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North America Carbon Fiber Market Forecast to 2028 -Regional Analysis - by Raw Material (Polyacrylonitrile-Based and Pitch-Based), Application (Composite Materials, Microelectrodes, and Others), and End-Use Industry (Automotive, Aerospace and Defense, Building and Construction, Sporting Goods, Wind Energy, Textiles, Marine, and Others)
Market Report I 2023-06-09 I 101 Pages I The Insight Partners
The carbon fiber market in North America is expected to grow from US$ 995.94 million in 2022 to US$ 1626.89 million by 2028. It is estimated to grow at a CAGR of 8.5% from 2022 to 2028.
Rising Demand for Carbon Fiber in Wind Energy Industry is Fueling North America Carbon Fiber Market
Growing demand to utilize renewable resources has led to a surge in the installation and demand for wind farms, with large tracts of land and coastal areas devoted to the operation of wind turbines. Wind turbine manufacturers strive to produce more efficient and longer blades that lighter in weight. Advanced composite materials such as carbon fiber are widely used in wind turbines, specifically for manufacturing blades. The companies operating in the market have discovered that the longer the blades are on a turbine, the more energy can be generated. Carbon fiber plays a very important role in the wind energy industry. Large blades are typically designed by stiffness and deflection, rather than taking into consideration the material strength. The high stiffness characteristic of carbon fiber reduces blade deflection, allowing a larger tower diameter for a given blade-to-tower clearance. Carbon fiber is added in the spar cap, which is the backbone of the blade. Moreover, the carbon fibers are an effective alternative to the glass fibers used in the wind turbines. They show higher stiffness and lower density as compared to the glass fibers, thus, allowing the thinner, stiffer and lighter blades. Furthermore, they have relatively low damage tolerance, compressive strength, and ultimate strain. Therefore, carbon fibers are most used in the fabrication of wind turbine blades. Carbon fiber has proven to be an enabling technology for turbine manufacturers. These companies use carbon fiber in select structural parts of the blades and taking advantage of the lighter weight blades throughout the turbine system. Lighter blades require less robust turbine and tower components, so the cascading cost is also saved. All these factors are significantly driving the growth of carbon fiber market.
North America Carbon Fiber Market Overview
The North America carbon fiber market is divided into the US, Canada, and Mexico. The rising demand for carbon fiber especially across the aerospace industry in the region is significantly driving the market growth. Carbon fiber is majorly used in aerospace applications to fabricate engine blades, brackets, interior components, propellers/rotors, single aisle wings, and wide-body wings. Governments of various countries in North America have significantly invested in technology and research programs in the aerospace sector. The region is a hub for a few major aircraft manufacturing companies such as Raytheon Technologies Corporation, The Boeing Company, and The Lockheed Martin Corporation. The growth in end-use industries is creating opportunities for carbon fiber manufacturers to expand their production capacities in North America. Further, the manufacturers of carbon fiber are partnering with the industry players to cater to the rising product demand. For instance, in July 2022, Hexcel signed a partnership agreement with Dassault to supply carbon fiber prepreg for the Falcon 10X program to manufacture carbon fiber-based aircraft wings. Such developments are expected to provide lucrative growth opportunities for the carbon fiber manufacturers across North America over the forecast period.
Exhibit: North America Carbon Fiber Market Revenue and Forecast to 2028 (US$ Million)
North America Carbon Fiber Market Segmentation
The North America carbon fiber market is segmented into raw material, application, end use industry and country.
Based on raw material, the North America carbon fiber market is segmented into polyacrylonitrile-based and pitch-based. The polyacrylonitrile-based segment held a larger North America carbon fiber market share in 2022.
Based on application, the North America carbon fiber market is segmented into composite materials, microelectrodes, and others. The Composite Materials segment held the largest North America carbon fiber market share in 2022.
Based on end use industry, the North America carbon fiber market is segmented into automotive, aerospace and defense, building and construction, sporting goods, wind energy, textiles, marine, and others. The aerospace and defense segment held the largest North America carbon fiber market share in 2022.
Based on country, the North America carbon fiber market has been categorized into the US, Canada, and Mexico. The US dominated the North America carbon fiber market share in 2022.
