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The Global Market for Carbon Fiber and Carbon Fiber Reinforced Polymers (CFRP) 2023-2033

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Published April 2023 | 181 pages, 47 figures, 46 tables | Download table of contents

Carbon fiber (CF) is used as a reinforcement material in composites. Carbon fiber reinforced polymers (CFRP) are mainly used in wind energy, automotive, aerospace (commercial and military aircraft, space launch vehicles), and pressure vessel industries for increased strength to weight and stiffness. Other markets are sports & leisure composites (skis and snowboards, bicycles and hockey sticks) and construction. The market for CF and CFRP will grow through to 2033, with recent increased demand in several markets and capacity expansions. 

CF has the characteristics of common carbon materials such as:

  • high temperature resistance
  • friction resistance
  • electrical conductivity
  • heat conduction
  • corrosion resistance

 

It also has advantageous differences such as:

  • shape has significant anisotropy
  • soft
  • can be processed into various fabrics
  • has a small specific gravity and therefore has a high specific strength.

 

There are significant regulatory, economic and consumer motivations for manufacturers to adopt materials that reduce the weight of the  product and maintain or increase its performance. For example, manufacturers are interested in producing aircraft and automobiles that are more fuel efficient, increasing the size of wind energy blades, and producing strong lightweight storage vessels for alternative transportation fuels. To this end, carbon fiber (CF) and carbon fiber reinforced polymers (CFRP) that provide lightweighting and strength enhancement potential, are primary candidate materials for meeting these goals.

Report contents include:

  • Figures for current carbon fiber and CFRP demand, production capacities and projected future demand to 2033, by metric tonnes, end user markets and regions. 
  • Market and technical developments 2020-2023. 
  • Assessment of developments in plant-based carbon fibers, low cost production, alternative precursors and processes, and 3D printing.
  • Markets covered include Aerospace, Sports & Leisure, Wind Energy, Automotive, Pressure Vessels, Construction & Infrastructure and Oil and Gas. 
  • 107 companies profiled including CF manufacturers, CFRP manufacturers and CF recyclers. Companies profiled include bCircular, Boston Materials, Carbon Conversions, Carbon Hexa, Continuous Composites, DowAksa, Formosa Plastics Corporation, Gen 2 Carbon, Hexcel Corporation, Hyosung Advanced Materials, Jiangsu Hengshen Co., Ltd., Kureha Corporation, LeMond Carbon, Mitsubishi Chemical Corporation, REGEN Fiber, Mallinda, SGL Carbon SE, Solvay SA, Teijin Limited, Toray Industries, Inc., UMATEX, Zhongfu Shenying and 9T Labs. 

 

 

1              EXECUTIVE SUMMARY   12

  • 1.1          Key players         12
  • 1.2          Global carbon fiber demand 2016-2033, by industry (MT)              14
  • 1.3          Global carbon fiber revenues 2016-2033, by industry (billions USD)           15
  • 1.4          Global carbon fiber demand 2016-2033, by region (MT)  16
  • 1.5          Market drivers and trends            17
  • 1.6          Market challenges           17
  • 1.7          Future trends    18

 

2              INTRODUCTION 20

  • 2.1          Carbon fibers     20
    • 2.1.1      Properties of carbon fibers          20
      • 2.1.1.1   Types by modulus            22
      • 2.1.1.2   Types by the secondary processing          22
  • 2.1.2      Precursor material types               23
    • 2.1.2.1   PAN: Polyacrylonitrile     24
    • 2.1.2.2   Pitch-based carbon fibers             26
    • 2.1.2.3   Viscose (Rayon)-based carbon fibers       27
  • 2.2          Carbon fiber reinforced polymer (CFRP) 28
    • 2.2.1      Applications       28
  • 2.3          Bio-based and alternative precursors      30
    • 2.3.1      Lignin    30
    • 2.3.2      Polyethylene     33
    • 2.3.3      Vapor grown carbon fiber (VGCF)             34
    • 2.3.4      Textile PAN         34
  • 2.4          Recycled carbon fibers (r-CF)      34
    • 2.4.1      Recycling processes        35
    • 2.4.2      Companies         38
  • 2.5          Carbon Fiber 3D Printing               38
  • 2.6          Plasma oxidation              41
  • 2.7          Carbon fibers from Direct Air Capture (DAC)        41
    • 2.7.1      Deployment       43
    • 2.7.2      Point source carbon capture versus Direct Air Capture     44
    • 2.7.3      Technologies     44
      • 2.7.3.1   Solid sorbents   46
      • 2.7.3.2   Liquid sorbents 48
      • 2.7.3.3   Liquid solvents  48
      • 2.7.3.4   Airflow equipment integration   49
      • 2.7.3.5   Passive Direct Air Capture (PDAC)             49

