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The global carbon fiber demand in 2018 was valued at more than 85 kilo tons. Growing adoption in wind energy industry and automotive industry is expected to open new opportunities for carbon fiber industry over the coming years. Additionally, development of efficient manufacturing processes, increasing penetration in 3D printing, and emergence of applications in medical composites and geo-polymer is expected to encourage carbon fiber manufacturers over the projected period.
Wind energy sector is facing intense competition from other forms of electric power generation. The global installed wind capacity witnessed more than 20% average growth from 2001 to 2018. Rising need for energy and limited availability of natural resources will positively impact the demand for renewable energy sources. According to the World Wind Energy Association, the global wind power capacity was reached 597 GW in 2018.
Carbon fiber plays a crucial role in designing of wind turbines where they are used in manufacturing of turbine blades and helps to achieve increased length, thinner blade profile owing to its low density and high stiffness. Due to its high operational efficiency, carbon fiber composites are being widely adopted by wind turbine manufacturers. Increasing demand has forced manufacturers to expand their offerings in order to cater growing industry requirements. For instance, in September 2018, due to high demand for offshore wind turbines, Toray Industries announced that they would increase their carbon fiber production capacity by 20% in Mexico and Hungary.
Key segments of the global carbon fiber market
Product Overview, 2015 - 2025 (Tons) (USD Million)
Application Overview, 2015 - 2025 (Tons) (USD Million)
Regional Overview, 2015 - 2025 (Tons) (USD Million)
Reasons for the study
What does the report include?
Who should buy this report?
Competitive Landscape - 2018
The major share in the global carbon fiber market is held by Toray, Teijin and Mitsubishi Rayon. Product development and innovation is anticipated to be the major strategy adopted by key players in the market, while increasing demand for fuel efficient vehicles is driving the growth of this market. The market is highly fragmented due to the presence of a large number of local as well as international players. Thus, major players in this market account for around 50% share, and various companies are focusing on key strategies such as mergers, partnerships and acquisitions to strengthen their global reach and goodwill in the ever competitive market.
Carbon fiber was earlier used mainly for aircraft & defence equipment applications as a part of its structural design. However, owing to its beneficial properties, they were consequently adopted by other industries such as automotive, wind turbines, industrial materials, sporting goods and others. In 2018, automotive applications accounted for more than 10% of the overall market share. Emergence of carbon fiber composites is expected to open new avenues in automotive industry as its adoption can reduce overall weight significantly, thereby increasing fuel efficiency. Increasing stringent regulations regarding vehicle emission has further compelled the manufacturers to reduce vehicle weight.
The global economy is strengthening gradually and the automotive industry is also witnessing increased vehicle production by virtue of increased demand over the past few years. With the increase in automotive fleet on road, fuel consumption has also increased. According to the U.S. Energy Information Administration, the finished motor gasoline consumption in the U.S. was 142.86 billion gallons in 2018. Owing to the growth of fuel consumption, government regulations have become more stringent. For instance, the latest U.S. regulations mandate that the average fuel economy standard must meet 54.5 miles per gallon by 2025, over the 35.5 mpg of vehicles as of now. Therefore, the automobile manufacturers are focusing on reducing the structural weight of vehicles, which in turn is expected to increase carbon fiber market concentration.
North America has been one of the oldest consumers for carbon fiber materials, mainly due to their high demand in aerospace and defense sectors. Aircraft parts such as ailerons, main wings, beams, rudders, lavatory units, tail units, floor panel, and fuselages are examples of some of the products carbon fiber is used in. Apart from aircraft, carbon fiber materials are also used in rockets and satellites. Operating from the early 1900s, North America has one of the oldest aircraft establishment bases. With the presence of well-established players like Boeing, the region leads the global aviation industry. The U.S. is a major aircraft and maintenance component exporter and is accounted for export value of more than USD 140 billion in 2018.
The outlook for the aerospace industry remains optimistic due to the increasing number of passengers using commercial airlines and the increasing demand for defense aircrafts. The demand for carbon fiber and its composites is increasing continuously by virtue of technological innovations and need for lightweight and strong products in the aerospace industry. For example, about 50% of the construction of Boeing's 787 Dreamliner consists of carbon fiber reinforced polymers compared to its predecessor Boeing 777, which in its structural weight consisted of only 10% carbon fiber composites.
