Understand How The Carbon Fiber Market Is Set To Grow In Through 2023-2032
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The global carbon fiber market is set to experience robust growth, evolving from $4.27 billion in 2022 to $4.69 billion in 2023, showcasing an impressive Compound Annual Growth Rate (CAGR) of 9.9%. As we look ahead, the market is projected to reach a substantial $6.57 billion in 2027, reflecting a commendable CAGR of 8.8%. Let’s delve into the driving force behind this growth—the expanding automotive industry—and explore the pivotal role played by technological innovations in shaping the carbon fiber market.
Driving Forces: The Automotive Industry’s Impact
- Automotive Industry’s Scope: The automotive industry, encompassing design, development, manufacturing, and more, is a pivotal sector influencing the carbon fiber market.
- Carbon Fiber in Vehicles: Carbon fiber finds application in crafting lightweight, high-strength vehicle body parts and components, contributing to improved fuel efficiency, enhanced performance, and reduced vehicle weight.
- Sales Statistics: Notably, according to the Bureau of Transportation Statistics (BTS), new vehicle sales witnessed an increase from 11,041 in 2020 to 11,741 in 2021, emphasizing the sector’s growth.
- Market Implication: The expanding automotive industry serves as a significant driver for the growth of the carbon fiber market.
Industry Leaders: Key Players Steering Progress
- Major Players: Leading entities in the carbon fiber market include Toray Industries, Solvay, Nippon Graphite Fiber, Teijin, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber, SGL Carbon, Zoltek Corporation, and others.
- Strategic Contributions: These companies play a crucial role in providing advanced carbon fiber solutions catering to the diverse needs of industries.
Innovation Unleashed: Asahi Kasei’s Recycling Technology
- Key Trend: Technological innovations stand out as a key trend gaining popularity in the carbon fiber market.
- Asahi Kasei’s Breakthrough: In December 2022, Asahi Kasei Corporation developed a recycling technology for high-quality, inexpensive carbon fiber.
- Recycling System: The innovative recycling system focuses on using recycled carbon fiber from automobiles to create new carbon fiber-reinforced plastic (CFRP) or carbon fiber-reinforced thermoplastic (CFRTP) for cars.
- Benefits: The technology enables the production of high-quality, reasonably priced CFRTP, promoting vehicle weight reduction and energy savings.
Segmentation Dynamics: Unveiling Market Categories
- Type Differentiation:
- Virgin Fiber (VCF)
- Recycled Carbon Fiber (RCF)
- Raw Material Variation:
- Polyacrylonitrile (PAN)
- Petroleum Pitch
- Tow Specification:
- Large Tow
- Small Tow
- Application Landscape:
- Composite Materials
- End-User Diversity:
- Aerospace and Defense
- Wind Energy
- Pipes and Tanks
- Sporting Goods
- Other End-Users
Regional Influence: Western Europe at the Helm
- Dominant Region: In 2022, Western Europe emerged as the largest region in the carbon fiber market, indicating the region’s prominence in steering industry dynamics.
- Forecasted Growth: As we move forward, Western Europe is expected to maintain its stronghold and continue influencing the global carbon fiber market.
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The Carbon Fiber Global Market Report 2023 provides an overview of the carbon fiber market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The carbon fiber market forecast analyzes carbon fiber market size, carbon fiber market share, leading competitor and their market positions.
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