The Mesophase Pitch-Based Carbon Fiber Market Size is valued at USD 622.5 million in 2023 and is predicted to reach USD 991.7 million by the year 2031 at a 6.2% CAGR during the forecast period for 2024-2031.
Mesophase pitch-based carbon fibre is a liquid crystalline substance generated from coal tar or petroleum. Mesophase pitch-based carbon fibre is a high-performance carbon fibre. Factors such as the increasing need for lightweight, robust materials in the automotive and aerospace sectors, advancements in production techniques, and materials that efficiently transfer heat in electronics are propelling the mesophase pitch-based carbon fibre market. Lighter and more fuel-efficient vehicles are being manufactured by an increasing number of automakers employing carbon fibres derived from mesophase pitch. Additionally, the rising need for aircraft and vehicle components made of ultra-light, ultra-efficient materials is creating opportunities in the market for mesophase pitch-based carbon fibre. These fibres are becoming more affordable as a result of technological advancements in manufacturing. Growing awareness of ecologically friendly materials fuels acceptance in many different sectors and also bodes well for future market expansion.
However, market growth is hampered by the high cost of mesophase pitch-based carbon fibre, which a lack of knowledge, technical manufacturing hurdles, and strict regulations can hinder. Furthermore, COVID-19 affected the market for mesophase pitch-based carbon fibre by causing supply chain disruptions and a decrease in demand from the aerospace and automotive industries. However, as a result of recovery efforts, demand for mesophase pitch-based carbon fibre is on the rise. In addition, the demand for mesophase pitch-based carbon fibres is being propelled by wind energy, and clean technology is finding more and more uses due to the increased emphasis on sustainable solutions and renewable energy and the ongoing innovation in electronics and energy storage.
Competitive Landscape
Some Major Key Players In The Mesophase Pitch-Based Carbon Fiber Market:
- Hexcel Corporation
- Toray Industries, Inc.
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- Nippon Carbon Co., Ltd.
- SGL Carbon
- Solvay S.A.
- Cytec Solvay Group
- Formosa Plastics Corporation
- Hyosung Advanced Materials
- Liaoning Novcarb
- Jining Carbon Group
- Zhongli New Materials
- Other Market Players
Market Segmentation:
The global mesophase pitch-based carbon fiber market is segmented based on the type and application. Based on type, the market is segmented into high-modulus type and low-modulus type. By application, the market is separated into aerospace and defense, automotive, wind energy, sporting goods, construction and infrastructure, and electrical and electronics.
Based On The Type, The High Modulus Type In The Mesophase Pitch-Based Carbon Fibre Market Segment Is Accounted As A Major Contributor To The Mesophase Pitch-Based Carbon Fibre Market.
The high modulus type in the mesophase pitch-based carbon fibre market is expected to hold a major global market share in 2023. This is because its remarkable rigidity and strength make it perfect for use, necessitating great structural performance, including aerospace, military, and high-performance athletic items. Its high electrical conductivity makes it ideal for use in high-tech electronics and energy storage systems, which in turn increases demand in sectors that value long-term material efficiency and reliability.
Aerospace And Defence Segment To Witness Growth At A Rapid Rate.
The aerospace and defence segment in the mesophase pitch-based carbon fibre market is growing because there is a growing need for strong and lightweight materials to improve the effectiveness of aerospace and defence systems. These fibres are ideal for high-tech aerospace applications due to their remarkable heat stability and rigidity. The need to upgrade military hardware and create next-gen planes is another factor propelling the use of carbon fibres based on mesophase pitch in these industries.
In The Region, The Asia Pacific Mesophase Pitch-Based Carbon Fibre Market Holds A Significant Revenue Share.
The Asia Pacific global mesophase pitch-based carbon fibre market is anticipated to report the highest market share in revenue in the near future. This is because of highly developed aerospace and military industries, substantial investments in research and development, and an emphasis on using cutting-edge materials for applications requiring high performance in a wide range of technical fields.
Mesophase Pitch-Based Carbon Fiber Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 622.5 Mn |
|
Revenue Forecast In 2031 |
USD 991.7 Mn |
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Growth Rate CAGR |
CAGR of 6.2% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Hexcel Corporation, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Nippon Carbon Co., Ltd., SGL Carbon, Solvay S.A., Cytec Solvay Group, Formosa Plastics Corporation, and Hyosung Advanced Materials. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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