Carbon Fiber Market Size, Share & Trends Report

Carbon Fiber Market Size, Share & Trends Analysis Report By Raw Material (PAN-Based, Pitch-Based), By Tow Size, By Application (Automotive, Aerospace & Defense), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-523-6
  • Number of Pages: 109
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the carbon fiber market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for carbon fiber market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of carbon fiber market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Carbon Fiber Market Categorization:

The carbon fiber market was categorized into four segments, namely raw material (PAN Based, Pitch Based), tow size (Small Tow, Large Tow), application (Automotive, Aerospace & Defense, Wind Turbines, Sports/Leisure, Molding & Compound, Construction, Pressure Vessel), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The carbon fiber market was segmented into raw material, tow size, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The carbon fiber market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; Mexico; Germany; France; the UK; China; Japan; Taiwan; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Carbon fiber market companies & financials:

The carbon fiber market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • DowAksa: DowAksa is a joint venture between Dow Chemical and Aksa Akrilik Kimya Sanayii A.Ş. The company offers high quality carbon fibers for transportation, energy, and infrastructure market. It caters to various end-use industries including wind energy, infrastructure, marine, and offshore oil & gas. The company’s business strategies mainly focus on composite component manufacturers and users. DowAksa manufactures different grades of carbon fibers for various emulsion composites and processes. The company has a manufacturing plant at Yalova, Turkey.

  • Cytec Solvay Group: Cytec Industries was acquired by Solvay in December 2015 and now operates as Cytec Solvay Group. The company manufactures various types of tow sizes such as tooling portfolio, carbon fiber, process materials, and ancillary materials. It operates through four segments including aerospace materials, industrial materials, in-process separation, and additive technologies. The company serves various end-use industries including aerospace, agriculture, mining, defense, energy, and automotive.

  • Toray Industries, Inc.: Toray Industries, Inc. is an integrated chemical industry group with its business spread across countries. The company’s business units include fibers & textiles, plastics & chemicals, IT-related tow sizes, environment & engineering, and life sciences& other services. It is also involved in manufacturing carbon fiber, carbon composite material, and molded tow sizes for various end-use industries. The company operates through twelve tow sizeion plants in Japan and regional offices in the U.S., Germany, China, Korea, India, and Brazil.

  • SGL Group: SGL Group is a carbon manufacturing company. It provides tow sizes group ranging from graphite and carbon fibers to composite materials. SGL Group operates through three operating units including performance tow sizes, graphite materials & systems, and carbon fibers & composite materials. The company is present throughout the value chain from carbon fiber to composite tow sizeion. It caters to a wide range of industries including aerospace, agriculture, automotive, defense, chemicals, electronics, construction & building engineering service, energy, and glass & ceramics.

  • SGL Hexcel Corporation: SGL Hexcel Corporation is an advanced composite manufacturing company headquartered at Stamford, Connecticut. The company provides composite materials including carbon fiber & reinforcement fabrics to pre-impregnated materials & honeycomb core, tooling materials, and finished aircraft structures. Hexcel Corporation caters to various end-use industries including aerospace, space, defense, and wind energy.

  • Teijin Limited: Teijin Limited manufactures various tow sizes including high performance fiber, resin & plastic processing, films & sheets, polymers, IT tow sizes, and water purification. The company also manufactures carbon fiber & composite material. It operates through a wide range of business units including healthcare, advanced fiber & composites, electric materials & performance polymer tow sizes, tow size converting, and IT. Teijin manufactures carbon fibers and composites for key automobile, aerospace, windmills, and sporting goods segments.

  • Mitsubishi Rayon Co., Ltd.: Mitsubishi operates through five business units, chemicals, plastics, fibers, carbon fibers & composite materials, and aqua. The company’s tow size portfolio includes methyl methacrylate, carbon fibers & composites, acrylic fibers, acetate fibers, polyester fibers, polypropylene fibers, water purifier, waste water separation & purification systems, and moth eyes type films.

  • Hyosung Corporation: Hyosung Corporation has over 50 tow sizeion and sales facilities in 130 countries across the globe. Hyosung serves vital tow sizes to industries including power & industrial, textile, chemicals, information & communication, construction, industrial materials and others. Industrial materials are segmented into six divisions as tire & industrial reinforcement PU, technical yarn PU, global safety textiles, interior PU, aramid business division, and carbon business division. Hyosung manufactures carbon fiber under carbon business division and started carbon fiber development in 2008.

  • Gurit Holding AG: Gurit Holding AG was established as yarn dye works and has established itself as a global manufacturer and supplier of composite materials, tooling equipment, engineering services, etc. The company manufactures composite materials and related tow sizes such as adhesives, gel coats, fiber-reinforced prepregs, resins structural core tow sizes and consumables. Gurit serves various application segments including wind energy, composite tooling, rail, aerospace, industrial, marine, automotive, ocean energy, defense, and engineered structure.

  • Plasan Carbon Composites: Plasan Carbon Composites supplies carbon fiber mass reduction solutions to automotive OEM’s. Plasan manufactures paint-line ready Class-A body panels, assemblies, and structural components. The company also provides tailor-made composites and components as per the client requirements. The company offers weight reduction solutions to various automotive OEMs. Presently, Plasan has a 197,000 square foot manufacturing facility with a tow sizeion capacity of 30,000 to 50,000 vehicles per annum.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Carbon Fiber Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Carbon Fiber Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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