Carbon fibers are fibers about 5–10 micrometres in diameter and composed mostly of carbon atoms. Carbon fibers have several advantages including high stiffness, high tensile strength, low weight, high chemical resistance, high temperature tolerance and low thermal expansion. These properties have made carbon fiber very popular in aerospace, civil engineering, military, and motorsports, along with other competition sports.
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However, they are relatively expensive when compared with similar fibers, such as glass fibers or plastic fibers. The global Carbon fiber market size is projected to grow from USD 3.7 billion in 2020 to USD 8.9 billion by 2031, at a CAGR of 8.6% in the forecast years. Increasing demand from wind energy and aerospace & defense industries is expected to drive the growth of the market between 2021 and 2031. However, factory shutdowns interrupted supply chains, and reduced demand from end-use industries has negatively affected the carbon fiber market.
Recent Developments
- In February 2021, Teijin Limited announced its new Tenax PW (power series) and Tenax BM (beam series) brands of carbon fiber intermediate materials for sports applications. Tenax PW is an advanced aircraft-quality material that helps to maximize power and speed thanks to its exceptional durability and toughness.
Decline in demand from luxury cars segment
One of the end-use markets for PAN and pitch carbon fibers is luxury cars. As per the European Automobile Manufacturers' Association (ACEA), due to COVID-19, the European and global automotive market declined by around 25% in 2020 compared to 2019. The sales and revenues of premium and luxury car manufacturers such as Mercedes, BMW, and Audi declined in 2020 everywhere in the world, except in China, where sales are on the rise compared to 2019. This decline in sales has also resulted in a decline in the demand for PAN and pitch carbon fibers.
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Production of low-cost carbon fiber
Though the manufacturers are focusing to produce low cost carbon fibers, the mass production and commercialization would take time. In order, to compete with PAN fibers, the cost of carbon fibers must be brought down by mass production. The applications of carbon fiber are still restricted due to its high cost.
“PAN-based carbon fiber accounted for the largest market share, in terms of value and volume”
The PAN-based carbon fiber segment dominated the carbon fiber market due to its high strength modulus in comparison to other types of carbon fibers. PAN-based carbon fiber is used more due to its cost-effectiveness and better quality of fiber produced. It gives more than 85% yield of carbon fiber. PAN-based carbon fiber is extensively used for structural material composites in aerospace & defense, industrial, and sporting goods sectors.
Based on region, the carbon fiber market has been segmented:
- Europe
- North America
- APAC
- MEA
- Latin America
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Increasing use of carbon fiber in 3D printing
3D printing technology involves the printing of a 3D object from a digital model by stacking thin materials. This is a sophisticated technology used for several applications and does not require large equipment setup. This technology can be used to print several objects in a short time span. Continuous carbon fibers are used in 3D printing as if it offers high strength and rigidity compared to other metallic materials. The content and orientation of carbon fiber are controllable, which eases the optimization process. 3D printing using carbon fibers also allows for high accuracy in the manufacturing of parts for various end-use industries such as aerospace, automotive, and dental. This technology will revolutionize the carbon fiber manufacturing process and will offer significant opportunities for the market players.