The conflict between depleting non-renewable energy sources and severe environmental threats is expected to increase adoption of renewables in China. Wind energy source is now getting increasingly adopted in the country, which is favored by its large onshore and offshore territory. In 2018, China installed more than 20 GW of onshore wind capacity, which is more than 40% of the world market. Moreover, the country has installed more than 1.5 GW of offshore wind capacity, which is nearly 40% of the world market. The country aims to make wind energy as the key source of renewable energy according to its 2020 Clean-energy Target. Increasing steps towards expanding wind energy installed capacity will positively impact the demand for carbon fiber in the country. Carbon fiber plays a crucial role in designing wind turbine of longer length for increasing the power output owing to which the material is witnessing significant demand.
The global carbon fiber demand in 2018 was valued at more than 85 kilo tons. Growing adoption in wind energy industry and automotive industry is expected to open new opportunities for carbon fiber industry over the coming years. Additionally, development of efficient manufacturing processes, increasing penetration in 3D printing, and emergence of applications in medical composites and geo-polymer is expected to encourage carbon fiber manufacturers over the projected period.
Wind energy sector is facing intense competition from other forms of electric power generation. The global installed wind capacity witnessed more than 20% average growth from 2001 to 2018. Rising need for energy and limited availability of natural resources will positively impact the demand for renewable energy sources. According to the World Wind Energy Association, the global wind power capacity was reached 597 GW in 2018.
Carbon fiber plays a crucial role in designing of wind turbines where they are used in manufacturing of turbine blades and helps to achieve increased length, thinner blade profile owing to its low density and high stiffness. Due to its high operational efficiency, carbon fiber composites are being widely adopted by wind turbine manufacturers. Increasing demand has forced manufacturers to expand their offerings in order to cater growing industry requirements. For instance, in September 2018, due to high demand for offshore wind turbines, Toray Industries announced that they would increase their carbon fiber production capacity by 20% in Mexico and Hungary.
Key segments of the global carbon fiber market
Product Overview, 2015 - 2025 (Tons) (USD Million)
Application Overview, 2015 - 2025 (Tons) (USD Million)
Regional Overview, 2015 - 2025 (Tons) (USD Million)
Reasons for the study
What does the report include?
Who should buy this report?