SGL Carbon SE; DowAksa Advanced Composite Material Industries Ltd Co; Formosa Plastics Corp; Hexcel Corp; Hyosung Advanced Materials Corp; Kureha Corp; Solvay SA; Teijin Ltd; Toray Industries Inc; and Mitsubishi Chemical Corp are the leading companies operating in the carbon fiber market in the region.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Carbon Fiber Market, by Raw Material
1.3.2 North America Carbon Fiber Market, by Application
1.3.3 North America Carbon Fiber Market, by End-Use Industry
1.3.4 North America Carbon Fiber Market, by Country
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. North America Carbon Fiber Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Suppliers:
4.2.3 Bargaining Power of Buyers:
4.2.4 Intensity of Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Ecosystem Analysis
4.3.1 Overview:
4.3.2 Raw Material Suppliers:
4.3.3 Manufacturers
4.3.4 End-User
4.4 Expert Opinion
5. North America Carbon Fiber Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Escalating Demand for Automotive and Aerospace Applications
5.1.2 Rising Demand for Carbon Fiber in Wind Energy Industry
5.2 Key Market Restraints
5.2.1 High Cost Associated with Carbon Fiber
5.3 Key Market Opportunities
5.3.1 Increasing Usage of Carbon Fiber in the Sporting Goods Industry
5.4 Key Future Trends
5.4.1 Surging Use of Carbon in 3D Printing
5.5 Impact Analysis
6. Carbon Fiber Market - North America Analysis
6.1 North America Carbon Fiber Market -Volume and Forecast to 2028 (Tons)
6.2 North America Carbon Fiber Market -Revenue and Forecast to 2028 (US$ Million)
7. North America Carbon Fiber Market Analysis - By Raw Material
7.1 Overview
7.2 North America Carbon Fiber Market, By Raw Material (2021 and 2028)
7.3 Polyacrylonitrile-Based
7.3.1 Overview
7.3.2 Polyacrylonitrile-Based: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
7.3.3 Polyacrylonitrile-Based: North America Carbon Fiber Market - Volume and Forecast to 2028 (Tons)
7.4 Pitch-Based
7.4.1 Overview
7.4.2 Pitch-Based: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
7.4.3 Pitch-Based: North America Carbon Fiber Market - Volume and Forecast to 2028 (Tons)
8. North America Carbon Fiber Market Analysis - By Application
8.1 Overview
8.2 North America Carbon Fiber Market, By Application (2021 and 2028)
8.3 Composite Materials
8.3.1 Overview
8.3.2 Composite Materials: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Microelectrodes
8.4.1 Overview
8.4.2 Microelectrodes: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9. North America Carbon Fiber Market Analysis - End-Use Industry
9.1 Overview
9.2 North America Carbon Fiber Market, By End-Use Industry (2021 and 2028)
9.3 Automotive
9.3.1 Overview
9.3.2 Automotive: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Aerospace and Defense
9.4.1 Overview
9.4.2 Aerospace and Defense: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9.5 Building and Construction
9.5.1 Overview
9.5.2 Building and Construction: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9.6 Sporting Goods
9.6.1 Overview
9.6.2 Sporting Goods: Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9.7 Wind Energy
9.7.1 Overview
9.7.2 Wind Energy: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9.8 Textiles
9.8.1 Overview
9.8.2 Textiles: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9.9 Marine
9.9.1 Overview
9.9.2 Marine: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
9.10 Others
9.10.1 Overview
9.10.2 Others: North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
10. North America Carbon Fiber Market - Country Analysis
10.1 North America: Carbon Fiber Market
10.1.1 North America: Carbon Fiber Market, by Key Country
10.1.1.1 US: Carbon Fiber Market -Revenue and Forecast to 2028 (US$ Million)
10.1.1.2 US: Carbon Fiber Market -Volume and Forecast to 2028 (Tons)
10.1.1.2.1 US: Carbon Fiber Market, by Raw Material
10.1.1.2.2 US: Carbon Fiber Market, by Raw Material
10.1.1.2.3 US: Carbon Fiber Market, by Application
10.1.1.2.4 US: Carbon Fiber Market, by End-Use Industry
10.1.1.3 Canada: Carbon Fiber Market-Revenue and Forecast to 2028 (US$ Million)
10.1.1.4 Canada: Carbon Fiber Market-Volume and Forecast to 2028 (Tons)
10.1.1.4.1 Canada: Carbon Fiber Market, by Raw Material
10.1.1.4.2 Canada: Carbon Fiber Market, by Raw Material
10.1.1.4.3 Canada: Carbon Fiber Market, by Application
10.1.1.4.4 Canada: Carbon Fiber Market, by End-Use Industry
10.1.1.5 Mexico: Carbon Fiber Market-Revenue and Forecast to 2028 (US$ Million)
10.1.1.6 Mexico: Carbon Fiber Market-Volume and Forecast to 2028 (Tons)
10.1.1.6.1 Mexico: Carbon Fiber Market, by Raw Material
10.1.1.6.2 Mexico: Carbon Fiber Market, by Raw Material
10.1.1.6.3 Mexico: Carbon Fiber Market, by Application
10.1.1.6.4 Mexico: Carbon Fiber Market, by End-Use Industry
11. Industry Landscape
11.1 Overview
11.2 New Product Development
