Carbon Fiber is an organic compound with high tensile strength. Around 90% of carbon fiber is manufactured using Polyacrylonitrile (PAN) precursor. Rest 10% is manufactured from rayon or petroleum pitch-based precursor. Carbon fibre has several remarkable characteristics, including its light weight, good strength, exceptional rigidity, and heat resistance. Five times as strong as steel, it. Carbon Fiber finds its application in numerous industries. Some of its niche applications are flooring with antistatic, structural engineering, Petroleum Industry Sealing, Refineries for waterproofing, Sealing in the Pulp and Paper Industry, Milling using electrical discharge, and fabrication of ships and boats.
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The Carbon Fiber market globally is driven by its primary employment in the Aerospace & Defence industry. The demand for carbon fibre is expected to grow in this industry during the forecast period due to the rising demand for drones and vehicles. Additionally, carbon fibre uses are aiding aerospace leaders in cost reduction. Sustaining lightweight, robust, and long-lasting materials in airplanes can be accomplished at a reasonable cost using carbon fibre. Aluminium, which previously dominated the aerospace and defence industries, has mostly been replaced by it. Owing to these reasons, the demand for Carbon Fiber is anticipated to rise in the forecast period.
The global Carbon Fiber market is segmented based on end-use, sales channel, and region. Based on demand, Europe dominates the global Carbon Fiber market, consuming more than 30% of the global Carbon Fiber market in 2021. In the future, the demand from APAC is anticipated to rise. The USA is the leading global producer of Carbon Fiber, producing more than 25% of the global Carbon Fiber in 2021. The Carbon Fiber market in China is anticipated to swell in the forthcoming years, with huge companies like Zhongfu Shenying, Kangde Composites, and others already planning for additional carbon fiber capacity in the coming future.
Based on end-uses, the Carbon Fiber market is segregated into Aerospace & Defence, Automotive, Sporting Goods, Wind Energy, Civil Engineering, and Others. The Aerospace & Defence industry is dominating the Carbon Fiber market with a market share of more than 50% of the Carbon Fiber market in 2021. It is anticipated to remain the most significant consumer in the forecast period. Wind Energy is a booming industry and is expected to expand in the forecast years, owning up to the growing interest of countries towards renewable energy.
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“Global Carbon Fiber Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035”, the significant players functional in the Carbon Fiber market are Toray Industries, Inc., Mitsubishi chemical carbon fiber & composites, Hexcel Corporation, Teijin Carbon Fibers, Inc., SGL Group, Zhongfu Shenying Carbon Fiber, Formosa Plastics, Jiangsu Hengshen Co., Ltd., Solvay Composites, Hyosung Advanced Materials, China Composites Group Corp., Ltd, Weihai Guangwei Composite Materials Co., Ltd., and Jilin Jinggong Carbon Fiber Co., Ltd.’s.
“The surging demand for Carbon Fiber for the manufacturing components in the Aerospace & Defence industry, as a replacement of aluminium, is expected to take the lead on expansion of the Global Carbon Fiber market in the forecast period until 2035. Carbon Fiber possesses lightweight property combined with amazing tensile stregth that drives its application in various industries like wind energy sector is expected to further propel the Global Carbon Fiber market in the coming years. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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