Owing to high strength and high modulus of fibers available, the global carbon fiber market is anticipated to generate great revenues in the coming years. The competitive landscape of the carbon fiber market is fairly consolidated due to the presence of very few well-established players. Carbon fiber is almost as half as light as steel and offers high tensile strength with temperature tolerance and sturdiness. It also has low thermal expansion and is corrosion, as well as high heat tolerant and resistant. Because of its distinct lightweight and strength, carbon fibers makes a very versatile and useful commercial product not just for one or two but a wide range of markets.
The carbon fiber market is gaining impetus because of a number of factors like rise in demand for fuel efficient vehicles, and launching new products consistently. Moreover, the government is laying emphasis to encourage wind energy industry and to increase the usage of materials that are used to manufacture composite parts of aircraft. Original Equipment Manufacturers (OEMs) have started to substitute traditional materials used for automotive manufacturing with advanced engineered materials like glass fiber composites, engineered plastics and carbon fiber composites, thus boosting the demand for carbon fibers in the global market.
On the other hand, factors that may restrict the carbon fiber market from achieving greater lucrativeness are insufficient product capability and expensive rates of these fibers. Apart from that, once there a dint or a crack, it is not recyclable and cannot be fixed back like that of a steel structure. The material will not be as strong as before. In most cases, materials made out of carbon fiber if broken, or dinted, will either have to be replaced with a new one or thrown away. The global carbon fiber market is estimated to be worth US$3.4bn by 2026 with a CAGR of 6.8%. The key factors to give new approaches for expansion of the market are the new scopes boosting the aerospace as well as the automotive industries.
The global carbon fiber market is segmented on the basis of applications, where key classifications are automotive, wind energy, construction, marine and oil and gas, aerospace and aviation, and sports and leisure. Out of these, the automotive segment is further classified into exterior and interior. Carbon fibers are used in interior and exterior parts such as gas caps, vents and door pillars. The International Building Code (IBC) has defined fiber-reinforced polymer materials as a category of both exterior and interior building materials for specific application utilization. Thus, composites can be used as architectural and construction materials apart from specific exterior and interior applications.