Market Research Future (MRFR) has published a cooked research report on the “Global Pitch Based Carbon Fiber Market” that contains the information from 2019 to 2030. The Pitch Based Carbon Fiber market is estimated to register a CAGR of 6.62% during the forecast period of 2023 to 2030.
MRFR recognizes the following companies as the key players in the global Pitch Based Carbon Fiber market— Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc (US), DowAksa (Georgia), OJSC «SvetlogorskKhimvolokno» (Belarus), Nippon Graphite Fiber Co., Ltd (Japan), Kureha Corporation (Japan), SGL Carbon (Germany), and Toray Industries Inc.
The global Pitch Based Carbon Fiber market is accounted for to register a CAGR of 6.62% during the forecast period and is estimated to reach USD 1,53,404.05 Thousand by 2030.
The largest growth trend is the increasing demand for carbon fibers in the aerospace & defense industry. The market space also witnesses extensive consumption of services owing to the rapidly growing wind energy sector. The demand for carbon fibers has increased in the aerospace & defense industry over the past two decades owing to their superior performance characteristics over metals. Also, the pitch-based carbon fibers exhibit excellent performance characteristics such as high strength to weight ratio, low thermal expansion, and corrosion resistance. The global wind energy sector had witnessed year-on-year growth, which can be seen in the figure below, and is expected to showcase promising growth during the forecast period. The sector will also experience a certain surge in demand, which will boost revenues throughout the forecast period.
Furthermore, the increasing demand for carbon fibers in the automotive industry and construction industry is projected to offer growth opportunities for the players operating in the market during the forecast period. However, the high cost of pitch-based carbon fibers has increased the preference for low-cost PAN-based and fiberglass substitutes; also, high cost and complexities in the manufacturing processes has projected to be the major restraining factor to the growth of the global pitch-based carbon fiber market during the forecast period.
The global pitch-based carbon fiber market has been segmented based on type, applications, and region.
Based on Type has been segmented as Composites and Non-Composites. Among these, the Composites is projected to dominate the global Pitch Based Carbon Fiber market revenue through the projected period. The composite segment accounted for the market share of 94.95% in 2022, with a market value of USD 87,253.05 thousand; it is expected to register a CAGR of 6.75% during the forecast period.
The increasing demand for carbon fiber-reinforced composites in major end-use industries such as aerospace & defense, automotive, construction, renewable energy, and sports & leisure due to its superior properties such as lightweight, high stiffness, high thermal conductivity, and high modulus. Among the industries above, the demand for pitch-based carbon fiber reinforced composites is primarily driven by the aerospace and defense industry. The carbon fiber composites could be divided into fiber reinforced (short fiber and continuous fiber) and structural (laminar and sandwich) composites. Many technologies have been used to fabricate carbon fiber composites, including, contact molding, compression molding, vacuum molding, resin injection molding, filament winding, and pre-preg production processes.
Based on the Application has been segmented as Aerospace & Defense, Automotive, Construction, Wind Energy, Sports & Leisure, and Others. The market's largest share belonged to the Paints And Coatings sector. The aerospace & defense segment accounted for the largest market share of 36.35% in 2022, with a market value of USD 33,403.98 thousand; it is expected to register a CAGR of 7.40% during the forecast period. Pitch-based carbon fibers are used in satellite structures and thermal management applications, including space radiators and battery sleeves, due to their superior properties, such as high stiffness and thermal conductivity. The demand for pitch-based carbon fibers in developed markets is growing significantly due to the established presence of major aircraft manufacturers such as Boeing, Rolls-Royce plc, and Raytheon Company. Additionally, the growing aerospace and defense industry in the developed markets with rising commercial aircraft production and increased spending on defense equipment to bolster military power are likely to drive the demand for pitch-based carbon fibers during the review period.
By Region, the study segments the Pitch Based Carbon Fiber market into North America, Europe, Asia-Pacific, Middle East & Africa and South America. Asia-Pacific pitch-based carbon fiber market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period. Asia-Pacific dominated the market with a share of 36.13%, accounting for USD 33,200.06 Thousand in 2022; it is expected to register the highest CAGR of 7.46% from 2023 to 2030. A sizable, pitch-based carbon fiber industry in the region is likely to make the Asia-Pacific region the largest expanding market for pitch-based carbon fiber globally. The market for pitch-based carbon fiber is also anticipated to grow throughout the forecast period because of rising government investments in infrastructure development in developing nations like China and India. Because of the high demand for pitch-based carbon fiber for the automotive & transportation industries, Europe has been actively monitoring the Asia-Pacific market.
The growing demand for the product from various applications, including the automotive and building & construction industry, drives the North American market. The Latin America and Middle East & Africa regions are showing consistent growth during the forecast period. Finally, due to technological developments and the rising demand for automotive in these countries, it is anticipated that the Middle East, Africa, and Latin America markets will experience considerable growth over the projection period.
Key Findings of the Study