.6. Asia Pacific

9.6.1. China

9.6.2. Japan

9.6.3. South Korea

9.6.4. India

9.6.5. Australia

9.6.6. Indonesia

9.6.7. Thailand

9.6.8. Taiwan

9.6.9. Others

 

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix

 

11. COMPANY PROFILES

11.1. Zoltek Corporation

11.2. Toray Industries

11.3. SGL Carbon

11.4. Mitsubishi Chemical Corporation

11.5. Hexcel Corporation

11.6. Solvay

11.7. MBCC Group

11.8. Allred & Association Corporation

11.9. Nippon Graphite Fiber Co., Ltd

11.10. Teijin Carbon GmbH 

Zoltek Corporation

Toray Industries

SGL Carbon

Mitsubishi Chemical Corporation

Hexcel Corporation

Solvay

MBCC Group

Allred & Association Corporation

Nippon Graphite Fiber Co., Ltd

Teijin Carbon GmbH