Increasing Use of Carbon Fibers in Wind Energy Industry Boosts Carbon Fiber Market Growth
According tour latest market study on “Carbon Fiber Market Forecast t2027 – COVID-19 Impact and Global Analysis – Raw Material (PAN, and Pitch), End Use Industry (Automotive, Aerospace and Defense, Construction, Sporting Goods, Wind Energy, and Others)”, the market was valued at US$ 3,060.37 million in 2019 and is projected treach US$ 6,838.67 million by 2027; it is expected tgrow at a CAGR of 10.7% from 2020 t2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Carbon fibers are long thin strands with a diameter of ~0.005–0.01 mm. These fibers provide high strength tvessels or systems in which they are incorporated, which helps prevent the explosions of gas storage systems. They provide high tensile strength along with high-temperature tolerance and durability tthe final products. Carbon fibers exhibit excellent corrosion resistance, higher stiffness and strength, and longer lifespans than other materials, such as aluminum and steel. Hence, these fibers find their application in broad end-use industries. They are rigid and chemically inert, which makes them difficult tcompress and stretch.
Growing demand for renewable resources has led ta surge in the installation for wind farms, with large tracts of land and coastal areas devoted tthe operation of wind turbines. The wind turbine manufacturers strive tproduce more efficient and longer blades. Advanced composite materials such as carbon fiber are becoming a major part of the construction of wind turbines, specifically the blades. According tthe studies conducted by companies operating in the market, longer the blades on a turbine, more is the energy it generates. Carbon fibers plays a crucial role in the wind energy industry. Large blades are typically designed for stiffness and deflection, rather than taking material strength intconsideration. Carbon fibers, if used in the turbines, enable high stiffness characteristic that reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Carbon fibers are added in the spar cap, which is the backbone of the blade. These fibers are alsconsidered as an effective alternative tthe glass fibers used in the wind turbines, as they make the blades thinner, stiffer, and lighter. Furthermore, they have relatively low damage tolerance, compressive strength, and ultimate strain. Thus, carbon fiber has come up as an impactful technology for turbine manufacturers such as Vestas Wind Systems A/S and Gamesa Technology Corp. These companies use carbon fiber in select structural parts of the blades. Lighter blades require less robust turbine and tower components, and hence, the cascading cost savings justify the additional cost of carbon.
Toray Industries, Inc., Formosa Plastics Corporation, SGL Carbon, Solvay, Hyosung Corporation, Kureha Corporation, Hexcel Corporation, Tejin Limited, DowAksa, and Mitsubishi Chemical Corporation are among the well-established players in the global carbon fiber market.
Impact of COVID-19 Pandemic on Carbon Fiber Market
The COVID-19 pandemic first began in Wuhan (China) in December 2019. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms of confirmed cases and deaths. The pandemic has affected economies and industries in various countries due tgovernment-imposed lockdowns and travel bans, and business shutdowns. Chemical and materials is one of the major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, office shutdowns, etc. The shutdown of various plants and factories in regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are affective the chemical and materials industry activities and thus are restraining the growth of various markets related tthis industry.
The report includes the segmentation of the carbon fiber market as follows:
By Raw Material
By End Use Industry
- Automotive
- Aerospace and Defense
- Construction
- Sporting Goods
- Wind Energy
- Others
By Geography
- North America
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
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