CHICAGO, June 19, 2024 /PRNewswire/ -- The report "Milled Carbon Fiber Market by Fiber Type (Virgin, Recycled), Application (Reinforcements, Coatings & Adhesives), End-Use Industry (Automotive, Electrical & Electronics, Sporting Goods, Aerospace & Defense) & Region - Forecast to 2029", Milled Carbon Fiber Market is estimated at USD 182 million in 2024 and is projected to reach USD 302 million by 2029, at a CAGR of 10.8% from 2024 to 2029.
The growth of the milled carbon fiber market is propelled by a range of factors, including the performance via superior strength-to-weight ratios, and decreased maintenance needs due to resistance to environmental degradation. Regulatory pressures for lower emissions and advancements in material science and manufacturing technology further drive the adoption of milled carbon fiber composites.
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162 - Tables
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192- Pages
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The availability of recycled carbon fiber from aerospace and automotive scrap sources is also expected to drive milled carbon fiber market growth, as recycled carbon fibers provide a cost-effective and environmentally friendly alternative to virgin carbon fibers. As the demand for sustainable materials continues to rise, the adoption of recycled carbon fibers could lead to a shift in the competitive landscape, with companies focusing on developing innovative recycling technologies and expanding their recycled milled carbon fiber product portfolios. This shift could potentially impact the overall market size, growth rate, and competitive dynamics of the milled carbon fiber market in the coming years
"Recyceld fiber type segment is expected to grow with highest CAGR in milled carbon fiber market during the forecasted period."
The milled carbon fiber market is segmented based on the fiber types into virgin fiber and recycled fiber. Recycled fiber is significant segment of the milled carbon fiber market, with a growing demand due to their superior physical properties and higher stiffness-to-density ratio. Recycled milled carbon fiber has a wide range of applications due to its unique properties and cost-effectiveness compared to virgin carbon fiber. It is used extensively in the automotive and transportation industry for manufacturing lightweight components, improving fuel efficiency and reducing emissions. The versatility and cost-effectiveness of recycled milled carbon fiber make it an attractive option for various industries, driving its adoption and growth in the market.
"Reinforcement application segment to be the fastest-growing segment in the global milled carbon fiber market in terms of value."
Unique properties of milled carbon fiber, including a high strength-to-weight ratio, dimensional stability, and electrical conductivity, make it an attractive option for reinforcing composite materials. Additionally, milled carbon fiber's cost-effectiveness compared to virgin carbon fiber is significant, offering similar properties at a lower cost. The growth of the recycled carbon fiber market also contributes to the demand for milled carbon fiber, as recycled carbon fibers are often milled to enhance their properties and compatibility with various resin systems. Moreover, advancements in manufacturing technologies and the development of new applications, such as flexible piezoresistive sensors and multifunctional composites, are expanding the scope of milled carbon fiber usage. Overall, these factors are driving the growth of milled carbon fiber in reinforcement applications.
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Sporting goods industry segment is expected to have third largest share during forecasting period, both in terms of value and volume during the forecast period
The demand for high-performance materials with enhanced strength, stiffness, and durability is driving the growth of milled carbon fiber in the sporting goods industry. In fishing rods, milled carbon fiber reinforced composite materials offer high specific strength and modulus, making them lighter and more efficient. In kayaks, milled carbon fiber and Kevlar increase operational strength, reduce weight, and enhance gliding distance. The growing popularity of competitive sports, such as tennis, golf, and cycling, is driving the demand for high-performance equipment that can provide athletes with a competitive edge.
"Asia Pacific region is expected to registered highest CAGR both in terms of value and volume during forecasted period."
The milled carbon fiber market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
The Asia Pacific milled carbon fiber market is experiencing explosive growth, fueled by a potent mix of factors. Soaring demand from industries like automotive, electrical and electronics, sporting goods are at the forefront, with China leading the charge. China, the world's one of the largest milled carbon fiber producer and consumer, is driving the market with its booming domestic automotive, electrical and electronics production. This insatiable demand for lightweight and fuel-efficient materials is propelling the region's milled carbon fiber market to new heights. Countries like Japan and South Korea, with their established automotive industries, are also contributing significantly to the regional market growth. Their focus on technological advancements and sustainability goals aligns perfectly with the advantages of milled carbon fiber, ensuring continued demand in the years to come.
The key players profiled in the report include Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Teijin Limited (Japan), Daigas Group (Japan), Stanford Advanced Materials (US), Nippon Graphite Fiber Co., Ltd. (Japan), Easy Composites Ltd (UK), Haufler Composites GmbH & Co. KG (Germany), Procotex (Belgium), SGL Carbon (Germany), CLM-Pro (Croatia), R&G Faserverbundwerkstoffe GmbH (Germany), Nippon Polymer Sangyo Co., Ltd. (Japan), Tasuns Composite Technology Co., Ltd. (China), Nantong Yongtong Environmental Technology Co., Ltd. (China), Hebei Yayang Spodumene Co., Ltd. (China), K. SAKAI & Co., LTD. (Japan), Elley New Material Co., Ltd. (China), TIANJIN YUFENG CARBON CO., LTD. (China), CARBONFIBER.CZ (Czech Republic), Shenzhen Xiangu High-Tech. Co., Ltd. (China), Hangzhou Impact New Materials Co., Ltd. (China), China Beihai Fiberglass Co., Ltd. (China), among others
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