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market Drivers
3.2.2. Market Restraints
3.2.3. Market Opportunities
3.3. Porter’s five forces analysis
3.4. PESTEL analysis
3.5. Vendor landscape analysis, 2018
3.6. Carbon fiber key raw material analysis
3.6.1. Key raw materials
3.6.2. Price trend of key raw materials
3.6.3. Suppliers of raw materials
3.6.4. Market concentration rate
3.7. Proportion of manufacturing cost structure
3.7.1. Raw Materials, labor cost and manufacturing expenses
3.8. Manufacturing process analysis of carbon fiber
3.9. Carbon fiber industrial chain analysis
3.10. Marketing Channel
3.10.1. Direct
3.10.2. Indirect
3.10.3. Marketing channel development trend
Chapter 4. Market Overview, By Product
4.1. Global carbon fiber market share, by product, 2018 & 2025
4.2. Regular tow carbon fiber
4.2.1. Market size and projections, 2015– 2025
4.3. Large tow carbon fiber
4.3.1. Market size and projections, 2015– 2025
Chapter 5. Market Overview, By Application
5.1. Global carbon fiber market share, by application, 2018 & 2025
5.2. Automotive
5.2.1. Market size and projections, 2015– 2025
5.3. Aerospace & Defense
5.3.1. Market size and projections, 2015– 2025
5.4. Wind Turbines
5.4.1. Market size and projections, 2015– 2025
5.5. Sports Equipment
5.5.1. Market size and projections, 2015– 2025
5.6. Industrial Materials
5.6.1. Market size and projections, 2015– 2025
5.7. Others
5.7.1. Market size and projections, 2015– 2025
Chapter 6. Market Overview, By Region
6.1. Global carbon fiber market share, by region, 2017 & 2025
6.2. North America
6.2.1. Market size and projections, 2015-2025
6.2.2. Market size and projections, by product, 2015-2025
6.2.3. Market size and projections, by application, 2015-2025
6.2.4. U.S.
6.2.4.1. Market size and projections, 2015-2025
6.2.4.2. Market size and projections, by product, 2015-2025
6.2.4.3. Market size and projections, by application, 2015-2025
6.2.5. Canada
6.2.5.1. Market size and projections, 2015-2025
6.2.5.2. Market size and projections, by product, 2015-2025
6.2.5.3. Market size and projections, by application, 2015-2025
6.3. Europe
6.3.1. Market size and projections, 2015-2025
6.3.2. Market size and projections, by product, 2015-2025
6.3.3. Market size and projections, by application, 2015-2025
6.3.4. Germany
6.3.4.1. Market size and projections, 2015-2025
6.3.4.2. Market size and projections, by product, 2015-2025
6.3.4.3. Market size and projections, by application, 2015-2025
6.3.5. UK
6.3.5.1. Market size and projections, 2015-2025
6.3.5.2. Market size and projections, by product, 2015-2025
6.3.5.3. Market size and projections, by application, 2015-2025
6.3.6. France
6.3.6.1. Market size and projections, 2015-2025
6.3.6.2. Market size and projections, by product, 2015-2025
6.3.6.3. Market size and projections, by application, 2015-2025
6.3.7. Rest of Europe
6.3.7.1. Market size and projections, 2015-2025
6.3.7.2. Market size and projections, by product, 2015-2025
6.3.7.3. Market size and projections, by application, 2015-2025
6.4. Asia Pacific
6.4.1. Market size and projections, 2015-2025
6.4.2. Market size and projections, by product, 2015-2025
6.4.3. Market size and projections, by application, 2015-2025
6.4.4. India
6.4.4.1. Market size and projections, 2015-2025
6.4.4.2. Market size and projections, by product, 2015-2025
6.4.4.3. Market size and projections, by application, 2015-2025
6.4.5. China
6.4.5.1. Market size and projections, 2015-2025
6.4.5.2. Market size and projections, by product, 2015-2025
6.4.5.3. Market size and projections, by application, 2015-2025
6.4.6. Japan
6.4.6.1. Market size and projections, 2015-2025
6.4.6.2. Market size and projections, by product, 2015-2025
6.4.6.3. Market size and projections, by application, 2015-2025
6.4.7. Southeast Asia
6.4.7.1. Market size and projections, 2015-2025
6.4.7.2. Market size and projections, by product, 2015-2025
6.4.7.3. Market size and projections, by application, 2015-2025
6.4.8. Rest of Asia Pacific
6.4.8.1. Market size and projections, 2015-2025
6.4.8.2. Market size and projections, by product, 2015-2025
6.4.8.3. Market size and projections, by application, 2015-2025
6.5. Rest of the World
6.5.1. Market size and projections, 2015-2025
6.5.2. Market size and projections, by product, 2015-2025
6.5.3. Market size and projections, by application, 2015-2025
Chapter 7. Company Profiles
7.1. TORAY INDUSTRIS, INC.
7.1.1. Company overview
7.1.2. Product portfolio
7.1.3. Key developments
7.1.4. Financial performance
7.2. Mitsubishi Chemical Corporation
7.2.1. Company overview
7.2.2. Product portfolio
7.2.3. Key developments
7.2.4. Financial performance
7.3. TEIJIN LIMITED
7.3.1. Company overview
7.3.2. Product portfolio
7.3.3. Key developments
7.3.4. Financial performance
7.4. Hexcel
7.4.1. Company overview
7.4.2. Product portfolio
7.4.3. Key developments
7.4.4. Financial performance
7.5. Formosa Plastics Corp
7.5.1. Company overview
7.5.2. Product portfolio
7.5.3. Key developments
7.5.4. Financial performance
7.6. DowAksa
7.6.1. Company overview
7.6.2. Product portfolio
7.6.3. Key developments
7.6.4. Financial performance
7.7. Hyosung Corporation
7.7.1. Company overview
7.7.2. Product portfolio
7.7.3. Key developments
7.7.4. Financial performance
7.8. Taekwang Industrial Co., Ltd.
7.8.1. Company overview
7.8.2. Product portfolio
7.8.3. Key developments
7.8.4. Financial performance
7.9. Zhongfu Shenying Carbon Fiber Co., Ltd.
7.9.1. Company overview
7.9.2. Product portfolio
7.9.3. Key developments
7.9.4. Financial performance
7.10. Jiangsu Hengshen Co., Ltd.
7.10.1. Company overview
7.10.2. Product portfolio
7.10.3. Key developments
7.10.4. Financial performance
7.11. Weihai Tuozhan Fiber Co., Ltd.
7.11.1. Company overview
7.11.2. Product portfolio
7.11.3. Key developments
7.11.4. Financial performance
7.12. Bluestar Fibres
7.12.1. Company overview
7.12.2. Product portfolio
7.12.3. Key developments
7.12.4. Financial performance
7.13. Nippon Graphite Fiber Corporation
7.13.1. Company overview
7.13.2. Product portfolio
7.13.3. Key developments
7.13.4. Financial performance
7.14. SGL Carbon SE
7.14.1. Company overview
7.14.2. Product portfolio
7.14.3. Key developments
7.14.4. Financial performance
7.15. Cytec Solvay
7.15.1. Company overview
7.15.2. Product portfolio
7.15.3. Key developments
7.15.4. Financial performance