Global Carbon Fiber Market

Carbon Fibers are becoming Cost-Effective and Competitive

Sept 18, 2023

Carbon fiber is used as an excellent material in the present economy. Its distinctive ability to combine high strength and low weight has aided in expanding various end-user industries. Modern uses for carbon fibres can be found in the building, construction, automotive, aerospace, and marine industries. It has been witnessed that the production cost from textile PAN or smelt spun PAN reduced by 15% to 20% in the last few years. They are strong, chemically stable materials with more potential for using lightweight metals and composites. It is anticipated that demand for carbon-based composite will increase significantly. The functionalities of conventional biomaterials and composites have dramatically improved due to nanoscale improvements in carbon fibers, even though this sector has reached a high level of development.

The future of carbon fiber materials is bright. With new applications and advancements appearing every day, the carbon fiber industry is progressively growing. With the improvement of carbon fiber manufacturing techniques, we can expect that the use of carbon fiber will increase practically in every industry.

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Data Bridge Market Research analyses that the Global Carbon Fiber Market is expected to reach USD 9.27 billion by 2030, which is USD 4.51 billion in 2022, registering a CAGR of 9.40% during the forecast period of 2023 to 2030.

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Want to Know About the Recent Developments of Carbon Fiber?

In 2022, Hexcel signed an agreement with Dassault to deliver carbon fiber prepreg for Falcon 10X program.

In 2022, Archer Aviation Inc. started their partnership with Hexcel supplying high-performance advanced carbon fiber material.

In 2022, Teijin Limited partnered with Fuji Design Co. Ltd to establish a business for producing, commercializing, and supplying carbon fiber-reinforced plastic products.

Exploring the Dynamic Application of Carbon Fiber in Various Industries

Military: Carbon fiber is used in drones and missiles to tent and helmet posts in the military due to its lightweight and high strength.

Aerospace: From spacecraft to helicopters, carbon fiber is everywhere in the aerospace industry because of its high strength and weight savings.

Automobile: Carbon fiber is used to manufacture high-end cars because of its sleek, high-tech look.

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Key Players of Global Carbon Fiber Market

  • Evonik Industries AG (Germany)
  • Teijin Limited (Japan)
  • SGL Group (Germany)
  • DSM (Netherlands)
  • SABIC (Saudi Arabia)
  • Solvay (Belgium)
  • Hexcel Corporation (U.S.)
  • TORAY INDUSTRIES, INC. (Japan)
  • 3M (U.S.)
  • BASF SE (Germany)
  • Covestro AG (Germany)
  • Dow (U.S.)
  • ZOLTEK (U.S.)
  • Celanese Corporation (U.S.)

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