The market is probably being driven by rising demand for Carbon fiber in aerospace and automotive industries, the Carbon Fiber Market is Forecasted to Reach US$ 7 Bn by 2028 says Ken Research Study.
Carbon atoms make up the majority of carbon fibers, which have a diameter of 5 to 10 micrometers. High stiffness, good tensile strength, low weight, high chemical resistance, high-temperature tolerance, and minimal thermal expansion are only a few benefits of carbon fibers. Due to these qualities, carbon fiber is particularly common in the fields of motorsports, aircraft, civil engineering, military, and other competitive sports. They are relatively expensive compared to fibers similar to them, like glass or plastic fibers.
According to Ken Research estimates, the Global Carbon Fiber Market – which grew from around US$ 3 billion in 2017 to nearly US$ 4 billion in 2022 – is expected to grow further into a ~US$ 7 billion opportunity by 2028.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
Stringent Environmental Rules will Encourage the use of Carbon Fibers and Similar Composites in Automobile Applications.
The market is anticipated to be stimulated by the implementation of strict eco-friendly legislation in both developed and developing nations. As carbon fibers reduce weight and improve fuel efficiency, these and similar composites are in greater demand from luxury and sports car manufacturers for brake applications. The widespread manufacturing of these fibers leads to greater penetration of regular cars. In wealthy countries, strict environmental restrictions are already in place. But they are also gaining ground in developing nations like India. A plan for reducing CO2 emissions through CAFE rules was drafted in the National Auto Policy (draft), 2018 document. The policy projected Indian CO2 reduction targets to meet those set by other countries by 2025 and asked for defining corporate average CO2 per kilometer targets for all passenger car manufacturers starting in 2020. The Indian automobile market is likely to adopt and incorporate carbon fibers and related technologies more widely thanks to such measures.
Demand for Lightweight Automobiles is Expected to Increase Along with Automotive Manufacturing, Likely Fuel the Market’s Expansion.
The demand for the product is boosted by manufacturers’ growing need for vehicle body pieces such as fenders, deck lids, bumper beams, and hoods. Utilizing carbon fibers boosts a vehicle’s toughness, resulting in longer-lasting auto parts. The market is being driven primarily by the usage of composites in luxury and motorsports vehicles. Businesses are implementing tactics and investing in procedures that can lighten the weight of the entire vehicle. As a result, high-end supercars frequently utilize the use of carbon fiber reinforced polymer (CFRP). With a density of about 1.6g/cc and a very good strength-to-weight ratio, the material is incredibly light. Better fuel economy is a benefit of lightweight cars, and a 10% weight loss can result in a 6%–8% fuel savings for cars. Audi, BMW, Honda, Polestar, and General Motors are just a few of the automakers concentrating on working with producers of carbon composite materials for mass manufacturing and investing in their processes to support affordable composite materials.
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High Costs of Carbon Fiber will Hamper the Market Growth
Due to their high performance and lightweight characteristics, carbon composites are frequently utilized in the aerospace, automotive, construction, oil & gas, and wind energy industries. However, the product is more expensive than metal. A significant barrier preventing the widespread use of carbon composites in many industries is the product’s price. The yield and price of the precursor used to make CF have a direct impact on its price. Currently, PAN-based carbon fibers have a conversion efficiency of just 50% and cost an average of US$ 21.5 per kg for non-aerospace grade materials.
The automobile and aerospace industries will employ the product on a much larger scale if the price is reduced. There are numerous attempts underway to save costs, one of which is the creation of low-cost, high-yield precursors for manufacturers. The cost of CF will be greatly decreased. Additionally, researchers at the Oak Ridge National Laboratory (ORNL) of the U.S. Department of Energy demonstrated a production technique that will cut the cost of the product by up to 50% and the energy utilized in its production by more than 60%.
Key Topics Covered in the Report
- Snapshot of the Global Carbon Fiber Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Carbon Fiber Market
- Historic Growth of the Overall Global Carbon Fiber Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Carbon Fiber Industry
- Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Carbon Fiber Market
- Future Market Forecast and Growth Rates of the Total Global Carbon Fiber Market and by Segments
- Market Size of Tow Size Segments with Historical CAGR and Future Forecasts
- Analysis of Global Carbon Fibers in Major Regions
- Major Type/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Players Mentioned in the Report
- Toray Industries, Inc.
- Sgl Carbon
- Teijin Limited.
- Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- Hexcel Corporation
- Solvay
- Hyosung Advanced Materials.
- Formosa Plastics Corporation
- BASF SE
- DowAksa
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Notable Emerging Companies Mentioned in the Report
- Nippon Graphite Fiber Co.
- ZOLTEK Corporation
- Gen 2 Carbon Limited
- Carbon Fibre Tubes Ltd.
- Sigmatex
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Carbon Fiber Companies
- Carbon Fiber Association
- Research & Development Institutes for Carbon Fiber
- Carbon Fiber Manufactures
- Carbon Fiber Supplier
- Carbon Fiber Raw Material Provider
- Investment Banks Targeting Carbon Fiber Market
- Fiber Composites Companies
- Fiber Composites Providers
- Fiber Composites Manufacturers
- Fiber Composites Suppliers
- Emerging and Startup Composites Companies in the Market
- Government Departments of Polymers and Other Chemicals
- Ministries and Departments of Paint & Coating
- Ministries and Departments of Construction Materials
- Importers and Distributors of Plastics and Composites
- Chemicals Testing and Regulatory Authorities
- Chemicals Research Institutes
For more information on the research report, refer to below link:
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