The carbon fiber market size is projected to grow from USD 6.5 billion in 2022 to USD 11.9 billion by 2027, at a CAGR of 13.0% during the forecasted period and USD 21.7 billion by 2032, at a CAGR of 12.9% during the forecasted period. The new developments across the carbon fiber value chain such as the expansion of production capacity by various players, new players entering into the market with low-cost carbon fibers, and demand from aerospace and automotive industries and new applications such as mining trucks and corrosive chemical tank containers are bolstering the market, globally.
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This growth is attributed to the increasing demand for lightweight and high-strength materials such as carbon fiber as it results in fuel efficiency and safety in the aerospace & defense and automotive industries. The rising number of collaborations between the industries such as aerospace & defense and automotive and carbon fiber manufacturers for new projects is driving the market. For instance, in October 2020, Teijin Limited signed an agreement with Safran S.A., an international high-technology group and tier-1 supplier of systems and equipment in the aerospace & defense market. Such agreements by leading carbon fiber producers would drive the growth of carbon fibers in the aerospace industry.
New applications such as 3D printing, electrodes for batteries of electric vehicles, and medical composites offer major opportunities for the market growth. The stringent eco-friendly regulations emphasizing lightweight and fuel-efficient materials is driving the growth of carbon fibers in lithium-ion batteries used in electric vehicles. Leading 3D-printing companies such as Staratsys and 3D Systems use carbon fiber-based composites to manufacture structural parts.
The top players in the carbon fiber market have implemented various strategies in the market. For instance, in February 2020, Mitsubishi Chemical Corporation acquired the German carbon fiber prepreg manufacturer, c-m-p GmbH through its subsidiary, Mitsubishi Chemical Advanced Material, in a move to strengthen its presence in the carbon fiber and carbon fiber composite material business. By this acquisition, the company has established its plants in Europe, the US, and Japan.
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Companies operating in the carbon fiber market have strengthened their position by adopting expansions and new product/technology launches from 2015-2020. Expansions, joint ventures, acquisitions, and new product launches were among the key growth strategies adopted by the market players between January 2015 and November 2020. Toray Industries, Inc. (Japan), Teijin Ltd. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), SGL (Germany), Solvay (Belgium), and Formosa (Taiwan), and Hyosung Corporation (South Korea) are some of the key players in the carbon fiber market.
