The global large tow carbon fiber market is poised for significant growth in the coming years, with estimates projecting an incremental increase of USD 0.5 billion and a CAGR of approximately 7.7% during the forecast period of 2023-2028. Large tow carbon fiber stands out due to its wider and thicker individual filaments, setting it apart from traditional carbon fiber, which consists of numerous thin filaments bundled together.
Large tow carbon fiber has gained prominence in various industries due to its exceptional strength and stiffness properties. This unique characteristic makes it an ideal choice for applications that demand high-performance materials. The wider and thicker tows in large tow carbon fiber enable it to bear greater loads, providing enhanced strength and rigidity compared to traditional carbon fiber.
The global large tow carbon fiber market is expected to witness substantial growth over the forecast period. Factors driving this growth include the increasing demand for lightweight and high-strength materials in industries such as renewable energy, aerospace, automotive, and sporting goods. Large tow carbon fiber offers a viable solution to meet these requirements, as it provides superior mechanical properties while reducing weight.
Furthermore, the potential cost reduction associated with large tow carbon fiber is another factor contributing to its market growth. By utilizing fewer tows, the manufacturing process can be streamlined, resulting in reduced production time and lower material costs. This cost-effectiveness makes large tow carbon fiber an attractive option for industries seeking to incorporate carbon fiber into their products without compromising on quality.
Research Coverage
This comprehensive report offers a thorough analysis and segmentation of the large tow carbon fiber market, providing valuable insights and market size forecasts until 2028. The analysis encompasses various factors such as product type, raw material, end user, and region, enabling businesses to make informed decisions and capitalize on emerging opportunities.
The report provides a detailed analysis of the following segments within the large tow carbon fiber market:
Product type: 48K, 50K, and 60K and above
Raw material: pitch, polyacrylonitrile (PAN), and rayon
End user: aerospace and defense, automotive, sports equipment, wind turbines, and others
Region: Asia-Pacific, Europe, North America, and Rest of the World (RoW)
On the basis of product type, the global large tow carbon fiber market has been segmented into 48K, 50K, and 60K and above. The 48K carbon fiber segment is estimated to account for the largest share of the global large tow carbon fiber market, representing more than 52.2% of the total market. It is increasingly being utilized in industries such as automotive, aerospace, sports, and appliances due to its exceptional properties and advantages. One of the key advantages of large tow carbon fiber is its ability to reduce carbon footprints. As sustainability becomes a critical concern for industries worldwide, large tow carbon fiber offers a viable solution by providing lightweight and durable materials that contribute to reducing energy consumption and emissions.
By raw material, the global large tow carbon fiber market has been segmented into pitch, polyacrylonitrile (PAN), and rayon. The polyacrylonitrile (PAN) segment held the largest revenue share in 2022, representing more than 88.7% of the total market.
Polyacrylonitrile (PAN) is one of the advanced raw materials for large tow carbon fiber production, and it is a key raw material used in the large-scale commercial production of large tow carbon fiber. Polyacrylonitrile (PAN) is an expensive precursor and contributes a major share of the price of carbon fiber. Pitch, lignin, and rayon are considered important alternatives for manufacturing carbon fibers, but a lot of research and development needs to be done to improve the performance and cost efficiency of these materials to commercialize these carbon fibers.
Based on end user, the global large tow carbon fiber market is categorized into aerospace and defense, automotive, sports equipment, wind turbines, and others. Globally, the wind turbines segment has emerged as the dominant player in the large tow carbon fiber market on a global scale. This can be attributed to the substantial growth witnessed in the global energy market, particularly in the onshore and offshore wind power sectors. Wind energy has progressively evolved into a significant component of the renewable energy landscape.
Large tow carbon fibers find extensive utility in various applications within the realm of wind energy generation. These applications encompass the production of larger blades, components of the flywheel, and rotors, among others. Moreover, carbon fiber assumes a pivotal role in the solar energy market, finding application in diverse components such as solar panel frames and supporting plates. The utilization of carbon fibers extends beyond wind and solar energy domains, as they are also employed in other energy systems. For instance, carbon fiber is utilized in the manufacturing of CNG tanks for natural gas-powered automobiles and trucks, as well as in the construction of large tanks for the transportation of CNG. Given its versatility, carbon fiber is widely regarded as a favored environmentally-friendly material for the future, particularly due to its potential applications in hydrogen tanks for fuel cell vehicles.