 

3              CARBON FIBER PRODUCTION CAPACITIES             51

  • 3.1          Annual capacity, by producer      51
  • 3.2          Market share, by capacity             52

 

4              MARKETS FOR CARBON FIBERS  53

  • 4.1          Carbon fiber industry developments 2020-2023  53
  • 4.2          Aerospace          57
    • 4.2.1      Market drivers, applications, desirable properties, pricing and key players              58
    • 4.2.2      Global demand 59
      • 4.2.2.1   Carbon fiber       59
      • 4.2.2.2   CFRP      60
  • 4.3          Wind energy      62
    • 4.3.1      Market drivers, applications, desirable properties, pricing and key players              62
    • 4.3.2      Offshore              63
    • 4.3.3      Global demand 63
      • 4.3.3.1   Carbon fiber       63
      • 4.3.3.2   CFRP      65
  • 4.4          Sports & leisure 67
    • 4.4.1      Market drivers, applications, desirable properties, pricing and key players              67
    • 4.4.2      Global demand 68
      • 4.4.2.1   Carbon fiber       68
      • 4.4.2.2   CFRP      69
  • 4.5          Automotive        71
    • 4.5.1      Market drivers, applications, desirable properties, pricing and key players              71
    • 4.5.2      Global demand 72
      • 4.5.2.1   Carbon fiber       72
      • 4.5.2.2   CFRP      74
  • 4.6          Pressure vessels               76
    • 4.6.1      Market drivers, applications, desirable properties, pricing and key players              77
    • 4.6.2      Global demand 78
      • 4.6.2.1   Carbon fiber       78
      • 4.6.2.2   CFRP      80
  • 4.7          Oil and gas          81
    • 4.7.1      Market drivers, applications, desirable properties, pricing and key players              81
      • 4.7.1.1   Carbon fiber       82
      • 4.7.1.2   CFRP      84
  • 4.8          Other markets   86
    • 4.8.1      Construction & infrastructure     86
      • 4.8.1.1   Market drivers, desirable properties, applications and pricing       86
    • 4.8.2      Medical 87
      • 4.8.2.1   Market drivers, desirable properties, applications and pricing       87

 

5              GLOBAL DEMAND TO 2033           88

  • 5.1          Demand by market 2016-2033    88
    • 5.1.1      Carbon fiber       88
    • 5.1.2      Carbon fiber reinforced polymers (CFRP)               90
  • 5.2          Demand by region 2016-2033      92

 

6              COMPANY PROFILES       94

  • 6.1          Carbon fiber producers 94 (29 company profiles)
  • 6.2          Carbon Fiber composite producers           116 (62 company profiles)
  • 6.3          Carbon fiber recyclers    162 (16 company profiles)

 

7              RESEARCH METHODOLOGY         176

 

8              REFERENCES       177

 

