The global carbon fiber market size is USD 4.7 billion in the current year, 2019, and is projected to reach USD 13.3 billion in the year 2029. The carbon fiber industry is increasing day by day because of its increasing consumption in aerospace & defence, wind energy, and the automotive industry. Even the use of carbon fiber in electric cars and aircraft production is increasing consistently.
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Composite application poses a major share of the carbon fiber market
It is also divided into the application segment. It consists of the composite and the non-composite. A composite has been used in several industries such as automotive, wind energy, pipe and several other sectors. These industries are one of those industries which possess high strength, rigid, and high tensile strength. Carbon fiber is used in several forms, such as woven fabric, prepreg, and molding compound. Prepreg is one of the largest consumers of the fiber which in the composite application segment. The PAN-based carbon fiber segment is in the lead in the market that widely uses in several industries. The strength of the fiber is higher in comparison to the other components. It is cost-effective and high in quality. It possesses elastic modules. It provides more than 85% yield of carbon fiber.
Carbon fiber market is expected to lead in the aerospace & defense industry
The end-user industries in the market consist the sporting goods, wind energy and automotive. There is no doubt that the aerospace and Defense industry has one of the biggest scopes and accounted for the major share. It is just because of the increased production of the aircraft by Airbus and Boeing. It has projected demand for 9000 new wide-bodied aircraft. Even the use of fiber in wide-bodied aircraft is growing over the last 20 years. The production of the aircraft is set to grow at 5.8% annually. It was 164 billion estimated market size in the year 2017 and increased up to 218 billion by the year 2022.
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Europe is lead to in carbon fiber market during the forecast period
There is a doubt that Europe is expected to lead in the market. It is one of those regions where the aerospace and Defense industry is growing rapidly. It is increasing because of the forefront of innovation with the launch of the Euro fighter and Airbus A320. The low-interest rest for income tax and growth in the industry in Europe have helped the carbon fiber creators to pierce this industry in the region. For instance, Hexcel recently starts the carbon fiber plant in France. It helps in the program such as Airbus and Safran. UNEP standard has made regulations for automotive OEMs to decrease carbon emission by using materials. The EU agrees on 37.5% CO2 reduction for cars by 2030. It led to an increase in the carbon fiber in electric vehicles in the region.
Key Market Players
It compromises the major solution gives such as Solvay in Belgium, Tejin limited in Japan, and DowAska in turkey. There are other major key players in the carbon fiber market, which are Formosa Plastic Corporation in Taiwan, Toray Industries Inc. in Japan, and Hyosung in South Korea. SGL group in Germany is the prime creator of carbon fiber in the European region. The production capacity of the SGL group is 15000 tons per annum. It will increase to 40000 tons per annum by 2024. It has the most extensive product portfolio. It is popular in manufacturing, developing and supplying the carbon fiber. It helps companies to attract the best solution for several parts.
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