The Global Large Tow Carbon Fiber Market Size is valued at 711.95 million in 2023 and is predicted to reach 1778.39 million by the year 2031 at a 12.25% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The expansion of the big tow carbon fiber market is driven by the rising desire for commercial aviation, which results from rising disposable income and globalization.
- The market for fuel-efficient cars is predicted to grow in line with automobile production, which bodes well for carbon fiber's market potential.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The market is still hindered from reaching its full potential because of high production costs and restricted recycling options.
Large-tow carbon fiber is the name of the thread used to weave carbon fiber fabrics. It can be utilised as a standalone product to produce wound pieces, pultruded shapes, or chopped reinforcements. Because it is made of small, strong, crystalline carbon strands, large-tow carbon fiber is used to reinforce things. The large size of the turbines will increase demand for large tow carbon fiber, resulting in more expansion, particularly in Europe, where carbon fiber is mostly utilized for automotive structural purposes. By building a solid supply chain from the Hungarian factory, Zoltek has increased its manufacturing capacity. The need for lightweight cars is expected to increase along with the demand for automobiles, which is expected to drive the industry as a whole.
However, the price volatility of raw materials like polyacrylonitrile (PAN) during the projection period would have a significant impact on the growth of the carbon fiber industry. The primary obstacle to the market's expansion is anticipated to be the production of affordable carbon fiber.
Recent Developments:
- In October 2022, The large tow carbon fiber production line of China Petrochemical Corporation began operations; the company has planned the first factory line in China for the project with a production capacity of 24,000 tons per year of precursors and 12,000 tons per year of large tow carbon fibers.
Competitive Landscape:
Some of the large tow carbon fiber market players are:
- TORAY INDUSTRIES, INC.
- SGL Carbon
- Teijin Limited
- Mitsubishi Chemical Corporation
- Solvay
- China Petrochemical Corporation
- Hexcel Corporation
- Jilin Tangu Carbon Fiber Co., Ltd.
- Formosa Plastics Group
- UMATEX
Market Segmentation:
The large tow carbon fiber market is segmented on the basis of end-use, product type and technology. Based on end-use, the market is segmented as aerospace, energy, automotive, sports, and others. The product type segment includes 48K, 50K, 60K, and others. By technology, the market is segmented into PAN-based, pitch-based, and others.
Based On Technology, The PAN-Based Segment Is Accounted As A Major Contributor In The Large Tow Carbon Fiber Market
The PAN-based category is expected to hold a major share of the global large tow carbon fiber market in 2024. This is to its affordability, high modulus, high tensile strength, and higher fiber quality; it is widely used in aerospace and defense, automotive, and sporting goods applications. It is suitable for the sports and aircraft sectors because of characteristics like low electrical resistivity, high thermal conductivity, low negative coefficient, and high modulus.
The Aerospace Segment Witnessed Growth At A Rapid Rate
The aerospace segment is projected to grow at a rapid rate in the global large tow carbon fiber market. Increasing aircraft manufacturing by Airbus and Boeing is projected to fuel market expansion. Interiors, brackets, engine blades, propellers/rotors, single-aisle wings, and wide-body wings are just a few areas in the aircraft sector where composite materials are used. In addition, aerospace engineers are attempting to increase the safety and sustainability of flying, which has resulted in the usage of fiber composite materials in space shuttles, planes, and helicopters.
Europe's Large Tow Carbon Fiber Market Holds A Significant Revenue Share In The Region
Europe's large tow carbon fiber market is expected to register the highest market share in terms of revenue in the near future. The presence of a sizable base of electric car manufacturers and the rising demand for lightweight and fuel-efficient automobiles are credited with the region's growth. Regional market expansion is probably being driven by the aerospace & military industry's accelerating utilization. Automobile manufacturers invest in R&D to create carbon composite materials that are affordable, driving the region's automotive industry.
Additionally, the growth of the North American market is projected to be driven by the increasing demand for lightweight composite materials in the aerospace industry. Some of the major top players operating in the area include Airbus, United Airlines, Inc., Boeing Co., and American Airlines Group Inc. The construction and demand for wind farms in this area have increased as a result of the rising demand to use renewable resources.
Large Tow Carbon Fiber Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 711.95 Mn |
|
Revenue forecast in 2031 |
USD 1778.39 Mn |
|
Growth rate CAGR |
CAGR of 12.25% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (Tons), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
End-Use, Product Type And Technology |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Toray Industries, Inc., SGL Carbon, Teijin Limited, Mitsubishi Chemical Corporation, Solvay, China Petrochemical Corporation, Hexcel Corporation, Jilin Tangu Carbon Fiber Co., Ltd., Formosa Plastics Group, and UMATEX. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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