What is the Size of Global Carbon Fiber Composites Industry?
Global Carbon Fiber Composites market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 35 Bn by 2028.
The Carbon Fiber Composites Market is largely driven by continuous technological upgradation in products from multiple players, and growing usage of carbon fiber composites in multiple industries such as wind energy, sports goods, marine, and others.
The surging automotive and defense sector, is likely to drive the carbon fiber composites market during the forecast period. For instance, in June 2022, Hexcel Corporation has been awarded a long-term agreement by Sikorsky, a Lockheed Martin company, to supply advanced composites structure for CH-53K King Stallion heavy lift helicopter program.
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Furthermore, in January 2019, Teijin Industry announced to supply of TENAXPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The growing aerospace industry, along with collaboration among players, is likely to boost the demand for carbon fiber composites.
COVID-19 slowed down the growth of the carbon fiber composites market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in air traffic, were all those factors that reduce the use of carbon fiber composites in the market.
Global Carbon Fiber Composites Market by raw material
The Global Carbon Fiber Composites market is segmented by Raw Material into Polyacrylonitrile (PAN), Petroleum Pitch and Rayon.
Polyacrylonitrile (PAN) segment held the largest market share of the Global Carbon Fiber Composites Market in 2022, owing to the higher strength, density, volume, and extensive usage among industries such as aerospace, automobile, and others.
PAN is the mostly used precursor for carbon fiber, because of its higher tensile, superior strength, strong stability, and higher carbon yield.
PAN carbon fiber material is used in multiple end-user industries including aerospace, automobile, sports goods, wind energy, and others.
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Global Carbon Fiber Composites Market by type
The Global Carbon Fiber Composites market is segmented by type into Virgin Fiber (VCF) and Recycled Fiber (RCF).
The recycled fiber segment accounted for the largest market share in 2022, owing to the lower cost, and adoption of material into various industries.
Recycled carbon fiber composites provide benefits such as reduced material handling and provide manufacturers with a cost-effective option.
In February 2022, Teijin Limited announced to the formation of a business alliance with Fuji Designs Co. Ltd., a Japanese manufacturer of recycled carbon to establish a business structure for the production, supply, and commercialization of carbon fiber reinforced plastics (CFRP) products.
Global Carbon Fiber Composites Market By End-User
The Global Carbon Fiber Composites market is segmented by End-user into Aerospace & Defence, Automotive, Wind Energy, Sports Goods, Civil Engineering and Others.
The aerospace and defense segment held the largest market in 2022, owing to its increased usage, and players’ regular upgradation in the technology.
In April 2022, Hexcel Corporation and Archer Aviation, an aircraft company, announced to enter into a letter of intent covering a proposed relationship for the supply of high-performance carbon fiber material that would be used in the manufacturing of Archer’s production aircraft.
According to Stockholm International Peace Research Institute, an independent international institute, India’s military spending of US$ 76.6 billion ranked third highest in the world.
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Global Carbon Fiber Composites Market
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