Lightweight Carbon Fiber Carries Heavy Impact

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Researched by Industrial Info Resources (Sugar Land, Texas)--Carbon fiber has been garnering significant attention across various industries globally. This extraordinary material is made up of thin, strong crystalline filaments of carbon atoms which has rendered it with an exceptional combination of strength, lightness and versality.

Despite being an extremely light material, carbon fiber boasts of tensile strength five times that of steel. Carbon fiber composites have a much lower density than steel and can reduce the weight of a component by 70%. It is this unique weight-to-strength ratio of the carbon fiber material that has led to its increased penetration in a wide range of sectors ranging from aerospace, automotive, construction, sports and leisure.

Notably, the aerospace and automotive sectors are the major drivers of the carbon fiber market. The aerospace sector, which once relied on aluminum for 70% of its manufacturing needs, now uses only 20% of the aluminum for modern aircraft, replacing the rest of the manufacturing requirements with carbon fiber. This in turn has led to reduced fuel consumption by 20% in the last two decades.

The rising demand for electric vehicles (EVs) in the automotive industry is further fueling the demand for carbon fiber. According to the International Energy Agency, 14% of the new cars that were sold in 2022, were electric, up from around 9% in 2021. With increasing focus on battery efficiency and driving range, carbon fiber is becoming increasingly popular in manufacturing of various lightweight structural components and battery casings, as well as interior elements for aesthetic appeal. Therefore, as the demand for EVs continues to grow rapidly, so will the demand for carbon fibers.

With growing focus on reducing emissions and environmental concerns, carbon fiber materials are further seen as a green alternative to traditional steel and aluminum alloys. Emerging sectors such as renewable energy are also gradually embracing advanced materials like carbon fiber. For example, the adoption of carbon fiber in the manufacturing of wind-turbine blades has improved their performance and longevity. Due to carbon fiber's lightweight and increased rigidity, thinner and larger blades can be manufactured, resulting in significant power output, exceeding 8 megawatts (MW)/hour, from 1.3 MW/hour.

Industrial Info Resources is tracking more than 30 active projects involving carbon fiber, with spending worth US$4 billion. Of the total investment, 60% is geared toward plant expansion projects, and around 25% is geared toward grassroot projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for related reports.

Asia, Europe and North America are the topmost spending markets for carbon fiber. With a spending of about US$2.63 billion, Asia leads the carbon fiber market globally, followed by Europe and North America, with spending worth US$643 million and US$641 million, respectively.

The carbon fiber market is not without challenges, attributed mainly to higher manufacturing costs of the material. However, as manufacturing processes continue to advance technologically, an increasing number of industries will likely embrace carbon fiber, which may drive down costs and make it more accessible.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).