Jan 07, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Carbon Fiber Textiles Market.
It was estimated prior to this unanticipated outbreak that the Carbon Fiber Textiles Market is likely to witness an healthy CAGR to reach a value of US$ 0.9 billion in 2026. Carbon fiber is an extremely lightweight fiber derived from the element carbon. In the composites industry, there are several types of textiles used with glass fiber textiles and carbon fiber textiles being the major ones. On one side, glass fiber textiles have been efficacious in marking a greater presence in the cost-sensitive applications, on the other side, there has been an incessant increase in the penetration of carbon fiber textiles in high-performance applications, especially in the aerospace & defense and automotive industries. The key whys and wherefores for using carbon fiber textiles are their excellent strength-to-weight ratio, low coefficient of thermal expansion, lower density than metals, high tensile strength, and high fatigue resistance.
The outbreak of the COVID-19 pandemic ruthlessly impacted various industries, shattering all hopes of recovery in 2020 with huge, short as well as long-term repercussions. The two dominant industries, aerospace & defense and automotive, were among the most affected industries by the pandemic in 2020. The demand for carbon fiber textiles is highly subjected to the growth of these two above-mentioned industries. The decline in both industries resulted in the massive decline in the sales of carbon fiber textiles in 2020, taking the market below the 2016-level. However, the market is anticipated to rebound from 2021 onwards and likely to cross its 2019-sales value by 2024.
Out of the total textiles used in the composites industry, carbon fiber textiles hold a fair position in the market (having a double-digit share in the market in terms of value). It is also believed that there will be a further increase in the penetration of carbon fiber textiles in the overall composite textiles market shortly.
Based on the product type, the market is segmented into woven yarn and multi-axials. Woven yarn is expected to remain the most dominant product type in the market in years to come. Woven yarns dominate the automotive and aerospace & defense industries. Woven yarn offers a greater conformability and delivers a slight edge in strength owing to which it is frequently used for structural applications.
Based on the end-use industry type, the market is segmented as aerospace & defense, transportation, consumer goods, wind energy, construction, and others. Aerospace & defense is expected to remain the largest market for carbon fiber textiles in years to come in terms of value. Carbon fiber textiles offer excellent rigidity, high strength-to-weight ratio, corrosion resistance, electrical conductivity, and fire-resistant properties, making them a preferred choice in the aerospace & defense industry. Furthermore, stringent emission norms in the aerospace & defense industry are fuelling the usage of lightweight yet high-performance materials. Wind energy is the only key segment, being least impacted by the pandemic, has experienced robust growth in 2020, unlike the aerospace and automotive industries that faced massive declines.
By Region, all regions to mark significant declines in the demand in 2020, followed by a healthy recovery in the years to come. Among regions, Europe is expected to remain the dominant market during the forecast period, driven by higher use of carbon fibers in the form of textiles in the aerospace & defense and automotive industries. Asia-pacific is expected to log the highest growth over the same forecast period in the wake of the increased presence of carbon fiber stakeholders in the region.
Key Players:
Key players operating in the global Carbon Fiber Textiles market are-
- Sigmatex
- Saertex
- Chomarat Textiles Industries
- SGL Carbon SE
- Vectorply Corporation
- Toray Industries
- Seldom
- BGF Industries Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Carbon Fiber Textiles analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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