Report : Europe Carbon Fiber Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Raw Material (Polyacrylonitrile-Based and Pitch-Based), Application (Composite Materials, Microelectrodes, and Others), and End-Use Industry (Automotive, Aerospace and Defense, Building and Construction, Sporting Goods, Wind Energy, Textiles, Marine, and Others)
At 7.8 % CAGR, the Europe Carbon Fiber Market is speculated to be worth US$ 1389.89 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the Europe carbon fiber market was valued at US$ 887.15 million in 2022 and is expected to reach 1389.89 US$ million by 2028, registering a CAGR of 7.8% from 2022 to 2028. Escalating demand for automotive and aerospace applications and rising demand for carbon fiber in wind energy industry are the critical factors attributed to the Europe carbon fiber market expansion.
Growing demand to utilize renewable resources has led to a surge in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. Wind turbine manufacturers strive to produce more efficient and longer blades that lighter in weight. Advanced composite materials such as carbon fiber are widely used in wind turbines, specifically for manufacturing blades. The companies operating in the market have discovered that the longer the blades are on a turbine, the more energy can be generated. Carbon fiber plays a very important role in the wind energy industry. Large blades are typically designed by stiffness and deflection, rather than taking into consideration the material strength. The high stiffness characteristic of carbon fiber reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Carbon fiber is added in the spar cap, which is the backbone of the blade. Moreover, the carbon fibers are an effective alternative to the glass fibers used in the wind turbines. They show higher stiffness and lower density as compared to the glass fibers, thus, allowing the thinner, stiffer and lighter blades. Furthermore, they have relatively low damage tolerance, compressive strength, and ultimate strain. Therefore, carbon fibers are most used in the fabrication of wind turbine blades. Carbon fiber has proven to be an enabling technology for turbine manufacturers. These companies use carbon fiber in select structural parts of the blades and taking advantage of the lighter weight blades throughout the turbine system. Lighter blades require less robust turbine and tower components, so the cascading cost is also saved. All these factors are significantly driving the growth of Europe carbon fiber market.
On the contrary, high cost associated with carbon fiber hurdles the growth of Europe carbon fiber market.
Based on raw material, the Europe carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held 95.9% market share in 2022, amassing US$ 850.55 million. It is projected to garner US$ 1336.32 million by 2028 to expand at 7.8 % CAGR during 2022–2028.
Based on application, the Europe carbon fiber market is segmented into composite materials, microelectrodes, and others. The Composite Materials segment held 86.5% market share in 2022, amassing US$ 767.29 million. It is projected to garner US$ 1206.88 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on end use industry, the Europe carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The automotive segment held 24.7 % market share in 2022, amassing US$ 219.12 million. It is projected to garner US$ 358.59 million by 2028 to expand at 8.6 % CAGR during 2022–2028.
Based on country, the Europe carbon fiber market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 32.3% market share in 2022. It was assessed at US$ 286.88 million in 2022 and is likely to hit US$ 417.42 million by 2028, exhibiting a CAGR of 6.5 % during the forecast period.
Key players dominating the Europe carbon fiber market are DowAksa Advanced Composite Material Industries Ltd Co; Formosa Plastics Corp; Hexcel Corp; Hyosung Advanced Materials Corp; Kureha Corp; Mitsubishi Chemical Corp; SGL Carbon SE; Solvay SA; Teijin Ltd; and Toray Industries Inc among others.
- In Feb-2022, Teijin Limited partnered business alliance with Fuji Design Co., Ltd., a Japanese manufacturer of recycled carbon fibers to establish a business structure for the production, supply and commercialization of carbon fiber reinforced plastic (CFRP) products made from recycled carbon fibers using a low environmental impact process.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com