Carbon Fiber Market | Key players operating in the market include Toray Industries Inc., SGL Group, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., Teijin Limited

According to recent market research "Carbon Fiber Market by Raw Material (PAN, Pitch, Rayon), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy), and Region - Global Forecast to 2029", The carbon fiber market is expected to grow from USD 4.7 billion in 2019 to USD 13.3 billion by 2029, at a CAGR of 11.0% during the forecast period. The carbon fiber market is growing due to its increasing demand from the aerospace & defense, automotive, and wind energy industries. Boeing and Airbus have increased the production of commercial aircraft to cater to the rising airline passenger traffic. The increasing use of carbon fiber in electric cars and rising aircraft production are the major drivers for the market.

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The carbon fiber market is further divided into application segments, which include composite and non-composite. Carbon fiber composites are used in various industries such as aerospace & defense, automotive, wind energy, sporting goods, pipe & tank, civil engineering, and marine. They offer high strength, rigidity, and high tensile strength. In the composite applications, carbon fiber is mainly used in the form of prepreg, molding compound, and woven fabric. Prepreg is the largest consumer of carbon fiber in the composite application segment.

Continuous carbon fiber offer higher tensile strength when compared to other types of carbon fiber products. These fibers can be used in layup, weaving, prepregging, filament winding, braiding, and pultrusion processes for manufacturing composites parts for various end-use industries such aerospace & defense, automotive, and wind energy. Continuous carbon fiber is also used in 3D printing applications as it offers stiffness and strength. Superior properties and large number of applications are driving the continuous carbon fiber segment of the market.

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The high modulus of carbon fibers has resulted in its widespread use across numerous industries, including aerospace, automotive, sports, energy, and marine. The increasing penetration of carbon fiber as a replacement to traditional materials in these industries, coupled with the advancement of these industries, is set to result in the significant demand for carbon fiber over the next few years. The carbon fiber market is expected to grow from USD 4.7 billion in 2019 to USD 13.3 billion by 2029, at a CAGR of 11.0% during the forecast period.
Over the past few years, companies have strengthened their position in the global carbon fiber market by adopting strategies such as new product launch, expansion & agreement, and partnership & joint venture.

From 2014 to 2019, expansion and new product launch were the key strategies adopted by the market players to maintain growth in the global carbon fiber market. These strategies accounted for 30% and 16%, respectively, of the overall strategies adopted between 2014 and 2019. The market players concentrated mainly on consolidation through new product launch and expansion with the focus on increasing their market shares and enhancing their sustainability.

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The major manufacturers profiled in this report are, Toray Industries Inc. (Japan), Hexcel Corporation (US), SGL Group (Germany), Teijin Ltd. (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Formosa Plastics Corporation (Taiwan), Solvay (Belgium), Zhongfu Shenying Carbon Fiber Co. Ltd. (China), Jiangsu Hengshen Co. Ltd. (China), DowAska (Turkey), and Hyosung (Korea). These companies have adopted various organic and inorganic growth strategies. Some companies are also involved in vertical integration to increase their presence across the value chain. For instance, SGL Group is involved in the entire value chain from precursor production till the automotive parts production for BMW electric cars.

Toray Industries Inc. (Japan), Hexcel Corporation (US), and SGL Group (Germany) are the major players in the carbon fiber market. Toray Industries Inc. (Japan) is one of the leading companies and the largest contributor to the growth of the global carbon fiber market. It accounted for the largest share of all the development activities undertaken in the global market between 2014 and 2019. As a part of its growth strategy, the company focused on production expansion to meet the requirements of end-use industries, globally. For instance, in April 2018, the company expanded large tow carbon fiber production capacity at its US-based subsidiary, Zoltek Companies, Inc. (US). The company is also planning to increase the production capacity of Zoltek's Hungarian and Mexican facilities. This will lead to Zoltek's total annual production capacity to be approximately 25,000 tons.

SGL Group (Germany) is the second-largest player in the carbon fiber market. It has a production capacity of 15,000 tons per annum. The company is involved in improving their position in value chain with particular emphasis on innovation, high value-added products, and services. The company is involved in providing innovative and effective solutions for distinguished automotive clients around the globe. In December 2018, the company entered into an agreement with BMW Group for the supply of carbon fibers and scrims for BMW iNeXT to position itself as a supplier of fibers, materials, and components to the automotive industry.

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