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The global carbon fiber market is estimated to grow during the forecast period (2017-2023) owing to the increase in demand of lightweight materials in end use industries such as sporting goods, aerospace and industrial applications. Additionally, the rise in the carbon fiber market is driven by the growing wind energy industry.
Carbon fiber is a long thin strand of material composed of carbon atoms with a diameter of about 0.005mm to 0.010mm. Carbon atoms are bonded into microscopic crystals that are aligned parallel to long axis of the fiber. Carbon fiber offers strength, low specific gravity, modulus of elasticity, high corrosion resistance and can be molded into different shapes and size. These fibers are used in several applications such as aircraft and spacecraft parts, racing car chassis, bicycle frame, fishing rods and automobile spring where lightweight and high strength is needed.
The global market for carbon fiber is segmented on the basis of raw material, product type, form, end use industry and region. The market segmentation for carbon fiber on the basis of raw material is PAN-based, pitch-based and rayon-based. Due to high yield and better processing properties, PAN-based carbon fiber have witnessed significant growth, in terms of value and volume, and is expected to rise during the forecast period. By product type, the global market for carbon fiber is categorized into continuous carbon fiber, long carbon fiber and short carbon fiber. Based on form, the carbon fiber market is categorized as composite, long and short. The carbon fiber market finds application in automotive, aerospace and defense, sporting goods, wind energy, civil engineering, pipe and tank, marine, and electrical and electronics. Aerospace and defense is estimated to rise during the forecasted period due to the rapid demand in lightweight components. The growing demand is attributed to the growth in demand for sports and luxury cars. Increasing wind turbine blade length can also drive the growth of carbon fiber market. Oil exploration industries such as deep sea drilling platforms, buoyancy, umbilical, choke and kill lines, drill pipes are propelling the growth of carbon fiber market. Light weight pre-cast concrete and earth quake protection infrastructure are increasing the demand of carbon fiber on account their dynamic stability and light weight. Due to the presence of large aircrafts manufacturing companies producing commercial and defense airplanes, North America is expected to be the largest growing region in the carbon fiber market.
High manufacturing cost of carbon fiber and the rising supply demand gap poses as a major threat to the overall growth of the market. The carbon fiber which are mainly utilized in the luxury and sports cars, will find their use at a large scale in the automotive industry conditioned to the decreasing manufacturing costs.
The key companies leading the carbon fiber market are Toray Industries Inc., Teijin Limited, SGL Group, Cytec Solvay Group, Hexcel Corporation, Mitsubishi Rayon Co. Ltd., Formosa Plastics Corporation, Hyosung, DowAksa and Taekwang Industrial Co. Ltd.
By Raw Material
By Product Type