Adoption of Carbon Fiber Composites Increasing to Optimize
Fuel Usage and Reduce CO2 Emissions
ROCKVILLE, Md., May 23, 2024
/PRNewswire/ -- The world is seeing an increasing preference for
carbon fiber in the aerospace sector, driven by its effective
weight-reduction properties. According to this updated report
by Fact.MR, the global carbon fiber market is expected to
reach a valuation of US$ 5.74 billion
in 2024 and thereafter expand briskly at a CAGR of 9.1% through
2034.
Carbon fiber, also referred to as graphite fiber, is composed of
carbon atoms that are 5 to 10 micrometers in diameter. These fibers
are characterized by their high stiffness, high tensile strength,
high temperature tolerance, low thermal expansion, and superior
chemical resistance. The high strength-to-weight ratio of these
carbon-based fibers makes them the preferred material in various
sectors such as aerospace, automotive, defense, construction, wind
turbines, and sports.
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Market growth is being driven by increasing demand for carbon
fiber in the automotive industry in the production of lightweight
vehicles. Factors such as the requirement for fuel-efficient
vehicles and stringent government regulations on carbon emissions
significantly influence market growth. Carbon fiber materials are
crucial in the production of parts for automobiles and aircraft.
Growing concerns about fuel usage and levels of CO2
emissions have prompted manufacturers to opt for carbon fiber
composites as alternatives to metal parts. Advancements in
technology aimed at shortening the manufacturing cycle are expected
to boost carbon fiber demand in the automotive industry.
Key Takeaways from Market Study
- The global carbon fiber market size is forecasted to expand at
a CAGR of 9.1% through 2034.
- Global sales of carbon fiber are estimated at US$ 5.74 billion in 2024.
- The market is projected to reach US$
13.71 billion by 2034-end.
- The North American market is projected to expand at a CAGR of
6.8% through 2034.
- Small-tow carbon fiber is estimated to account for 55.8% market
share in 2024.
- East Asia is projected to
account for 24.6% of the global market share by 2034.
"Defense and construction sectors are increasingly
adopting carbon fiber due to its high
strength-to-weight ratio. Strict government regulations on carbon
emissions are also driving market growth," says a Fact.MR
analyst.
Market Developments
Key carbon fiber producers are Solvay, Toray Industries, Teijin
Limited, Hexcel Corporation, and Mitsubishi Chemical Group
Corporation. Key players in the market are strategically partnering
with other renowned manufacturers to fortify their market standing
and capture a significant market share.
- In 2022, Solvay and Trillium partnered to work on bio-based
acrylonitrile to manufacture carbon fiber for use in various
sectors such as automotive, aerospace, consumer goods, and
energy.
Country-wise Insights:
According to a newly published analysis by Fact.MR, a market
research and competitive intelligence service, in East Asia is expected to account for 24.6% of
the worldwide carbon fiber market by 2034. Carbon fiber
manufacturing are located in a variety of geographical regions,
including Southeast Asia, Central
and South America, and
Australia. This geographical
diversity enables market participants to meet increased demand
while reducing reliance on certain sourcing sources.
In 2024, the United States
accounts for 71.7% of the carbon fiber market in North America. Significant advances in
research and development in the country are expected to result in
significant improvements in infrastructure, cost-effectiveness, and
product innovation. The United
States is an important manufacturing hub for the aerospace
industry, housing a diverse spectrum of businesses like as material
and component suppliers, device manufacturers, system integrators,
and engine producers.
China's market is expected to
rise significantly in the future years. This expansion is driven by
the country's growing demand for carbon fibre, which is widely
employed in industries such as wind energy and sports. The industry
in the country is also expected to grow rapidly because to the
increased demand for lightweight automobiles and tight government
rules on carbon emissions.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of
the carbon fiber market for 2018 to 2023 and forecast market
statistics for 2024 to 2034.
The study divulges essential insights into the market based
on precursor material type (PAN-based, pitch-based,
rayon-based), tow size (small tows, large tows), and end use
(aerospace & defense, sporting goods, automotive, electrical
& electronics, wind energy, civil engineering), across six
major regions of the world (North
America, Latin America,
Europe, East Asia, South
Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact.MR
Research:
Carbon Black Market size is estimated to be valued
at US$ 26.2 billion in 2023
and it is expected to grow at a CAGR of 6.0% to reach
US$ 46.9 billion by the end of
2033.
Carbon Fiber Resin Market is estimated to be worth
USD 574 Million in 2022 and is
forecast to grow with a CAGR of 15.3% to reach
USD 2,377 Million by 2032.
Carbon and Graphite Market is anticipated to expand
at a CAGR of 5.9%, rising from its current value of
US$ 18 billion to
US$ 32 billion by the end of
2033.
Carbon Footprint Management Market is expected to
jump from a size of US$ 11.4
billion in 2024 to US$ 20.3 billion by the end of 2034
Activated Carbon Market is anticipated to grow at a
CAGR of 5.2% to reach US$ 5.4
billion by the end of 2033
About Fact.MR:
Fact.MR is a distinguished market research company renowned
for its comprehensive market reports and invaluable business
insights. As a prominent player in business intelligence, we
deliver deep analysis, uncovering market trends, growth paths, and
competitive landscapes. Renowned for its commitment to accuracy and
reliability, we empower businesses with crucial data and strategic
recommendations, facilitating informed decision-making and
enhancing market positioning. With its unwavering dedication to
providing reliable market intelligence, FACT.MR continues to assist
companies in navigating dynamic market challenges with confidence
and achieving long-term success. With a global presence and a team
of experienced analysts, FACT.MR ensures its clients receive
actionable insights to capitalize on emerging opportunities and
stay ahead in the competitive landscape.
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SOURCE Fact.MR