(MENAFN- PR Newswire) DUBLIN, March 21, 2023 /PRNewswire/ --
The 'large tow carbon fiber market - a global and regional analysis- focus on application, technology, type, and region - analysis and forecast, 2022-2031' report has been added to
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The global large tow carbon fiber market was valued at $570.5 million in 2021, and it is expected to grow at a CAGR of 13.43% and reach $1,960.3 million by 2031.
The growth in the global large tow carbon fiber market is expected to be driven by stringent government regulations, carbon neutrality targets, energy and cost efficiency owing to the use of recycled steel, and a significant increase in steel demand with the scarcity of raw materials and energy. However, impurities in recycled steel due to incomplete separation and complex product design and the high cost of production for green steel amid high infrastructure costs and green hydrogen prices are some key restraining factors for the market.
Market Lifecycle Stage
The global large tow carbon fiber market is in a growing phase. New trends, such as rising investments in green technologies, change in business models of companies due to climate action, increasing demand for green steel across the value chain, and development of economic and environmental technologies, are further expected to provide opportunities for the market to grow in the coming years.
Industrial Impact
With an increased worldwide focus on advanced lighter materials to replace traditional heavy materials, there is an increasing shift toward advanced materials with excellent strength and mechanical and lightweight properties in end-use industries, thereby creating demand for large tow carbon fiber. The shift is more prominent in the energy and automotive industries in regions such as North America, China, and Europe.
Demand - Drivers and Limitations
The following are the demand drivers for the global large tow carbon fiber market:
Growing Demand from Renewable Energy Sector Stringent Regulations and Carbon Emission Policies Increasing Awareness and Rising Demand from Developing Countries
The following are the challenges for the global large tow carbon fiber market:
High Cost of Production in Comparison to Conventional Materials Complex Manufacturing Process and Machining Problems Analyst Thoughts
Key Market Players and Competition Synopsis
Company Type: Large Tow Carbon Fiber Industry
TORAY INDUSTRIES, INC. SGL Carbon Teijin Limited Mitsubishi Chemical Corporation Solvay China Petrochemical Corporation Hexcel Corporation Jilin Tangu Carbon Fiber Co., Ltd. Formosa Plastics Group UMATEX
Market Segmentation
Segmentation 1: by End-Use Application
Aerospace Energy Automotive Sports Others
Based on end-use application, the energy segment was dominant, accounting for a 64.6% share of the global large tow carbon fiber market in 2021.
Segmentation 2: by Product Type
Based on product type, the 48K segment was dominant, accounting for a 55.84% share of the global large tow carbon fiber market in 2021. It is one of the most significant product types, which meets the requirement of major industrial application areas and breaks the application limitations caused by the high-priced carbon fiber.
Segmentation 3: by Technology
PAN-Based Pitch-Based Others
Based on technology, the PAN-based segment was dominant, accounting for an 86.6% share of the global large tow carbon fiber market in 2021.
Segmentation 4: by Region
North America - U.S., Canada, and Mexico Europe - Germany, France, Italy, Spain, and Rest-of-Europe U.K. Asia-Pacific and Japan - Japan, India, South Korea, and Rest-of-Asia Pacific and China Rest-of-the-World - Middle East and Africa and South America
Based on region, North America was the dominant region, accounting for a 29.04% share of the global large tow carbon fiber market in 2021.
Recent Developments in the Large Tow Carbon Fiber Market
In October 2022, China Petrochemical Corporation's large tow carbon fiber production line started its operations; the company has planned the country's first factory line of the large tow carbon fiber project with a production capacity of 24,000 tons per year of precursors and 12,000 tons per year of large tow carbon fibers. In February 2021, Montefibre Carbon announced an investment of $17.4 million for its first precursor for innovative 80K tow. The Spanish Ministry of Industry has granted $12 million to develop aerospace-grade carbon fiber. The company is currently developing and upgrading its production lines to manufacture large tow PAN precursor for converting it into carbon fiber. In December 2019, Belgium-based specialty chemicals manufacturer Solvay and Germany-based carbon fiber manufacturer SGL signed a joint development agreement (JDA) to develop large tow carbon fiber materials for aerostructures.
Key Topics Covered:
1 Market
2 Application
3 Product
4 Region
5 Market - Competitive Benchmarking & Company Profiles
6 Research Methodology
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