Product Code: 55674
The market for carbon fiber is expected to register a CAGR of greater than 12% during the forecast period. Major factors driving the market studied include increasing demand for fuel-efficient and lightweight vehicles and increasing usage of carbon fiber in the aerospace and defense sector. However, the high cost of carbon fiber and the availability of cheap alternatives, such as fiberglass, are expected to hinder the growth of the market studied.
- Composite materials dominated the application segment of the market, and it is expected to grow during the forecast period, owing to the strong demand for carbon fiber reinforcement polymers from the aerospace, defense, automobile, construction, sports, and leisure sectors.
- Its increasing application in the wind energy sector is likely to become an opportunity in the future.
- Europe dominated the market across the globe, with a large consumption recorded by countries, such as Germany and France.
Key Market Trends
Increasing Demand from the Aerospace and Defense Sector
- The carbon fibers are a perfect choice for numerous aerospace and defense applications as they provide strength, endurance, and stability as required.
- Conventional metal structures are increasingly being replaced by carbon fiber-reinforced plastics (CFRP) in aircraft, due to their light yet stiff design structure. From the interior of an airplane or a jet to the rotor blades of a helicopter, composite materials are emerging as an integral part of the aerospace industry.
- In the defense industry, the use of carbon fiber-reinforced plastics (CFRP) is present in missile defense, ground defense, and military marine.
- In Asia-Pacific, the aerospace industry is growing at a fast rate, as many of the countries have increased their spending on defense platforms and technologies. In addition, Southeast Asia continues to be the fastest-growing region in terms of passenger travel.
- Increasing use of carbon fiber in aircraft, coupled with the increasing number of aircraft launched in the market, annually, is expected to provide a huge growth opportunity for the carbon fiber market in the aerospace industry in the forecast period.
Germany to Dominate the Market in Europe
- Europe dominated the global market holding a share of more than 30% and Germany dominated the Europe market with a regional share of more than 25%.
- Germany is also one of the major producers of sporting goods and equipment. Global brands, like Adidas and Puma, and domestic brands, like Kettler and Triumph, have manufacturing sites in the country. This is expected to contribute to the demand for carbon fiber during the forecast period.
- Also, Germany leads the European automotive market, with 41 assembly and engine production plants, which contribute to one-third of the total automobile production in Europe. Germany, which is one of the leading manufacturing bases for the automotive industry, is home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.
- The German aerospace industry comprises more than 2,300 firms located all around the country, with northern Germany being the area with a higher concentration of firms.
- Germany is one of the leading manufacturing bases for the aircraft industry and is home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.
- With the growing demand from major end-user industries, the market for carbon fiber is projected to grow during the forecast period.
The carbon fiber market is highly consolidated. The top 10 players account for almost 85% of the market share. The major companies in the carbon fiber market include Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon SE, Teijin Limited, and Toray Industries Inc.
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand for Fuel-efficient and Lightweight Vehicles
- 4.1.2 Increasing Usage in the Aerospace and Defense Sector
- 4.2 Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Patent Analysis
- 4.6 Price Analysis
5 MARKET SEGMENTATION
- 5.1 Raw Material
- 5.1.1 Polyacrtlonitrile (PAN)
- 5.1.2 Petroleum Pitch and Rayon
- 5.2 Type
- 5.2.1 Virgin Fiber (VCF)
- 5.2.2 Recycled Fiber (RCF)
- 5.3 Application
- 5.3.1 Composite Materials
- 5.3.2 Textiles
- 5.3.3 Microelectrodes
- 5.3.4 Catalysis
- 5.4 End-user Industry
- 5.4.1 Aerospace and Defense
- 5.4.2 Alternative Energy
- 5.4.3 Automotive
- 5.4.4 Construction and Infrastructure
- 5.4.5 Sporting Goods
- 5.4.6 Other End-user Industries
- 5.5 Geography
- 5.5.1 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 India
- 188.8.131.52 Japan
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.5.2 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.5.3 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 Italy
- 18.104.22.168 France
- 22.214.171.124 Rest of Europe
- 5.5.4 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Rest of South America
- 5.5.5 Middle East & Africa
- 220.127.116.11 Saudi Arabia
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 A&P Technology, Inc.
- 6.4.2 Anshan Sinocarb Carbon Fibers Co. Ltd
- 6.4.3 DowAksa
- 6.4.4 Formosa Plastics Group
- 6.4.5 Hexcel Corporation
- 6.4.6 Holding company "Composite
- 6.4.7 HYOSUNG ADVANCED MATERIALS
- 6.4.8 Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- 6.4.9 Nippon Graphite Fiber Co., Ltd.
- 6.4.10 SGL Carbon
- 6.4.11 Solvay
- 6.4.12 TEIJIN LIMITED
- 6.4.13 TORAY INDUSTRIES INC.
- 6.4.14 ZHONGFU SHENYING CARBON FIBER CO.,LTD.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Application in the Wind Energy Sector
- 7.2 Increasing Popularity of Recycled Carbon Fiber