Carbon Fiber Market Growth Rate Insights:
The global carbon fiber market size was worth US$ 3,448.60 million in 2020 and is estimated to reach US$ 6,486.79 million by 2029, growing at a CAGR of 8.5% during the forecast period (2022-2029).
Carbon Fiber, or graphite fiber, is a polymer, an extremely robust and lightweight material. Although carbon fiber is five times stronger and two times stiffer than steel, it is also lighter, making it a great production material for various items. Carbon fiber is a material made up of tiny, strong crystalline carbon filaments used to reinforce it. The carbon fiber could then be woven together to form cloth and if a permanent shape is required, it can be laid over a mold and coated in resin or plastic.
Some of the significant factors driving the carbon fiber market are application of carbon fiber as an economical substitute for steel & aluminum and advancements in manufacturing technologies for carbon fibers.
Carbon fibers are composed of long strands of carbon atoms linked together to a plastic polymer resin via heat bonds. Carbon fibers are stiff, robust and light and are utilized in various procedures to make high-quality building materials. The respective product finds applications in numerous sectors due to their outstanding properties, such as high stiffness, high tensile strength, low weight, good chemical resistance, high-temperature tolerance and low thermal expansion.
In modernity, carbon fibers have replaced steel and aluminum as the primary building material due to their low weight and high load-bearing capabilities, making them ideal for retrofit projects. Carbon fibers, on average, have a longitudinal tensile strength of 2000 MPa, an elastic modulus of 150–200 GP and are 2.5 times stiffer than metal.
Further, carbon fibers are available as tubes, fabrics and textiles can be molded in various densities, shapes and sizes and could be custom-made into various composite parts and components. As a result, carbon fibers are gaining popularity as an alternative to aluminum and steel in the aviation and vehicle industries. Carbon fibers might be the best material for lightweight cars that require the highest performance and efficiency. Premium manufacturers, such as BMW, Ferrari and Lexus, are developing new models with a complete carbon fiber body. For instance, the carbon fiber Shelby GT500CR Mustang concept car, produced in 2020.
Compared to other materials like steel & aluminum, carbon fiber has a reputation for being pricey. Carbon fiber parts can be pricey for various reasons, such as manufacturing methods, specialized labor requirements and other raw materials that make carbon fiber products.
Unlike metals such as steel and aluminum that are derived from raw ore and converted to end products or bulk materials using time-tested, standardized processes, carbon fiber production is a much more intensive process in comparison. For the manufacture of carbon fibers, mechanical and chemical methods are employed to modify the atomic constitution of organic polymers in long, thin strands. Further to manufacture composite items, thousands of these are inserted in a resin matrix.
Regional Insights:
The growth in the carbon fiber market in North America is estimated to show significant growth, at an estimated CAGR of around 7.3%, over the forecast period. The improving demand for fuel-efficient and lightweight vehicles and the accelerating use of renewable energy in the aerospace and military sector are all major factors driving the market share for carbon fibers in the region.
