Jul 20, 2021   SOURCE: BusinessWire

The Worldwide Carbon Fiber Industry is Expected to Reach $8.9 Billion by 2031 at a CAGR of 8.6% from 2020 - ResearchAndMarkets.com

The "Carbon Fiber Market by Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-composite), End-use Industry (A & D, Automotive, Wind Energy) and Region - Global Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.

The global Carbon fiber market size is projected to grow from USD 3.7 billion in 2020 to USD 8.9 billion by 2031, at a CAGR of 8.6% between 2020 and 2031.

Carbon fibers are fibers about 5-10 micrometres in diameter and composed mostly of carbon atoms. Carbon fibers have several advantages including high stiffness, high tensile strength, low weight, high chemical resistance, high temperature tolerance and low thermal expansion. These properties have made carbon fiber very popular in aerospace, civil engineering, military, and motorsports, along with other competition sports. Increasing demand from wind energy and aerospace & defense industries is expected to drive the growth of the market between 2021 and 2031.

PAN-based carbon fiber to register higher CAGR during the forecast period

The PAN-based carbon fiber segment dominated the carbon fiber market due to its high strength modulus in comparison to pitch-based carbon fibers. PAN-based carbon fiber is used more due to its cost-effectiveness and better quality of fiber produced. The market for PAN-based carbon fibers is expected to be driven by wind energy and pipe & tank industries during the forecast period.

Continuous carbon fibers to grow at the fastest rate between 2021 and 2031

Continuous carbon fiber offers higher tensile strength compared to other types of carbon fiber products. It can be used in layup, weaving, prepreg, filament winding, braiding, and pultrusion processes for manufacturing composite parts for different industries such as aerospace & defense, automotive, wind energy, sporting goods, and other industries. Thus, continuous fibers are expected to grow at the highest rate during the forecast period.

Composite applications to grow at a rapid pace during the forecast period

The carbon fiber market, by application, is expected to be driven by the composite segment, The growth is due to the wide-scale use of the composite form of carbon fiber in various industries such as aerospace & defense, automotive, and wind energy.

Pipe & tank industry is expected to register the highest CAGR between 2021 and 2031

There is a significant rise in the use of PAN-based carbon fiber composites in pressure vessels and cylinders due to their lightweight properties, which makes tanks 20-25% lighter than steel cylinders. The superior mechanical properties of carbon fiber pipes, such as superior anti-corrosion properties, low conductivity, and longer lifecycles, make them the preferred material in various industries. Carbon fiber is used in type III and type IV compressed natural gas (CNG) and hydrogen cylinders. These cylinders are used in heavy-duty vehicles such as trucks and buses, which help reduce the overall weight of vehicles and improve the mileage of vehicles. This is expected to trigger the growth of carbon fibers in the pipe & tank industry

Market Dynamics

Drivers

  • High Demand from Satellite and Secondary Aircraft Parts Manufacturing
  • High Demand from Wind Energy Industry
  • Stringent Eco-Friendly Regulations to Drive Adoption of Carbon Fibers and Related Composites in Automotive Applications

Restraints

  • High Cost of Pan Carbon Fiber
  • Decline in Demand from Luxury Cars Segment
  • Disruption in Supply Chain Due to COVID-19

Opportunities

  • Increased Investments for Development of Low-Cost Coal-Based Carbon Fibers
  • Increasing Demand from FCEVs
  • Increasing Use of Carbon Fiber in 3D Printing
  • Development of Low-Cost Manufacturing Process Such as Plasma Oxidation Technology

Challenges

  • Maintaining Uninterrupted Supply Chain During COVID-19
  • Production of Low-Cost Carbon Fiber

Companies Mentioned

  • Bcircular
  • Dalian Xingke Carbon Fiber Co. Ltd.
  • Dowaksa
  • ELG Carbon Fibre
  • Formosa Plastics Corporation
  • Hexcel Corporation
  • Hyosung Advanced Materials
  • Jiangsu Hengshen Co. Ltd.
  • Jilin Qifeng Chemical Fiber Co. Ltd.
  • Kureha
  • Mallinda Inc.
  • Mitsubishi Chemical Holdings
  • Nippon Graphite Fiber Corporation
  • ORNL
  • Osaka Gas Chemicals Co. Ltd.
  • SGL Carbon
  • Solvay
  • Taekwang Industries Co. Ltd.
  • Teijin Limited
  • Toray Industries Inc.
  • Umatex (Alabuga Fiber)
  • UTSI
  • Vartega Inc.
  • Weihai Guangwei Composites Co. Ltd.
  • Zhong An Xin Technology Co. Ltd.
  • Zhongfu Shenying Carbon Fiber Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/nojds2