The global carbon fibre market was valued at USD 3.38 billion in 2019, growing at a CAGR of 11.0% during 2020-2025. The global carbon fibre market is growing at a significant rate, due to the prevalent reorganization of the automotive industry. A growing number of aircraft in response to the rising travellers across the globes is another factor contributing to the growth of the global carbon fibre market. The market has witnessed a high demand for the aerospace and automotive sector in the current year and is expected to foresee exceptional sales in the environment and renewable energy sector in near future.
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Insight by Application
On the basis of application, the market is bifurcated as composite and non-composite carbon fibre. Of all application, the composite segment captures the largest market share and is expected to grow at the fastest rate in the market between 2020 to 2030. The composite carbon fibre is further broken down into three types called prepreg, woven fabric and moulding compound.
Insight by End-Use
On the basis of end-user vertical, the market is segmented into aerospace & defence, automotive, wind energy, sporting goods, electrical & electronics, civil engineering, pipes & tanks, marine and others. Of all end-user verticals, the aerospace & defence segment captures the largest market size. However, the automotive and wind energy segment is expected to grow at the fastest rate in the market during the forecast period.
Horizontal and vertical market integration among carbon fibre market player to intensify their presence in the global ecosystem are the trends prevailing in the carbon fibre market.
Prevalent reorganization of the automotive industry facilitating the growth of the carbon fibre market. There was an extensive reorganization in the automotive sector in the past decade with the introduction of numerous technologies such as electric cars and hybrid vehicles, and regulations related to carbon emission and fuel efficiency. All these factors are encouraging the use of carbon composite materials in the automotive sector.
Besides, the demand for new commercial aircraft with larger capacity is growing rapidly with the rise in the number of air travellers is another driving factor for the market
Geographically, Asia Pacific is the largest carbon fibre market due to growing industrialization. APAC is the largest carbon fibre market in 2018 surpassing Europe and North America. The region comprises some of the largest economies supporting market growth. Japan is the second-largest carbon fibre manufacturer, with 25 metric tons of capacity in 2016. Numerous carbon fibre organizations based in Japan has supported significant research and development in the advanced material sector while supporting at least some domestic end-use markets such as the automotive sector creating a positive impact on the carbon fibre market growth in the region.
Currently, there is a lot of organic as well as inorganic strategies adopted by the market stakeholders to sustain and expand their market presence. There is horizontal market integration among players such as SGL Carbon and Solvay collaboration to develop their composite materials based on large-tow intermediate modulus (IM) carbon fibre composites for aerospace primary structures.
Toray Industries, SGL Group, Mitsubishi Rayon Co., Ltd., Teijin Limited, Hexcel Corporation, Dowaksa, Solvay, Formosa Plastics Corporation, Jiangsu Hengshan Co. Ltd., Hyosung, Kureha, and ELG Carbon Fibre are the key players offering carbon fibre.
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