WILMINGTON, DE / ACCESSWIRE / March 24, 2023 / Transparency Market Research Inc. - The global Renewable Carbon Fibers Market stood at US$ 45.6 million in 2022 and the global market is projected to reach US$ 129.5 million by 2031. The global industry is anticipated to expand at a CAGR of 12.3% between 2023 and 2031.
The demand for lightweight and high-performance materials in various industries is a major factor that is expected to accelerate the growth of the Renewable Carbon Fibers Market during the forecast period. Carbon fibers have excellent mechanical properties, high strength-to-weight ratios, and low thermal expansion, making them ideal for use in a variety of applications.
The market value of renewable carbon fibers is also increasing due to a continually growing focus on sustainable development, as well as on the reduction of the carbon footprint in various industries, which is driving the demand for renewable carbon fibers. Renewable carbon fibers are derived from sustainable sources and have a low carbon footprint, making them an ideal choice for environmentally conscious industries.
Additionally, the development of new technologies for the production of renewable carbon fibers is expected to fuel the market growth in the coming time. Advancements in technology have made it possible to produce high-quality carbon fibers from sustainable resources at a lower cost, making them more accessible to various industries.
Increasing investments and government support: Governments around the world are promoting the use of renewable carbon fibers by providing incentives and funding for research and development. The increasing investments and government support for renewable carbon fibers are expected to boost the growth of the market.
The renewable energy sector, including wind and solar power, is a significant consumer of carbon fibers for the manufacturing of turbine blades and other components. The increasing demand for renewable energy sources is anticipated to propel the growth of the Renewable Carbon Fibers Market over the analysis period.
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Furthermore, the global market is expanding rapidly due to the rising demand for electric vehicles. The automotive industry is one of the major consumers of carbon fibers for the production of lightweight and fuel-efficient electric vehicles. With the increasing demand for electric vehicles globally, the demand for renewable carbon fibers is also expected to increase.
Key Findings of the Market Report
- The global Renewable Carbon Fibers Market is witnessing a surge in demand, owing to the increasing demand for lignocellulosic biomass.
- The aerospace and defense industry is increasingly adopting renewable carbon fibers due to their lightweight, high-strength, and sustainable properties.
Global Renewable Carbon Fibers Market: Growth Drivers
- The global Renewable Carbon Fibers Market is projected to expand at a steady pace from 2023 to 2031 due to the growing popularity of composites.
- Carbon fibers are widely used in composite materials for various applications due to their high strength-to-weight ratio and durability.
- With the growing popularity of composites in various industries, such as aerospace and defense, the demand for renewable carbon fibers is also expected to increase.
- The increasing focus on R&D is expected to lead to the development of new and innovative products, which will drive the growth of the market.
Global Renewable Carbon Fibers Market: Regional Landscape
- Renewable carbon fibers to experience a credible increase in demand throughout Europe, with Germany expected to be the leading market
- Moreover, the aerospace and defense industries in the Asia Pacific region are growing rapidly, and renewable carbon fibers are increasingly being used in the production of aircraft and rocket components.
- For instance, China is investing heavily in its space program, and the use of renewable carbon fibers is expected to increase the production of rocket components.
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Global Renewable Carbon Fibers Market: Key Players
Some of the key market players in the global Renewable Carbon Fibers Market:
- Trillium Renewable Chemicals
- Zoltek Companies, Inc.
- Toray Industries
- Carbon Clean Solutions
- Mitsubishi Chemical Carbon Fiber and Composites
- Carbon Conversions
- Hexcel Corporation
Prominent players in the Renewable Carbon Fibers Industry are taking advantage of the rapidly increasing demand for the Renewable Carbon Fibers. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In December 2022, Toray announced US$ 15 Mn investment in the U.S. to double the production capacity of its high-performance Torayca T1100 carbon fiber and add critical redundancy. This upgrade was in response to rising demand for defense applications in the country.
- In 2022, Solvay and Trillium Renewable Chemicals signed a letter of intent to develop the supply chain for bio-based acrylonitrile (bio-ACN). Trillium will supply Solvay with bio-ACN from its planned commercial asset and Solvay will evaluate bio-ACN for carbon fiber manufacturing.
- In November 2020, SGL Carbon announced a joint venture with Korean-based Hyundai Motor Group to produce carbon fiber components for automotive applications, including those made from renewable raw materials
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Global Renewable Carbon Fibers Market: Segmentation
- Lignocellulosic Biomass
- Bio-based Polymers
- Waste Streams
- Aerospace & Defense
- Sports & Leisure
- Marine and Oil & Gas
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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