Report : Asia Pacific 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 8.7% CAGR, the Asia Pacific Carbon Fiber Market is speculated to be worth US$ 2,485.08 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the Asia Pacific carbon fiber market was valued at US$ 1,509.83 million in 2022 and is expected to reach 2,485.08 US$ million by 2028, registering a CAGR of 8.7% 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 Asia Pacific carbon fiber market expansion.
The high-strength, modulus, and light-weight characteristics of carbon fiber have led to rising demand from the sporting goods manufacturing industry. Sporting goods such as golf shafts, racquets, skis, snowboards, hockey sticks, fishing rods, bats, and bicycles are manufactured using carbon fiber. Carbon fiber provides design flexibility to achieve precise shape of sporting equipment, which is critical to its performance. Carbon fiber helps to enhance the performance of bikers and golfers. The most specific use of carbon fiber in the sporting equipment is seen in the tennis racket. Players can hit faster ball with the lighter racket and control the ball better with a larger area of the racket. The increasing demand for carbon fiber-based sporting equipment provides a lucrative market opportunity for key and new market players. Many sports goods manufacturers in developed and developing countries are using carbon fiber. Thus, the increasing adoption of carbon fiber by the manufacturers of sporting goods across developed and developing countries provides lucrative growth opportunities for the carbon fiber market over the forecast period.
On the contrary, high cost associated with carbon fiber hurdles the growth of Asia Pacific carbon fiber market.
Based on raw material, the Asia Pacific carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held 97.3% market share in 2022, amassing US$ 1,468.55 million. It is projected to garner US$ 2,423.78 million by 2028 to expand at 8.7% CAGR during 2022–2028.
Based on application, the Asia Pacific carbon fiber market is segmented into composite materials, microelectrodes, and others. The composite materials segment held 84.7 % market share in 2022, amassing US$ 1,278.92 million. It is projected to garner US$ 2,119.64 million by 2028 to expand at 8.8% CAGR during 2022–2028.
Based on end use industry, the Asia Pacific 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 28.7 % market share in 2022, amassing US$ 433.18 million. It is projected to garner US$ 737.69 million by 2028 to expand at 9.3 % CAGR during 2022–2028.
Based on country, the Asia Pacific carbon fiber market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 61.5% market share in 2022. It was assessed at US$ 929.15 million in 2022 and is likely to hit US$ 1,531.90 million by 2028, exhibiting a CAGR of 8.7 % during the forecast period.
Key players dominating the Asia Pacific 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.
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