Carbon Fiber Resin Market Trends

  • Report ID: 5098
  • Published Date: Nov 08, 2024
  • Report Format: PDF, PPT

Carbon Fiber Resin Market Trends

Growth Drivers

  • Rising Need for Curbing Greenhouse Gas Emissions– According to the United Nations, the Paris Agreement aims to limit global warming to 1.5 degrees Celsius by reducing carbon emissions by 45% by 2030 and achieving net zero emissions by 2050.  When utilized in specific applications, including lightweight vehicles, wind turbine blades, fuel-efficient aircraft, transport electrification, and energy-efficient buildings, the carbon fiber can help to reduce emissions.
  • Increasing Demand for Clean Energy – Global renewable electricity capacity is going to rise by more than 80% from the level of 2020 by 2026 and it will be more than 5,022 gigatonnes.  Wind and solar will account for two-thirds of this increase. Carbon fiber composites are used to make solar energy structures such as support frames and tracking systems. Moreover, the lightweight nature of carbon fiber makes solar panel setup and upkeep simple.
  • Rising Deployment of Fuel Cells – Till December 2022, there are about 205 operational fuel cell electric power generators located at 147 different places in the United States with a whole nameplate electric generation range of 350 megawatts (MW). Carbon fiber composites have the potential to be employed in a variety of different structural components of fuel cell systems. Endplates, support frames, and other critical components may be included.

Challenges

  • High Cost of the Material – The high cost of manufacture is one of the key problems for the carbon fiber resin business. Carbon fiber is pricey to produce, and the glue systems used to link the fibers can be expensive as well. As a consequence of this, its overall material prices are higher when compared to other materials, restricting its economic viability for particular applications. 
  • Difficulty in Recycling the material
  • Regulatory Compliance Associated with its Use

Carbon Fiber Resin Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

6.9%

Base Year Market Size (2024)

USD 1.15 billion

Forecast Year Market Size (2037)

USD 2.74 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa

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Browse Key Market Insights with Data Illustration:


Author Credits:  Rajrani Baghel


  • Report ID: 5098
  • Published Date: Nov 08, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of carbon fiber resin is estimated at USD 1.21 billion.

The carbon fiber resin market size was valued at USD 1.15 billion in 2024 and is likely to cross USD 2.74 billion by 2037, expanding at more than 6.9% CAGR during the forecast period i.e., between 2025-2037. Increasing demand for fuel-efficient vehicles, increasing use of fuel cells, and rising installation of solar and wind power plants will drive the market growth.

North America industry is poised to hold largest revenue share of 33% by 2037, backed by rising government initiatives for reducing vehicular emissions in the region.

The major players in the market include BASF SE, Kukdo Chemical Co. Ltd., AOC Holdings, LLC, Huntsman International LLC, Hexion Inc, Aliancys AG, Polynt S.P.A, 3M, Ashaland Inc., Olin Corporation.
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