Global Carbon Fiber Market - Segmentation by Raw material, Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2022 - 2030)

The carbon fiber market was valued at USD 2,859.26 million in 2017 and is expected to reach USD 6,096.95 million by 2023, registering a CAGR of 13.45% during the forecast period (2018 - 2023). The major market drivers for carbon fiber market are growing demand in the retail sporting goods market, emerging wind energy applications, and increasing demand in the aerospace industry. Increasing automotive demand, along with the rising need for lightweight vehicles, is expected to drive the market demand during the forecast period.

Soaring Demand for Fuel-efficient and Lightweight Vehicles

The increase in overall need for fuel-efficient vehicles, along with government regulations regarding automotive pollution, is anticipated to play a key role in driving the market. In the United States, the government has increased the fuel efficiency requirements for new automobiles to 54.5 miles per gallon by 2025 for the United States market, therefore, companies have started using materials such as carbon fiber to make vehicles lightweight and fuel-efficient. Carbon fiber is replacing metal in many automotive applications due to its light weight, which contributes to lesser fuel consumption. Automotive manufacturers such as BMW, Mercedes-Benz, McLaren, Chevrolet, and Lamborghini, among several others, have committed themselves to increasing the usage of carbon fiber in their vehicles as they contribute to reduction in weight.

Aerospace – The Fastest Growing Segment by Usage

The growing aerospace industry in North America and Europe is anticipated to fuel demand in the carbon fiber market. Increasing demand for commercial aviation on account of increased disposable income and globalization plays a key role in driving the growth across the aerospace industry. The rapidly growing aviation industry is further expected to expand the application of carbon fiber in the air transport sector. Aircraft manufacturers, such as Boeing and Airbus, are utilizing carbon fibers in the manufacturing of aircrafts and aircraft parts, which, in turn, is aiding in reducing the weight of aircrafts by approximately 50%. The increased penetration of carbon fiber in the automotive industry and defense sector will also drive the market growth.

North America to Dominate the Market

North America is expected to register the highest demand for carbon fiber, owing to the surge in demand from aerospace and defense, automotive, wind turbine, and sports/leisure industries. This region is marked by a large concentration of the main aircraft makers such as Airbus and critical defense instruments manufacturers in the area. Automobile giants in North America focus on manufacturing high-performance cars with reduced weight, further driving the market in this region.
By revenue, Toray Industries Inc. is the leader with the highest market share, followed by Teijin and Mitsubishi. Formosa and SGL group are the fourth and fifth ranked players by revenue. The other players in the market have fragmented revenue sources from their tie-ups or strategic business with end users.

Notable Developments
March 2018: Toray to purchase TenCate to expand carbon fiber business.
March 2018: Toray and Safran sign an implementation agreement for the supply
of higher performance carbon fiber composite.

Major Players: Toray Industries Inc., Hexcel Corp., Mitsubishi Rayon Co. Ltd., SGL Group, and Formosa Plastics and Teijin Ltd, among others.

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This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

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