In terms of geography, the global large tow carbon fiber market has been segmented into Asia-Pacific, Europe, North America, and Rest of the World (RoW). Among these regions, Asia-Pacific emerged as the dominant contributor to the market in 2022. The demand for large tow carbon fiber is experiencing rapid growth, particularly in industrial applications. Notably, the utilization of large tow carbon fiber in wind energy turbine blades has gained significant traction, especially in developing countries within the Asia-Pacific region. According to the International Energy Agency (IEA), China is expected to maintain its position as a global leader in the renewable energy market throughout the forecast period. By 2026, China is projected to achieve a total wind and solar capacity of 1200 GW. Similarly, India has emerged as one of the fastest-growing renewable energy markets, with a forecasted doubling of new installations compared to the historical period of 2015 to 2020. China, being the largest automotive manufacturer globally, is witnessing a surge in the adoption of electric vehicles (EVs). This trend is expected to significantly drive the demand for large tow carbon fibers in the automotive industry within the country.
Competitive Landscape
The global large tow carbon fiber market is highly competitive. Some of the leading companies operating in the market are China Petrochemical Corporation (Sinopec), Formosa Plastics Corporation, Hexcel Corporation, Jilin Tangu Carbon Fiber Co. Ltd., Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, SGL Carbon SE, Solvay S.A., Teijin Limited, Toray Industries Inc. (ZOLTEK Corporation), UMATEX JSC. These companies play a significant role in driving market growth through their active contributions in innovation and product development within the large tow carbon fiber industry.
Large Tow Carbon Fiber Industry Developments
▸ On May 5, 2021, Shanghai Petrochemical Co Ltd (SPC) of China began the construction of its major industrial project in Shanghai. The project, with a total investment of 3.5 billion yuan (450 million Euro), aimed to produce 24,000 tons of carbon fiber precursors and 12,000 tons of 48k large-tow carbon fiber. The construction was expected to be completed by 2024.
▸ On August 29, 2022, Reliance Industries announced the company’s plan to establish India’s first and one of the world’s largest carbon fibre plants in Hazira, Gujarat. The plant will be constructed in multiple phases and is projected to have a total capacity of 20,000 million metric tonnes per annum. This initiative is expected to serve as a significant growth driver for Reliance Industries’ O2C (oil to chemical) business over the next several decades. The first phase of the plant’s construction is scheduled for completion by 2025.
Key Questions Answered
What is the projected global market size of large tow carbon fiber by 2028?
Which product type segment generates the highest revenue?
In the large tow carbon fiber market, which raw material segment attains the foremost position?
Which end user segment generates the most substantial revenue?
Which region segment achieves the highest performance in the large tow carbon fiber market?
Who are the key players with the largest market share in the large tow carbon fiber market?
What is the estimated global market size for the large tow carbon fiber market in 2023?
What are the main factors driving the growth of the large tow carbon fiber market?
What is the expected incremental growth of the large tow carbon fiber market during the forecast period?
Table of Contents
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Large Tow Carbon Fiber Market – Product Type Analysis
4.1 48K
4.2 50K
4.3 60K and above
5. Global Large Tow Carbon Fiber Market – Raw Material Analysis
5.1 Pitch
5.2 Polyacrylonitrile (PAN)
5.3 Rayon
6. Global Large Tow Carbon Fiber Market – End User Analysis
6.1 Aerospace and defense
6.2 Automotive
6.3 Sports equipment
6.4 Wind turbines
6.5 Others
7. Global Large Tow Carbon Fiber Market – Region Analysis
7.1 Asia-Pacific
7.2 Europe
7.3 North America
7.4 Rest of the World (RoW)
8. Patents Analysis
9. Competitive Landscape
9.1 Competitive Scenario
9.2 Market Positioning/Share Analysis
9.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
10. Company Profiles
10.1 China Petrochemical Corporation (Sinopec)
10.2 Formosa Plastics Corporation
10.3 Hexcel Corporation
10.4 Jilin Tangu Carbon Fiber Co., Ltd.
10.5 Mitsubishi Chemical Holdings Corporation
10.6 Reliance Industries Limited
10.7 SGL Carbon SE
10.8 Solvay S.A.
10.9 Teijin Limited
10.10 Toray Industries Inc. (ZOLTEK Corporation)
10.11 UMATEX JSC
APPENDIX
DISCLAIMER
Companies Mentioned
A selection of companies mentioned in this report includes:
China Petrochemical Corporation (Sinopec)
Formosa Plastics Corporation
Hexcel Corporation
Jilin Tangu Carbon Fiber Co., Ltd.
Mitsubishi Chemical Holdings Corporation
Reliance Industries Limited
SGL Carbon SE
Solvay S.A.
Teijin Limited
Toray Industries Inc. (ZOLTEK Corporation)
UMATEX JSC