Carbon Fiber Industry- Challenges, Opportunities, Key Developments, Growth Prospects and Regional Trends

Posted by Jack Martin on January 17th, 2024

The carbon fiber market is projected to grow from USD 7.1 billion in 2023 to USD 23.2 billion by 2033, at a CAGR of 13.2% during the forecast period. Carbon fiber is a material composed mostly of carbon atoms and is made up of thin, strong crystalline filaments of carbon. It is a polymer and is sometimes known as graphite fiber. Carbon fibers have a number of benefits, including high stiffness, high tensile strength, a high strength-to-weight ratio, high chemical resistance, high-temperature tolerance, and low thermal expansion.

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Carbon fiber is created through a chemical and mechanical process that begins with drawing long strands of fiber and then heating them to a very high temperature without oxygen. This is when carbonization occurs, which occurs when the atoms inside the fibers vibrate violently, expelling the majority of the non-carbon atoms. This results in a fiber that is made up of long, tightly interlocked chains of carbon atoms with only a few non-carbon atoms remaining. Carbon fiber is used in many processes to create excellent structural materials and offers a variety of benefits, including being five times stronger than steel and twice as stiff. Carbon fiber is favored in many industries, including aerospace, civil engineering, military, motorsports, and other competition sports.

Major manufacturers in this market are based in Asia Pacific, North America and Europe. Toray Industries Inc., (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Hexcel Corporation (US), Solvay (Belgium), SGL Carbon (Germany), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Kureha Corporation (Japan), DowAksa (Turkey), Jilin Chemical Fiber Group Co., Ltd. (China), Jiangsu Hengshen Co., Ltd. (China), Anshan Sinoda Carbon Fibers Co., Ltd. (China), and China National Bluestar (Group) Co., Ltd. (China) are among a few leading players operating in the carbon fiber market. Major focus was given to the development of new manufacturing processes for carbon fiber and recent deals due to the changing requirements across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the carbon fiber market further.

Toray Industries Inc. (Japan)

Toray Industries, Inc. is a manufacturer of carbon fiber. The company, through its Carbon Fiber Composites Materials business segment, offers carbon fiber and carbon fiber products. Toray Industries Inc.’s operations are spread across 29 countries, mainly in the Asia Pacific, Europe, and North America. Toray operates through 317 affiliated companies.

The company has focused on the adoption of organic and inorganic strategies to cement its position as the market leader in the carbon fiber market. This includes the various product launches and developments and acquisitions, which have been supported by several contracts, collaborations, and partnerships with businesses from across the world.

Hexcel Corporation (US)

Hexcel Corporation is a leading manufacturer of carbon fiber and carbon fiber composites materials. The company develops, manufactures, and markets lightweight, high-performance materials & structures, including carbon fibers, composites, prepregs, honeycombs, matrix systems, adhesives, and composite structures. These products have applications in the aerospace, defense, automotive, and industrial sectors.

The company outlines long-term agreement as one of the key practices for growing its carbon fiber business.

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SGL Carbon (Germany)

SGL Carbon is a global company that manufactures and distributes carbon fibers and composites. The company has a diverse product portfolio, including fine-grain graphite, expanded graphite, carbon fiber-reinforced carbon, woven fabrics and tapes, fiber non-wovens, multiaxial fabrics, prepregs, and felt. The company's core business units include Carbon Fibers, Composite Solutions, Graphite Solutions, and Process Technology. The company has more than 40 years of experience with carbon fibers and composite materials and employs around 4,700 people across 29 high-performing sites in Europe, North America, and Asia Pacific.