The Global Carbon Fiber Market to Drive the Demand in Aviation and Automotive Segments, Expanding at a Thriving CAGR of 6.8% from 2018-2026
The global carbon fiber market is projected to witness huge revenue generation during the forecast period 208-2026. The competitive outlook of the market is intense and is fragmented owing to the limited presence of few key players. Due to its unique characteristic of being light in weight, carbon fibers create useful and versatile products for an array of markets. Transparency Market Research in a recent published report notifies some of the prominent and established players which include Toray Industries Inc., Teijin Carbon, SGL Group, Kureha Corporation, and Mitsubishi Rayon Co. These players in the coming years are also expected to enter into strategic acquisitions. This will not only help companies in enhancing their product range but also help in increasing the production capacity and geographical expansion as well.
The global carbon fiber market is anticipated to offer growth opportunities worth US$3.4 bn by the end of 2026. In addition to this, the market exhibits a thriving CAGR of 6.8% globally. On the basis of application, the global carbon fiber market is divided into wind energy, automotive, marine & oil and gas, construction, sports and leisure, aviation and aerospace. Carbon fibers are extensively used in the interior and exterior parts of automotive segments which include vents, door pillars, and caps. As per technology, the global carbon fiber market is segmented into filament winding, prepreg layup process, pultrusion process, and injection molding. The global carbon fiber market is also classified as per product into pan-based and pitch-based.
Based on region, the global carbon fiber market is geographically segmented into Europe, North America, and Asia Pacific. Of these, Asia Pacific is likely to dominate the market due to the rapid growth in industrialization and urbanization. Having said that, the majority of the demand is observed in aerospace industry especially in North America.
Rising Demand for Lightweight and Energy-efficient Vehicles in the Global Carbon Fiber Market
The global carbon fiber market is likely to drive the demand due to the increasing need for fuel-efficient vehicles and introducing new and innovative products. The most rewarding application of carbon fiber is wind turbines as the demand and consumption of green energy is growing. The lightweight property of carbon fiber helps in enhancing its efficiency whereas, the tensile strength facilitates the wind turbines to even survive under bad weather. The governments of various regions are encouraging wind energy industries to use materials which are extensively used in manufacturing of an aircraft. Metal is getting replaced by carbon fiber, due to its lightweight feature in various automotive applications which ultimately leads to reduced fuel consumption. All these factors are expected to witness a growth trend in the global carbon fiber market in the forecast period.
Expensive Carbon Fibers to Hamper the Growth of the Global Carbon Fiber Market
While the carbon fiber market is spreading across major industries, however there are some factors which are likely to challenge the global market. The carbon fibers are highly expensive and lack production. Due to its high-cost, many small scale businesses are not able to buy these lightweight carbon fibers. Other than this, the carbon fibers cannot be fixed again once there is a crack or some damage. The carbon fiber material will not be as strong as it was before the damage. In such cases, either the carbon fiber should be discarded or a new one should be used instead.