The new report by Expert Market Research titled, ‘Global Carbon Fibre Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global carbon fibre market, assessing the market based on its segments like raw materials, types, forms, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Carbon Fibre Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 3,415 Million
• Forecast CAGR (2023-2028): 11.9%
• Forecast Market Size (2027): USD 6,704 Million
The robust development of commercial and residential structures owing to the rapid urbanisation and increasing population is generating the demand for carbon fibres. The heightened usage of carbon fibre in sporting goods such as rackets and sticks, is propelling the demand for the material. Over the forecast period, the thriving automotive industry, couped with the increasing sales of electric vehicles is anticipated to generate a significant demand for carbon fibre.
In terms of region, the Asia Pacific region accounts for a significant share in the market owing to the growing expansion of the major end use industries, coupled with the strong foothold of major product manufacturers in the continent.
Carbon Fibre Industry Definition and Major Segments
Carbon fibre, also known as graphite fibre, is defined as a long chain of carbon atoms which are bonded together. The material is stiff and strong and is ideal for building materials. Moreover, carbon fibre is lightweight, electrically conductive, fatigue resistant, chemically inert, and exhibits high resistance to corrosion. The toughness of the material also makes it applicable in the automotive industry.
On the basis of raw material, the market can be bifurcated into:
• Pan-Based Carbon Fibre
• Pitch-Based Carbon Fibre and Rayon-Based Carbon Fibre
Based on type, the market has been segmented into:
• Continuous Carbon Fibre
• Long Carbon Fibre
• Short Carbon Fibre
The market can be segmented based on form into:
• Composite Carbon Fibre
• Non-Composite Carbon Fibre
The significant end uses of the product are as follows:
• Aerospace and Defence
• Wind Turbines
• Moulding and Compounds
• Pressure Vessels
• Civil Engineering
• Pultrusion Misc.
• Misc. Consumer
• Sailing/Yacht Building
The regional markets for carbon fibre include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Carbon Fibre Market Trends
The key trends in the carbon fibre market include the technological advancements of the aircrafts in the aerospace and defence industry. The robust development of defence equipment such as missiles, superior aircrafts, and attack helicopters, among others is spearheading the demand for carbon fibre.
Furthermore, various sporting events which are supposed to take place in the coming years such as FIFA and Olympics will boost the demand for the product in the forecast period. The growing R&D activities in the marine sector, aimed towards developing superior submarines and ships with high strength and toughness, are likely to provide impetus to the market in the forecast period.
Key Market Players
The major players in the Global Carbon Fibre Market are: SGL Carbon, Hexcel Corporation, Hyosung Advanced Materials, Mitsubishi Chemical Carbon Fiber and Composites, Inc., and Nippon Steel Chemical & Material Co., Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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