The global carbon fiber market is estimated to grow at a CAGR of over 11% during the forecast period. Carbon fibers, also referred to as graphite fibers, can be based on three chemical sources, including petroleum pitch, polyacrylonitrile (PAN method is led by Japanese manufacturers), and rayon (from the Indian manufacturer Grasim). The PAN-based fibers offer superior mechanical properties for structural applications and the pitch fibers exhibit higher modulus values and promising coefficients of thermal expansion.
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The major advantages of carbon fibers include high strength-to-weight ratio and stiffness and low density. As a result, Lamborghini, BMW, Mercedes-Benz, and other automakers have been focusing on the increasing use of carbon fiber in their vehicles for weight reduction. Owing to the stringent environmental concerns, the demand for such carbon fiber materials in automotive applications is expected to grow significantly, which in turn, will drive the growth of the global carbon fiber market.
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Moreover, carbon fibers are also used by automobile manufacturers as a whole or as a composite with other materials. A start-up company in Italy, Carboni e Metalli, developed a 3D printed composites-intensive concept motorcycle named the Lunar Project in October 2019. It was also awarded as the best motorcycle in the 2019 Wildays in Italy.
The company used KTM 250GS motorcycles original steel frame and a two-stroke engine and added it with a carbon fiber composite sub-frame, a rear swingarm. Through this, the founders of the start-up intended to utilize and showcase space-related innovative technologies to the matured the motorcycle market. This would unfold many other applications of carbon fiber in the global carbon fiber industry.
India to Witness Lucrative Growth in the Asia-Pacific Carbon Fiber Market
India is expected to create huge demand for carbon fibers over the forecast period. The aerospace and defense industry and automotive industry of the country are two verticals that are creating an extensive demand for carbon fibers. The country’s aerospace and defense sectors is evolving rapidly in recent years. For instance, in April 2018, Thales Group, a European defense, and technology manufacturer had collaborated with Bharat Electronics (BEL), Reliance, and Larsen & Toubro, and many players in the region, for the production of several defense sector products that include combat aircraft Mirage among others.
In June 2016, the Tata Advanced Systems joint ventured with Boeing, named Tata Boeing Aerospace (TBAL) for providing an aerospace production facility in Hyderabad, India, for the production of Boeing AH-64 Apache helicopter fuselages and other aerostructures. As the carbon fiber and its composites have wide applications in the defense sector, the carbon fiber market is expected to gain traction in the region during the forecast period. In addition, for the manufacturing of the combat aircraft Tejas, the technology developed by the Council of Scientific and Industrial Research – National Aerospace Laboratory (CSIR-NAL) has announced to make it 20% lighter by utilizing indigenously developed carbon fibers. This, in turn, has contributed to the expansion of the carbon fiber market size in the region.
Current Market Trends Covered in the Global Carbon Fiber Market Report
- On the basis of the fiber type, the virgin carbon fiber type segment is estimated to hold the maximum market share over the forecast period.
- Asia-Pacific is estimated to gain maximum traction in the global carbon fiber industry during the forecast period.
- Based on the industry vertical segment, aerospace and defense sector is expected to foresee an optimistic growth rate over the forecast period.
Global Carbon Fiber Market Segmentation
By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch and Rayon
By Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon Fiber
By Industry Verticals
- Aerospace and Defense
- Automotive
- Construction Infrastructure
- Others
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