Press release
Rising Demand and Technological Advancements Propel Carbon Fiber Market as a Key Material in Aerospace, Automotive, and Sports Industries
Carbon Fiber Market
The carbon fiber market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to continued aerospace and defense demand, increased electric vehicle production, advancements in renewable energy, innovations in sports equipment, infrastructure and construction projects.. Major trends in the forecast period include advancements in recycling technologies, development of high-performance composites, integration in 3d printing processes, rise in electric vehicles adoption, focus on sustainable sourcing and production..
Market Overview -
Carbon fiber refers to a lightweight and powerful synthetic fiber created by carbonizing acrylic fiber at high temperatures. Carbon fibers are utilized in applications that need low weight, high rigidity, high conductivity. This fiber has varied uses across industries and is mainly used to make car bodies, aircraft parts, fishing rods, and equipment such as golf club shafts and tennis rackets.
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Carbon Fiber Market Set To Soar With Growing Automotive Industry
The growing automotive industry is expected to propel the growth of the carbon fiber market going forward. The automotive industry is a sector that encompasses numerous organizations and firms involved in the design, development, manufacture, marketing, selling, and maintenance of motor vehicles. Carbon fiber makes lightweight and high-strength vehicle body parts and components in the automotive industry, improving fuel efficiency, performance, and weight reduction in vehicles, particularly vehicles. For example, according to Asia Automotive Analysis, an online publication focusing on Asia's automotive industry, South Korea's automobile production in 2022 increased by 8.5% from the previous year to 3,756,491 units. Therefore, the growing automotive industry is driving the carbon fiber market.
Competitive Landscape -
Major companies operating in the carbon fiber market report are Toray Industries Inc., Solvay S.A., Nippon Graphite Fiber Co. Ltd., Teijin Limited, Hexcel Corporation, Hyosung Advanced Materials Corp., Mitsubishi Chemical Carbon Fiber and Composites Inc., Formosa M Co. Ltd., DowAksa, SGL Carbon SE, Zoltek Corporation, Zhongfu Shenying Carbon Co. Ltd., Jiangsu Hengshen Co. Ltd., Jilin Chemical Fiber Group Co. Ltd., BASF SE, Covestro AG, Cytec Solvay Group, Toho Tenax Co. Ltd., Kureha Corporation, Kordsa Teknik Tekstil A.S., AKSA Akrilik Kimya Sanayii A.S., Carbon Conversions Inc., Carbon-Core Corp., Carbon Revolution, Dexcraft, Kamenskvolokno JSC, Rock West Composites, Plasan Carbon Composites, ELG Carbon Fibre, Composites Horizons, Textum Inc., PRF Composite Materials
Asahi Kasei Corporation Develops Recycling Technology For Inexpensive, High-Quality Carbon Fiber
Technological innovations are a key trend gaining popularity in the carbon fiber market going forward. Major companies operating in the carbon fiber market are developing innovative technologies to strengthen their position in the market. For instance, in December 2022, Asahi Kasei Corporation, a Japan-based chemical company, developed a recycling technology for inexpensive, high-quality carbon fiber. This innovative recycling technology aims to implement a recycling system using recycled carbon fiber from automobiles to make new carbon fiber-reinforced plastic (CFRP) or carbon fiber-reinforced thermoplastic (CFRTP) for cars. It has made it possible to produce high-quality, reasonably priced CFRTP using recycled carbon fiber from cars. Additionally, it will reduce vehicle weight and save energy.
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Key Segments -
The carbon fiber market covered in this report is segmented -
1) By Type: Virgin Fiber (VCF), Recycled Carbon Fiber (RCF)
2) By Raw Material: Polyacrylonitrile (PAN), Petroleum Pitch, Rayon
3) By Tow: Large Tow, Small Tow
4) By Application: Composite Materials, Textiles, Microelectrodes, Catalysis
5) By End-Users: Aerospace And Defense, Automotive, Wind Energy, Pipes And Tanks, Sporting Goods, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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