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$8.9 billion will be spent on carbon fibre by 2031.

Published: January 5, 2023

Author: TEXTILE VALUE CHAIN

According to a new market research report, the “Carbon Fiber Market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy) and Region – Global Forecast to 2031″, is expected to grow from USD 3.7 billion in 2020 to USD 8.9 billion by 2031, at a CAGR of 8.6% 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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386 Market data Tables
55 Figures
359 Pages and in-depth TOC on “Carbon Fiber Market – Global Forecast to 2031″

This report also provides a comprehensive analysis of the companies listed below:

Toray Industries Inc. (Japan), SGL Group (Germany), Hexcel Corporation (US), Mitsubishi Rayon Co. Ltd. (Japan), Teijin Limited (Japan), Formosa Plastics Corporation (Taiwan), Solvay (Belgium), Jiangsu Hengshen Co. Ltd. (China), Hyosung (South Korea), and DowAksa (Turkey)

Impact of COVID-19 on global carbon fiber market

The onset of the global COVID-19 pandemic has disrupted the growth, development, and functioning of most sectors worldwide. The supply chain of most industries has been adversely affected due to the global lockdown, bans, and restrictions on travel and movement across the globe. The changing business environment and geopolitical scenario have caused the carbon fiber market to decline. The reduced production capacity and lower demand from major sectors have impacted many manufacturers, leading to lower demand for carbon fibers. The major end-use industries, such as aerospace & defense, automotive, pipe & tank, and civil engineering, were very badly hit by the pandemic.

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Virgin carbon fiber to dominate the carbon fiber market, both in terms of value and volume.

The carbon fiber market is dominated by virgin carbon fiber. Being the original fiber, it has better mechanical properties compared to recycled carbon fiber which is driving its use in almost all the applications. Recycled carbon fiber is expected to grow at a faster pace compared to virgin carbon fiber during the forecast. This is due to the low price, and reduced greenhouse gas emissions into the environment while manufacturing recycled carbon fiber.

Europe is expected to account for the largest market share in the carbon fiber market during the forecast period.

Europe is estimated to have the largest share of the market. Europe led the carbon fiber market due to the presence of established automotive, aerospace & defense, and wind energy industries in the region. The region is home to some of the prominent automotive manufacturers such as BMW, Fiat, and Bentley. These automotive manufacturers use carbon fiber composites in various structural automotive parts such as bonnets, bumpers, and frontends. Additionally, aircraft manufacturers such as Airbus and Boeing use carbon fiber composites in structural parts as they offer rigidity and high tensile strength. Moreover, there are many offshore wind energy installations.