List of Tables

  • Table 1. Production capacities of carbon fiber producers, in metric tonnes, current and planned. 13
  • Table 2. Market drivers and trends in carbon fibers.         17
  • Table 3. Market challenges in the CF and CFRP market.   17
  • Table 4. Classification and types of the carbon fibers.       20
  • Table 5. Summary of carbon fiber properties.      21
  • Table 6. Modulus classifications of carbon fiber. 22
  • Table 7. Comparison of main precursor fibers.     23
  • Table 8. Summary of markets and applications for CFRPs.              28
  • Table 9. Properties of lignins and their applications.          32
  • Table 10. Lignin-derived anodes in lithium batteries.        33
  • Table 11. Fiber properties of polyolefin-based CFs.           34
  • Table 12. Summary of carbon fiber (CF) recycling technologies. Advantages and disadvantages.   35
  • Table 13. Retention rate of tensile properties of recovered carbon fibres by different recycling processes.              37
  • Table 14. Recycled carbon fiber producers, technology and capacity.         38
  • Table 15. Methods for direct fiber integration.    38
  • Table 16. Continuous fiber 3D printing producers.             39
  • Table 17. Advantages and disadvantages of DAC.               43
  • Table 18. Companies developing airflow equipment integration with DAC.             49
  • Table 19. Companies developing Passive Direct Air Capture (PDAC) technologies. 49
  • Table 20. Production capacities of carbon fiber producers, in metric tonnes, current and planned.              51
  • Table 21. Carbon fiber industry developments 2020-2023.             53
  • Table 22. Comparison of CFRP to competing materials.    57
  • Table 23. The market for carbon fibers in aerospace-market drivers, applications, desirable properties, pricing and key players. 58
  • Table 24. Global demand for carbon fibers 2016-2033, in aerospace (metric tonnes).        59
  • Table 25. Global revenues for CFRP 2016-2033, in aerospace (billions USD).           60
  • Table 26. The market for carbon fibers in wind energy-market drivers, applications, desirable properties, pricing and key players.        62
  • Table 27. Global demand for carbon fibers 2016-2033, in wind energy (metric tonnes).    63
  • Table 28. Global revenues for CFRP 2016-2033, in wind energy (billions USD).       65
  • Table 29. The market for carbon fibers in sports & leisure-market drivers, applications, desirable properties, pricing and key players.               67
  • Table 30. Global demand for carbon fibers 2016-2033, in sports & leisure (metric tonnes).             68
  • Table 31. Global revenues for CFRP 2016-2033, in sports & leisure (billions USD). 69
  • Table 32. The market for carbon fibers in automotive-market drivers, applications, desirable properties, pricing and key players.        71
  • Table 33. Global demand for carbon fibers 2016-2033, in automotive (metric tonnes).     72
  • Table 34. Global revenues for CFRP 2016-2033, in automotive (billions USD).        74
  • Table 35. The market for carbon fibers in pressure vessels-market drivers, desirable properties of CF, applications, pricing, key players.        77
  • Table 36. Global demand for carbon fibers 2016-2033, in pressure vessels (metric tonnes).            78
  • Table 37. Global revenues for CFRP 2016-2033, in pressure vessels (billions USD).               80
  • Table 38. The market for carbon fibers in oil and gas-market drivers, desirable properties, applications, pricing and key players. 81
  • Table 39. Global demand for carbon fibers 2016-2033, in oil and gas (metric tonnes).       82
  • Table 40. Global revenues for CFRP 2016-2033, in oil and gas (billions USD).          84
  • Table 41. The market for carbon fibers in construction & infrastructure.  86
  • Table 42. The market for carbon fibers in medical.             87
  • Table 43. Global demand for carbon fibers 2016-2033, by market (metric tonnes).             88
  • Table 44. Global market revenues for Carbon fiber reinforced polymers (CFRP) 2016-2033, by market (billion USD).                90
  • Table 45. Global demand for carbon fibers 2018-2033, by region (thousand metric tonnes).           92
  • Table 46. Main Toray production sites and capacities.      112

 

