Green Carbon Fiber Market Size, Share, & COVID-19 Impact Analysis, By Source (Bio-based Carbon Fiber and Recycled Carbon Fiber), By Application (Aerospace, Automotive & Transportation, Wind Energy, Sporting Goods, And Others), and Regional Forecast, 2024-2032

Green carbon fiber refers to carbon fiber which is produced using sustainable and environment friendly processes and materials. Green carbon fiber is derived from natural materials such as lignin, cellulose, algae, and agriculture waste. It widely used in car bodies, interior parts and engine parts.

In emerging economies, automotive and aerospace industries are expected to grow rapidly which increases the demand for green carbon fiber. It is also used in military aircraft, as it is lightweight and can carry more fuel and payload. Furthermore, it is used in automobile industry due to its durability in harsh conditions and corrosion resistance which is expected to boost the green carbon fiber market in coming years.

However, many consumers and industries are still unaware of the benefits and viability of green carbon fiber. A lack of awareness and understanding of the technology and its advantages is hindering the adoption of green carbon fiber and may slow down the market growth. Key market players are focusing on developing value-added products to compete with industry rivals. They are also engaged in increasing their geographic footprint through strategic expansions.

Impact of COVID-19 on the Green Carbon Fiber Market

The COVID-19 pandemic affected the manufacturing activities and production of carbon fiber globally. The lowering demand from automobile and aerospace industry restricted the green carbon fiber market growth. Travel restrictions to control COVID-19 in various regions affected the demand and supply chain. Manufacturing facilities were halted due to the unavailability of raw materials and shortage of labor, which affected the green carbon fiber market. However, normalization in businesses after COVID-19 and capital investment by the government toward the automobile and aerospace sector will positively impact the green carbon fiber market.

Segmentation

Key Insights

The report will cover the following key insights:

• The Regulatory Scenario of Green Carbon Fiber Market


• Key Developments in Green Carbon Fiber Market


• Impact of COVID-19 on Green Carbon Fiber Market

Analysis by source

By source, the green carbon fiber market is segmented into bio-based carbon fiber and recycled carbon fiber. The recycled carbon segment holds a significant share of green carbon fiber market. Recycle carbon fiber has good electrical conductivity, minimum thermal expansion, and low density. It is widely used in industries such as aerospace, automotive and transportation which is expected to boost the green carbon fiber market in the forecast period.

Analysis by Application

By application, the green carbon fiber market is segmented into aerospace, automotive & transportation, wind energy, sporting goods, and others. The automotive & transportation segment has the largest share of green carbon fiber market. In automotive industry, it is widely used in engine covers, interior parts, front and rare bumpers and chain covers, increasing demand for these auto parts boosts the green carbon fiber market. Moreover, green carbon fiber is used to manufacture airplane parts such as landing gear doors, wing ribs, and wing box and flap track panels propelling the green carbon fiber market.

Regional Analysis

By region, the green carbon fiber market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific has been identified as the largest region in the global green fiber market. This is anticipated mainly due to China and India that are among the leading automotive producers. As green carbon fiber is mostly consumed in automotive industry it has made these two countries most lucrative in the Asia Pacific. Apart from this, wind energy sector is gaining momentum in this region which will assist the region to maintain its dominance during the forecast period.

North America and Europe are expected to drive the market moderately over the forecast period. Increasing aerospace industry in these regions is anticipated to drive the green carbon fiber market. The presence of key players contribute to drive the market in these region. The market in the Middle East & Africa region is expected to grow moderately during the forecast period.

Key Players Covered

The report will include the profiles of key players, such as ZOLTEK, Toray Industries Inc., Procotex, Vartega Inc, Gen 2 Carbon Limited, Sigmatex, Carbon Conversions and CATACK-H.

Key Industry Developments:

• March 2022- Gen-2 Carbon Ltd. collaborated with Deakin University to promote the green carbon fiber and its development in Australia.


• January 2023- Carbon Conversions collaborated with C12 Technology and launched its new product re-Evo RRC.