Top Trends in Carbon Fiber Market | Worldwide Stats and Facts
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
Carbon Fiber, a polymer, is also referred to as graphite fiber at times. It is an extremely durable substance that is also extremely light. Carbon fiber is five times more powerful than steel and has twice the rigidity. The global carbon fiber market size was valued at USD 4.8 billion in 2022 and is projected to reach USD 13.9 billion by 2032 at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2032. Carbon fiber is increasingly used in the automotive industry for producing 3D-printed components for cars. Carbon fiber is utilized for its mechanical and physical characteristics, which render it a highly effective and dependable material for the automotive industry.
Competitive Landscape
The primary industry participants aim to strengthen strategic alliances for creating new products and gaining a competitive edge against their rivals in the market. Several U.S. manufacturers and European countries have recently created or implemented carbon fiber manufacturing technologies, establishing themselves in the worldwide carbon fiber industry. The key stakeholders in the market are interconnected across the value chain. The companies have made their operations more efficient in sourcing raw materials and producing the product in order to lower the product cost. Several key players in the worldwide carbon fiber market are A&P Technology Inc., Anshan Sinocarb Carbon Fibers Co. Ltd, DowAksa USA LLC, Formosa Plastics Corporation, and Hexcel Corporation. For instance, In July 2022, Hexcel entered into a lengthy contract with Dassault to provide carbon fiber prepreg for the Falcon 10X program. This marks the debut of advanced carbon fiber composites in the manufacturing of aircraft wings for Dassault's business jet program.
Government Initiatives & Country Demand
According to NITI Aayog, India is ready to start producing T100 carbon fiber within 2.5 years to address import licensing restrictions hindering its use in strategic applications. T100 carbon fiber is widely used in defense, aerospace, and civil engineering industries, including in the manufacturing of hydrogen cylinders, missiles, launch vehicles, aircraft, bulletproof jackets, and bridges. Moreover, in 2023, Europe held the largest market share and had a value of USD 1.06 billion. The region's increased market growth is due to the large number of electric car producers and the growing need for light and fuel-efficient vehicles. Increased utilization of graphite fiber in the aerospace and defense sector is expected to have a significant impact on boosting market expansion. Automotive manufacturers are investing in research and development to create affordable carbon composite materials, which is having a significant impact on the market in the area.
The report provides a summary of the global top trends and future prospects for the global Carbon Fiber market based on historical data sets (current trends, industry statistics, and emerging trends shaping the Carbon Fiber industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global Carbon Fiber trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Carbon Fiber Industry
- Rising utilization of products in the automotive sector will lead to market growth
Graphite fiber boosts the car's strength and guarantees the extended lifespan of its components. The joint need for automotive body parts production, like hoods, roofs, doors, trunk lids, bumper beams, supports product consumption. The increasing use of graphite fiber composites in high-performance cars and luxury vehicles is fueling the growth of the market. Carbon fiber is viewed as a perfect solution for car makers, meeting their needs and being an advanced material. Businesses are dedicating resources to research and development while implementing tactics to create novel approaches that can decrease the weight of vehicles by utilizing these fibers. The material's density can go as low as 1.6g/cc, which makes it perfect for creating very light body parts for cars. An efficient vehicle with less weight offers improved fuel economy and a 10% decrease in weight results in a fuel savings of 6% to 8%. The extensive use of Carbon Fiber Reinforced Polymer (CFRP) can be seen in a wide range of vehicles, from mopeds to high-end supercars.
- Rising demand for products from aviation and aerospace & defense sectors will drive market growth.
The growing need for carbon fiber in aviation and aerospace & defense sectors is driven by its distinct characteristics like strong strength-to-weight ratio, corrosion resistance, and durability. In the field of aviation, the product's lightweight design improves fuel efficiency, resulting in decreased operational expenses and emissions. In the field of aerospace, structural components are used to enhance performance and safety. The defense industry depends on carbon-based fibers to create lightweight armor, ballistic protection, and advanced weaponry, which improves mobility and the ability to survive in combat situations. Moreover, continuous technological progress is broadening the uses of carbon-based fiber in these sectors, fueling the market expansion.
Opportunities and Future Prospects in the Carbon Fiber Industry
Rising interest in fuel cell electric vehicles (FCEVs) is on the rise.