List of Figures

  • Figure 1. Global carbon fiber demand 2016-2033, by industry (MT).          14
  • Figure 2. Global carbon fiber revenues 2016-2033, by industry (MT).        15
  • Figure 3. Global carbon fiber revenues 2016-2033, by region (MT).            16
  • Figure 4.  Manufacturing process of PAN type carbon fibers.         24
  • Figure 5. Production processes for pitch-based carbon fibers.       27
  • Figure 6. Lignin/celluose precursor.          30
  • Figure 7. Process of preparing CF from lignin.       31
  • Figure 8. CO2 captured from air using liquid and solid sorbent DAC plants, storage, and reuse.      42
  • Figure 9. Global CO2 capture from biomass and DAC in the Net Zero Scenario.      43
  • Figure 10.  DAC technologies.     45
  • Figure 11. Schematic of Climeworks DAC system.               46
  • Figure 12. Climeworks’ first commercial direct air capture (DAC) plant, based in Hinwil, Switzerland.          47
  • Figure 13.  Flow diagram for solid sorbent DAC.  47
  • Figure 14. Direct air capture based on high temperature liquid sorbent by Carbon Engineering.    48
  • Figure 15. Carbon fiber manufacturing capacity in 2022, by company (metric tonnes)       52
  • Figure 16. ASIO drone by Flybotix.            57
  • Figure 17. Global demand for carbon fibers 2016-2033, in aerospace (metric tonnes).       60
  • Figure 18. Global revenues for CFRP 2016-2033, in aerospace (billions USD).         61
  • Figure 19. Global demand for carbon fibers 2016-2033, in wind energy (metric tonnes).  64
  • Figure 20. Global revenues for CFRP 2016-2033, in wind energy (billions USD).     66
  • Figure 21. Global demand for carbon fibers 2016-2033, in sports & leisure (metric tonnes).            69
  • Figure 22. Global revenues for CFRP 2016-2033, in sports & leisure (billions USD).              70
  • Figure 23. Global demand for carbon fibers 2016-2033, in automotive (metric tonnes).    73
  • Figure 24. Global revenues for CFRP 2016-2033, in automotive (billions USD).       75
  • Figure 25. Schematic of a 700-bar Type-IV COPV for on-board FCV hydrogen storage.       76
  • Figure 26. CF pressure vessel for Hyundai Truck. 77
  • Figure 27. Global demand for carbon fibers 2016-2033, in pressure vessels (metric tonnes).          79
  • Figure 28. Global revenues for CFRP 2016-2033, in pressure vessels (billions USD).             81
  • Figure 29. Global demand for carbon fibers 2016-2033, in oil and gas (metric tonnes).      83
  • Figure 30. Global revenues for CFRP 2016-2033, in oil and gas (billions USD).         85
  • Figure 31. Global demand for carbon fibers 2016-2033, by market (metric tonnes).            89
  • Figure 32. Global market revenues for Carbon fiber reinforced polymers (CFRP) 2016-2033, by market (billion USD).                91
  • Figure 33. Global demand for carbon fibers 2018-2033, by region (thousand metric tonnes).         93
  • Figure 34. Neustark modular plant.          105
  • Figure 35. 9T Labs' Red Series.    116
  • Figure 36. 3D printed component.            117
  • Figure 37. Continuous carbon fiber part. 123
  • Figure 38. Speedland SL:PDX trail shoe incorporating carbon fiber plate. 127
  • Figure 39. Carbon 1 MK II.            129
  • Figure 40. CR-9 carbon fibre wheel.         130
  • Figure 41. The Continuous Kinetic Mixing system.              136
  • Figure 42. CBAM-2 3D printer.    141
  • Figure 43. Thermoplastic CFRP single aisle pressure bulkhead demonstrator.        150
  • Figure 44. Rein4ced carbon mountain bike hardtails.        152
  • Figure 45. Recycled carbon fibers obtained through the R3FIBER process.               163
  • Figure 46. Compression molded automotive floorboard. 165
  • Figure 47. Chemical decomposition process of polyurethane foam.           171

 

       

The Global Market for Carbon Fiber and Carbon Fiber Reinforced Polymers (CFRP) 2023-2033
The Global Market for Carbon Fiber and Carbon Fiber Reinforced Polymers (CFRP) 2023-2033
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The Global Market for Carbon Fiber and Carbon Fiber Reinforced Polymers (CFRP) 2023-2033
The Global Market for Carbon Fiber and Carbon Fiber Reinforced Polymers (CFRP) 2023-2033
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