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