Carbon fibers are utilized in the production of hydrogen tanks for fuel tanks and mobile pipeline applications. The demand for fuel cell electric vehicles (FCEVs) is projected to increase quickly as a result of strict environmentally friendly regulations that emphasize the use of clean fuel. At the present time, the demand for FCEVs is quite limited. Nevertheless, rapid growth is predicted in the upcoming forecast period.
List of Key Companies in the Carbon Fiber Industry
- Toray Industries, Inc.
- Solvay
- Nippon Graphite Fiber Co., Ltd.
- TEIJIN LIMITED
- Hexcel Corporation
- ZOLTEK Corporation
- HYOSUNG ADVANCED MATERIALS
- Advanced Composites Inc.
- Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- Formosa M Co., Ltd.
Top 5 Key Players in Carbon Fiber Industry
1. Toray industries, inc.
Headquarters: Chuo City, Tokyo, Japan
TORAY Top Carbon Fiber Manufacturers INDUSTRIES is a worldwide producer, provider, and handler of fibers & textiles, performance chemicals, plastics, composite materials, environment solutions, and healthcare products. The company plans to expand its operations in a total of 29 countries across North America, Europe, Asia Pacific, and the Middle East & Africa. In November 2021, Zoltek Companies, Inc., a subsidiary of Toray Industries, Inc., increased its production capacity in 2023 to over 40,000 filaments. The price is estimated to be approximately 130 million US dollars.
2. Solvay
Headquarters: Brussels, Belgium
Solvay, a company specializing in materials, chemicals, and solutions, uses its 20 research & development centers and 264 brands to create technological advancements and address industrial, social, and environmental challenges in various sectors such as aviation, automotive, electronics, healthcare, water treatment, and air management. Solvay partnered with Trillium in December 2022 to produce bio-based acrylonitrile for carbon fiber use in industries like automotive, aerospace, consumer goods, and energy.
3. Nippon Graphite Fiber Co., Ltd.
Headquarters: Hyogo 671-1123, JAPAN
Graphite Fiber Co., Ltd., a top carbon fiber manufacturer in Japan, provides its products for satellite, sport, industry, construction, and thermal management. The company produces carbon fiber and is able to manufacture 180 tons per year. Both NIPPON STEEL Chemical & Material Corporation and ENEOS Techno Material Corporation hold significant shares in the company.
4. TEIJIN LIMITED
Headquarters: Chiyoda City, Tokyo, Japan
Established in 1981, TEIJIN LIMITED began operations as one of the leading producers of carbon fiber products. They also manufacture and distribute aramid fiber, synthetic fiber, polyester films, films, resin products, chemical products, pharmaceuticals, IT products, medical devices, and water purification systems. The company provides medications for respiratory, bone and joint, metabolic, cardiovascular, and various other ailments. The company has a presence in over 20 countries.
5. Hexcel Corporation
Headquarters: Stamford, Connecticut, United States
Hexcel Corporation is one of the leading manufacturers of carbon fiber reinforcements and resin. The company operates in North America, Europe, and Asia Pacific with a combined total of 23 manufacturing plants. The company provides services to Bell, CTRM Aero Composites Burlington, General Electric, GKN, Lockheed Martin Pottsville, Sikorsky, and Raytheon Technologies.
Recent Developments
- In December 2022, Solvay partnered with Trillium to develop bio-based acrylonitrile for making carbon fiber used in automotive, aerospace, consumer goods, and energy sectors.
- In September 2022, Solvay introduced LTM 350, an advanced epoxy prepreg carbon fiber tooling material aimed at providing substantial cost and time benefits for the aerospace, industrial, automotive, and race car sectors.
- In July 2022, Hexcel and Dassault agreed on a long-term contract for Hexcel to provide carbon fiber prepreg for the Falcon 10X program. This marks the initial Dassault business jet initiative to utilize high-performance advanced carbon fiber composites in the production of its aircraft wings.
- In April 2022, Hexcel and Archer Aviation Inc. have agreed to a preliminary agreement regarding the supply of advanced carbon fiber material for the production of Archer's aircraft.
- In February 2022, Teijin Limited disclosed a collaboration with Japan's Fuji Design Co. Ltd, a recycled carbon fibers manufacturer, to create a venture for making, distributing, and marketing carbon fiber reinforced plastic items made from recycled carbon fibers in an eco-friendly manner.
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