DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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%.
New product launches leading to an increased application scope of carbon fiber as well as the growing usage of these products across various end-use industries, including wind energy, aerospace & defense, automotive, and marine are expected to augment the market growth. However, the high manufacturing cost of carbon fiber is the major factor restraining the growth of the market.
Automotive is the fastest-growing end-use industry of carbon fiber, in terms of value.
Carbon fiber is gaining importance in the automotive end-use industry. The automotive industry is focused on increasing efficiency by reducing vehicle weight as well as researching on the commercial viability of advanced materials. Several car manufacturers, along with carbon fiber producers, are slowly venturing into the production of carbon fiber-based automotive parts. For instance, in November 2017, SGL Carbon entered into a joint venture with BMW Group for lightweight automotive construction. This helped the company consolidate the key value chain activities, from carbon fiber, through materials, to components under the roof.
The carbon fiber market in the automotive industry is expected to expand significantly in the coming years. Due to its high cost, currently, carbon fiber is only used in high-end racing cars and electric cars manufactured by companies such as BMW, Audi, Lamborghini, Chevrolet, Volkswagen, Ford, Chrysler, Daimler, Jaguar, and GM. Carbon fiber has been used in many new applications, and new expansion plans have been decided to meet the growing demand for carbon fiber in the automotive industry. For instance, in October 2017 Volvo launched the carbon fiber parts-based electric high-performance car, Polestar 1. In March 2018, General Motors launched the world's first-ever carbon fiber composite pickup box.
The virgin carbon fiber segment accounted for a major share of the carbon fiber market, in terms of value, during the forecast period
The global carbon fiber market is projected to be dominated by the virgin carbon fiber segment, in terms of both value and volume during the forecast period. It has better mechanical properties when compared to recycled carbon fiber, which is driving its use in almost all the applications. It is possible to produce Class A surface finish on the panels with the use of virgin carbon fibers. This fiber is robust enough for handling and processing during the manufacturing process. Virgin carbon fiber has long-term performance potential, in terms of fatigue and environmental effects compared to recycled carbon fibers.
Europe is the largest and fastest-growing carbon fiber market.
The European region is projected to be the fastest-growing carbon fiber market driven by the presence of large aircraft manufacturers, electric car manufacturers, and offshore wind farm installations in the region. The European region has a presence of significant commercial aircraft manufacturers such as Boeing and Airbus. Europe 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 parts such as bonnets, bumpers, and frontends.
Market Dynamics
Drivers
- Consolidation of Aircraft Manufacturers and High Demand ForNext-Generation, Single-Aisle Aircrafts
- Adoption of New Technologies & Agreements Among Players in the Automotive Industry
- Increasing Usage of Carbon Fiber in the Wind Energy Industry
- New Product Launches Such as Mining Truck Trays and Corrosive Chemical Tank Containers
Restraints
- High Cost of Carbon Fiber
Opportunities
- Development of Low-Cost Manufacturing Process Such as Plasma Oxidation Technology
- Potential Opportunities in New Applications Such as Geo-Polymer and Medical Composites
- Growing Demand From Emerging Markets
- Increasing Use of Carbon Fiber in 3d Printing
Challenges
- Production of Low-Cost Carbon Fiber
The report provides a comprehensive analysis of company profiles listed below:
- Dalian Xingke Carbon Fibre Co. Ltd.
- Dowaksa
- ELG Carbon Fibre
- Formosa Plastics Corporation
- Hexcel Corporation
- Hyosung
- Jiangsu Hengshen Co. Ltd.
- Jilin Qifeng Chemical Fiber Co., Ltd.
- Kureha
- Mitsubishi Rayon Co., Ltd.
- Nippon Graphite Fiber Corporation
- SGL Group
- Solvay
- Taekwang Industries Co. Ltd.
- Teijin Limited
- Toray Industries Inc.
- Umatex (Alabuga Fiber)
- Weihai Guangwei Composites Co. Ltd.
- Zhong an Xin Technology Co., Ltd.
- Zhongfu Shenying Carbon Fiber Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/7fac92
