Report : North America 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 8.5% CAGR, the North America Carbon Fiber Market is speculated to be worth US$ 1626.89 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the North America carbon fiber market was valued at US$ 995.94 million in 2022 and is expected to reach 1626.89 US$ million by 2028, registering a CAGR of 8.5% 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 North America carbon fiber market expansion.
The automotive manufacturers are demanding innovative and high-quality materials for producing automotive components that are lighter in weight and have high mechanical and tensile strength. Among the various materials, carbon fiber is considered as one of the most suitable materials for lightweight automobile parts. Moreover, the carbon-fiber-reinforced composites are used as the essential materials to substitute steel and aluminum parts that are heavier in weight and result in reduced fuel efficiency. The use of carbon fiber in the automobile industry has improved fuel efficiency, leading to energy conservation, and minimizing carbon dioxide emissions. Leading automotive manufacturers are using carbon fiber for manufacturing components. As carbon fibers offer high modulus and specific strength, fatigue strength, stiffness, and pressure-withstanding capacity; lower thermal expansion coefficient; corrosion resistance; and other beneficial properties; these are being widely used in the automotive and other industrial applications. These fibers are widely preferred over aluminum and steel. Government initiatives that emphasize on reduction of harmful gas emissions and increase fuel efficiency, is expected to drive the market for carbon fiber in automotive industry. Furthermore, carbon fiber is also used in the aerospace industry. Carbon fiber has high chemical resistance, tensile strength, stiffness, and low thermal expansion and weight properties which makes it suitable for aerospace application. It is used in designing, assembling, and manufacturing various types of aircrafts. Over the past few years, the aerospace industry has switched from aluminum material to carbon fiber for the construction of the aircraft. Carbon fiber aircraft parts consume lesser amount of fuel due to its lightweight property. Due to lesser fuel consumption, the aircraft also has enough fuel left to cover long distances. These advantages of carbon fiber are significantly driving the carbon fiber market growth.
On the contrary, high cost associated with carbon fiber hurdles the growth of North America carbon fiber market.
Based on raw material, the North America carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held 95.3% market share in 2022, amassing US$ 949.21 million. It is projected to garner US$ 1559.07 million by 2028 to expand at 8.6 % CAGR during 2022–2028.
Based on application, the North America carbon fiber market is segmented into composite materials, microelectrodes, and others. The Composite Materials segment held 82.4 % market share in 2022, amassing US$ 820.59 million. It is projected to garner US$ 1349.49 million by 2028 to expand at 8.6% CAGR during 2022–2028.
Based on end use industry, the North America carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The aerospace and defense segment held 24.1 % market share in 2022, amassing US$ 240.42 million. It is projected to garner US$ 397.41 million by 2028 to expand at 8.7 % CAGR during 2022–2028.
Based on country, the North America carbon fiber market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.3% market share in 2022. It was assessed at US$ 809.43 million in 2022 and is likely to hit US$ 1333.43 million by 2028, exhibiting a CAGR of 8.7 % during the forecast period.
Key players dominating the North America carbon fiber market are SGL Carbon SE; DowAksa Advanced Composite Material Industries Ltd Co; Formosa Plastics Corp; Hexcel Corp; Hyosung Advanced Materials Corp; Kureha Corp; Solvay SA; Teijin Ltd; Toray Industries Inc; and Mitsubishi Chemical Corp among others.
- In Mar-2019, SGL Carbon and Solvay entered into a joint development agreement (JDA) to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber.
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