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Large Tow Carbon Fiber Market Report Coverage
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
• 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
Large Tow Carbon Fiber Industry and Technology 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.
Large Tow Carbon Fiber 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.
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.
Market Segmentation
• Segmentation 1: by End-Use Application
o Aerospace
o Energy
o Automotive
o Sports
o 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
o 48K
o 50K
o 60K
o 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
o PAN-Based
o Pitch-Based
o 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
o North America - U.S., Canada, and Mexico
o Europe - Germany, France, Italy, Spain, and Rest-of-Europe
o U.K.
o Asia-Pacific and Japan - Japan, India, South Korea, and Rest-of-Asia Pacific and
o China
o 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.”
Large Tow Carbon Fiber Market - A Global and Regional Analysis
Focus on Application, Technology, Type, and Region - Analysis and Forecast, 2022-2031
Frequently Asked Questions
Large tow carbon fiber is commercial grade carbon fiber of more than 48,000 filaments, which meets the needs of general industrial applications.
The key trends in the large tow carbon fiber market include the replacement of various conventional materials with high-quality, lightweight materials and 3D printing technology.
The large tow carbon fiber market has seen major developments by key players operating in the market, such as business expansions, new product developments, partnerships, acquisitions, collaborations, and joint ventures. According to BIS Research analysis, the majority of the companies have adopted partnership, acquisition, collaboration, joint venture, and business expansion strategies to strengthen their large tow carbon fiber capabilities.
Large tow carbon fiber market is a very competitive market with the presence of limited players; thus, a new entrant can focus on developing and providing innovative products that are cost-effective and fulfill the quality demand of the end users.
The following can be considered the USPs for this report:
• Technological outlook, detailed Porter’s Five Force Analysis, analysis of optimistic, pessimistic, and realistic scenarios, carbon fiber ecosystem analysis, and total addressable market analysis for large tow carbon fiber market
• Market ranking analysis based on product portfolios, recent developments, and regional spread
• Patent analysis, start-up landscape, including product adoption scenario
Large tow carbon fiber manufacturers, carbon fiber producers, and companies involved in the consumption of large tow carbon fiber should buy this report.