11.3 Merger and Acquisition
11.4 Partnerships
12. Company Profiles
12.1 SGL Carbon SE
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 DowAksa Advanced Composite Material Industries Ltd Co
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Formosa Plastics Corp
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hexcel Corp
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Hyosung Advanced Materials Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Kureha Corp
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Solvay SA
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Teijin Ltd
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Toray Industries Inc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Mitsubishi Chemical Corp
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Carbon Fiber Market -Volume and Forecast to 2028 (Tons)
Table 2. North America Carbon Fiber Market -Revenue and Forecast to 2028 (US$ Million)
Table 3. US Carbon Fiber Market, by Raw Material - Revenue and Forecast to 2028 (US$ Million)
Table 4. US Carbon Fiber Market, by Raw Material - Volume and Forecast to 2028 (Tons)
Table 5. US Carbon Fiber Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 6. US Carbon Fiber Market, by End-Use Industry - Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Carbon Fiber Market, by Raw Material - Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Carbon Fiber Market, by Raw Material - Volume and Forecast to 2028 (Tons)
Table 9. Canada Carbon Fiber Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada Carbon Fiber Market, by End-Use Industry - Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico Carbon Fiber Market, by Raw Material - Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico Carbon Fiber Market, by Raw Material - Volume and Forecast to 2028 (Tons)
Table 13. Mexico Carbon Fiber Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico Carbon Fiber Market, by End-Use Industry - Revenue and Forecast to 2028 (US$ Million)
Table 15. Glossary of Terms
LIST OF FIGURES
Figure 1. North America Carbon Fiber Market Segmentation
Figure 2. North America Carbon Fiber Market Segmentation - By Country
Figure 3. North America Carbon Fiber Market Overview
Figure 4. North America Carbon Fiber Market, By Raw Material
Figure 5. North America Carbon Fiber Market, by Country
Figure 6. Porter's Five Forces Analysis
Figure 7. North America Carbon Fiber Market Ecosystem
Figure 8. Expert Opinion
Figure 9. North America Carbon Fiber Market Impact Analysis of Drivers and Restraints
Figure 10. North America Carbon Fiber Market -Volume and Forecast to 2028 (Tons)
Figure 11. North America Carbon Fiber Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. North America Carbon Fiber Market Revenue Share, By Raw Material (2021 and 2028)
Figure 13. Polyacrylonitrile-Based: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 14. Polyacrylonitrile-Based: North America Carbon Fiber Market - Volume and Forecast To 2028 (Tons)
Figure 15. Pitch-Based: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 16. Pitch-Based: North America Carbon Fiber Market - Volume and Forecast To 2028 (Tons)
Figure 17. North America Carbon Fiber Market Revenue Share, By Application (2021 and 2028)
Figure 18. Composite Materials: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 19. Microelectrodes: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 20. Others: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 21. North America Carbon Fiber Market Revenue Share, By End-Use Industry (2021 and 2028)
Figure 22. Automotive: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 23. Aerospace and Defense: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 24. Building and Construction: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 25. Sporting Goods: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 26. Wind Energy: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 27. Textiles: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 28. Marine: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 29. Others: North America Carbon Fiber Market - Revenue and Forecast To 2028 (US$ Million)
Figure 30. North America: Carbon fiber Market, by Key Country - Revenue (2021) (US$ Million)
Figure 31. North America: Carbon Fiber Market Revenue Share, by Key Country (2021 and 2028)
Figure 32. US: Carbon Fiber Market -Revenue and Forecast to 2028 (US$ Million)
Figure 33. US: Carbon Fiber Market -Volume and Forecast to 2028 (Tons)
Figure 34. Canada: Carbon Fiber Market-Revenue and Forecast to 2028 (US$ Million)
Figure 35. Canada: Carbon Fiber Market-Volume and Forecast to 2028 (Tons)
Figure 36. Mexico: Carbon Fiber Market-Revenue and Forecast to 2028 (US$ Million)
Figure 37. Mexico: Carbon Fiber Market-Volume and Forecast to 2028 (Tons)
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