Carbon Fiber Market Size, Share, Growth Analysis, By Application (Composites, Non-Composites), By End Use (Aerospace & Defense, Automotive, Pipes, Wind Energy), By Product Type (Continuous Carbon Fiber, Long Carbon Fiber, Short Carbon Fiber), By Modulus (Standard Modulus, Intermediate Modulus, High Modulus), By Fiber Type (Virgin Carbon Fiber, Recycled Carbon Fiber), By Raw Material (PAN-based, Pitch Based), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2145 | Region: Global | Published Date: August, 2024
Pages: 221 | Tables: 92 | Figures: 76

Carbon Fiber Market News

In June 2024, Teijin Carbon Europe GmbH announced that it had received International Sustainability and Carbon Certification (ISCC) certification for its Tenax carbon fiber products. This helped Teijin stand out from its competition as Tenax produced at Heinsberg-Oberbruch plant in Germany will now be available to its customers focused on sustainability.
Recently in June 2024, China made a significant advancement in carbon fiber use by showcasing the world’s first complete carbon fiber passenger-only train to reduce emissions from the railway sector.
At the JEC World event in Paris, Hexcel unveiled its latest carbon fiber innovation called IM9 24K in March 2024. The new offering expands Hexcel’s expertise in aerospace composite space and offers 12% improvement over its baseline IM7 fiber.

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Carbon Fiber Market size was valued at USD 4.12 Billion in 2022 and is poised to grow from USD 4.51 Billion in 2023 to USD 9.25 Billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).

Reducing the costs of production and making carbon fiber more affordable is slated to be the prime focus of all carbon fiber manufacturers. Developing custom carbon fiber for industry-specific applications will also create opportunities for carbon fiber providers in the future. Collaborations to fast-track the development of low-cost carbon fiber could also emerge as a popular strategy for carbon fiber market players in the long run. 'Toray Industries, Inc. (Japan)', 'Mitsubishi Chemical Holdings Corporation (Japan)', 'SGL Carbon SE (Germany)', 'Hexcel Corporation (US)', 'Teijin Limited (Japan)', 'Hyosung Corporation (South Korea)', 'Formosa Plastics Corporation (Taiwan)', 'DowAksa (US & Turkey)', 'Koninklijke Ten Cate B.V. (Netherlands)', 'Nippon Graphite Fiber Corporation (Japan)', 'Toho Tenax Co., Ltd. (Japan)', 'Advanced Composites Inc. (US)', 'Plasan Carbon Composites (Israel)', 'Cristex Composite Materials (UK)', 'Gurit Holding AG (Switzerland)', 'Park Electrochemical Corp (US)', 'Solvay SA (Belgium)', 'China Carbon Fiber Ltd. (China)', 'UMATEX GROUP (Russia)', 'BCIRCULAR (Netherlands)'

Automotive companies are leading the adoption of carbon fiber as they try to reduce the weight of their vehicles to improve efficiency and reduce emissions. Growing popularity of electric vehicles will also boost the demand for carbon fiber in the automotive industry as focus on range extension increases.

Use in Electric Vehicles: Carbon fiber companies can target electric vehicle manufacturers to maximize their sales going forward. EV companies are continuously investing in acquiring lightweight materials to use in their vehicles that reduce their weight and extend their range. Rising interest in electric vehicles owing to high emphasis on sustainability could boost carbon fiber sales in the long run.

Europe is estimated to spearhead the global carbon fiber market demand owing to the presence of a robust automotive manufacturing industry in this region. High adoption of carbon fiber by European automotive giants such as BMW, Audi, and Mercedes is a key factor contributing to the dominance of this region. Germany, France, and the United Kingdom are slated to be the most opportune markets for carbon fiber suppliers in this region. Moreover, high investments in the development of low-cost carbon fiber are also expected to help the dominance of Europe in the future.

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