Milled Carbon Fiber Market worth $302 million by 2029, at a CAGR of 10.8%, says MarketsandMarkets™

/EIN News/ -- Chicago, July 01, 2024 (GLOBE NEWSWIRE) -- The Milled Carbon Fiber Market is projected to grow USD 182 million in 2024 and is projected to reach USD 302 million by 2029, at a CAGR of 10.8%, in terms of value, from 2024 to 2029, as per the recent study by MarketsandMarkets™. Milled carbon fiber, a short and powdered form of carbon fiber typically measuring 80-100 micrometers in length, is utilized as a reinforcing material in composite materials. It offers exceptional properties such as a high strength-to-weight ratio, high tensile and flexural strength, dimensional stability, and excellent electrical and thermal conductivity. Compatible with both thermoset and thermoplastic resin systems, milled carbon fiber enhances the mechanical properties, dimensional stability, and conductivity of the composite materials it is incorporated into.

During the forecast period, the global milled carbon fiber  market is expected to grow in the coming years, the demand for milled carbon fiber is on the rise across diverse end-use industries due unique properties and growing applications of milled carbon fiber. The applications of milled carbon fiber are diverse and crucial in the automotive and electrical & electronics industry, offering a range of benefits that contribute to the efficiency, performance, and sustainability. The market is also expected to benefit from technological advancements in milled carbon fiber manufacturing processes, making the material high-quality, vibrant, and durable.

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162 - Market Data Tables

55 - Figures

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List of Key Players in Milled Carbon Fiber Market:

1. Toray Industries, Inc. (Japan)
2. Mitsubishi Chemical Group Corporation (Japan)
3. Teijin Limited (Japan)
4. Daigas Group (Japan)
5. Stanford Advanced Materials (US)
6. Nippon Graphite Fiber Co., Ltd. (Japan)
7. Easy Composites Ltd (UK)
8. Haufler Composites GmbH & Co. KG (Germany)
9. Procotex (Belgium)
10. SGL Carbon (Germany)
11. CLM-Pro (Croatia)
12. R&G Faserverbundwerkstoffe GmbH (Germany)
13. Nippon Polymer Sangyo Co., Ltd. (Japan)
14. Tasuns Composite Technology Co., Ltd. (China)
15. Nantong Yongtong Environmental Technology Co., Ltd. (China)
16. Hebei Yayang Spodumene Co., Ltd. (China)
17. K. SAKAI & Co., LTD. (Japan)
18. Elley New Material Co., Ltd. (China)
19. TIANJIN YUFENG CARBON CO., LTD. (China)
20. CARBONFIBER.CZ (Czech Republic)
21. Shenzhen Xiangu High-Tech. Co., Ltd. (China)
22. Hangzhou Impact New Materials Co., Ltd. (China)
23. China Beihai Fiberglass Co., Ltd. (China)

Drivers, Opportunities and Challenges in Milled Carbon Fiber Market:

1. Drivers: Development of eco-friendly milled carbon fiber from the recycling of carbon fiber composites
2. Restraint: Competition from low-cost mature products
3. Opportunity: Rising demand from emerging markets
4. Challenge: Lack of availability of composite waste and limited recycling facilities

Key Findings of the Study:

1. The recycled fiber type segment is expected to grow with highest CAGR in milled carbon fiber market during the forecasted period.
2. Reinforcement application segment to be the fastest-growing segment in the global milled carbon fiber market in terms of value
3. 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
4. Asia Pacific region is expected to registered highest CAGR both in terms of value and volume during forecasted period

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Based on fiber type, Virgin fiber segment is expected to have the second largest share of the milled carbon fiber market in 2023 by value. Its exceptional strength-to-weight ratio and established manufacturing processes make it ideal for industries like aerospace and defense, where light yet incredibly strong materials are crucial for efficient aircraft.  The automotive sector is another key driver, with car manufacturers increasingly incorporating virgin milled carbon fiber into components to reduce vehicle weight and improve fuel efficiency.  The overall demand for virgin milled carbon fiber is expected to rise alongside these industries, fueled by increasing environmental concerns and a continued push for lightweight, high-performance materials.

Based on application, coatings and adhesives segment is expected to be second fastest growing segment in milled carbon fiber market during forecasted period. The demand for milled carbon fibers in coatings and adhesives is driven by their ability to improve the performance of various industrial applications, such as in the production of electrically conductive coatings and adhesives, reinforcement of moulding and fillings, and enhancement of dimensional stability in casting resins and paints. The growth of milled carbon fibers in these applications is fueled by their compatibility with a wide range of resin systems, including epoxy, polyester, vinylester, and polyurethane, and their ability to be mixed into paints and resins to create electrically conductive or anti-static materials. This factors are driving the growth of milled carbon fibers in coatings and adhesives application.

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Based on end-use industry, The milled carbon fiber market is segmented including automotive, electrical & electronics, sporting goods, aerospace & defense, and other end-use industries. The electrical & electronics segment is expected to be second fastest growth rate during the forecast period. Milled carbon fibers are used in various electrical and electronics applications, including conductive coatings, adhesives, composites, and electronic components. Milled carbon fibers can be used to create multifunctional materials with enhanced mechanical, electrical, and thermal properties. This property is beneficial in the development of advanced electronic components and systems. They are also used in the production of flexible piezoresistive sensors and other advanced electronic devices.

Based on Region, Europe was the second largest market for the milled carbon fiber in 2023, with Germany being the second largest market in the region. The European milled carbon fiber market is experiencing significant growth and presents various opportunities for industry players. This growth is fueled by the increasing demand for composites in electrical & electronics, sporting goods, aerospace & defense applications. The increasing investments in R&D of advanced composite materials by major aerospace companies like General Electric, Boeing, and Airbus are propelling the growth of the milled carbon fiber market in Europe, creating opportunities for collaboration and technological advancements.

Toray Industries, Inc.  (Japan)

Toray Industries, Inc., a major player in the world of advanced materials; the company offers milled carbon fiber products through its subsidiary, Zoltek. Toray operates its business through six main segments: fibers & textiles, performance chemicals, carbon fiber composite materials, environment & engineering, life science, and others. The company is a global leader in the development and production of synthetic fibers and textiles, including carbon fiber and composites. Milled carbon fiber, provided by Toray, is used to produce lightweight components in automotive, wind energy, and marine industries. Toray Industries Inc.’s operations are spread across 29 countries, mainly in Asia Pacific, Europe, and North America. The company outlines long term agreement as one of the key practices for growing its milled carbon fiber market business.

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