Large Tow Carbon Fiber Market - A Global and Regional Analysis- Focus on Application, Technology, Type, and Region - Analysis and Forecast, 2022-2031

Mar 2023| BIS738A| BIS Research

Report Highlights

The global large tow carbon fiber market to reach $1,960.3 million by 2031.

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

  • 48K
  • 50K
  • 60K
  • Others

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.

Demand – Drivers and Limitations

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

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

According to Pooja Tanna, Lead Analyst, BIS Research, "Increasing awareness about the environment protection and carbon footprints is driving the development of advanced material for the transition of energy-intensive and carbon-intensive industries toward a more sustainable path. Although carbon fiber is a good option and caters to various end-use applications, the adoption of this advanced material is limited to premier applications in end-use industries, including aerospace and automotive, amongst others. Large tow carbon fibers are expected to be the best option for industrial application as it fits the required standards for end-use industries, including energy and automotive. Furthermore, its low cost is projected to boost the adoption of large tow carbon fiber in various end-use industries.”

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of large tow carbon fiber available and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different large tow carbon fiber end-use applications in industries such as aerospace, automotive, energy, sports, and others.

Growth/Marketing Strategy: Business expansions, partnerships, acquisitions, collaborations, and joint ventures are some key strategies adopted by key players operating in this space. For instance, in January 2023, TORAY INDUSTRIES, INC., a major Japanese chemicals manufacturer, announced to invest more than $780 million for the development of carbon fiber materials production capacity by 2025.

Competitive Strategy:Key players in the global large tow carbon fiber market analyzed and profiled in the study involve large tow carbon fiber providers. Moreover, a detailed competitive benchmarking of the players operating in the global large tow carbon fiber market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

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.

Impact of COVID-19

The COVID-19 pandemic had a minor impact on the global large tow carbon fiber market. It altered the market in both positive as well as negative ways. During the COVID-19 pandemic, sectors such as energy and medical appliances showed positive growth, while demand from end-use industries, including automotive, aerospace, and sports, was impacted negatively due to the economic slowdown.

Report Synopsis

Report Metrics Details
Base year considered 2021
Forecast period considered 2031
Base year market size $570.5 Million
Market size forecast $1960.3 Million
Growth rate 13.43%
Units considered $ Millions
Segments covered By Product Type, By End-Use Application, ByTechnology, By Region
Industry covered Advanced Materials, Chemicals & Fuels
Regions covered North America, Europe, Asia-Pacific and Japan, South America, MEA
Countries covered U.S., Canada, Mexico, Germany, France, Spain, Italy, Rest-of-Europe, U.K., China, Japan, India, South Korea, Rest-of-Asia-Pacific and Japan, Rest-of-the-World
Companies studied
  • Teijin Limited,
  • SGL Carbon,
  • Mitsubishi Chemical Corporation,
  • Solvay,
  • China Petrochemical Corporation,
  • Hexcel Corporation,
  • Jilin Tangu Carbon Fiber Co., Ltd.,
  • Formosa Plastics Group,

Global Large Tow Carbon Fiber Market Overview

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.

Key Market Players and Competition Synopsis

The companies profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, and market penetration.

Some prominent names in this market are:

Company Type: Large Tow Carbon Fiber Industry

  • SGL Carbon
  • Teijin Limited
  • Mitsubishi Chemical Corporation
  • Solvay
  • China Petrochemical Corporation
  • Hexcel Corporation
  • Jilin Tangu Carbon Fiber Co., Ltd.
  • Formosa Plastics Group

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