CARBON FIBER MARKET Challenges and Opportunities

Key challenges faced by carbon fiber market include availability of substitute materials. While carbon fiber composites provide higher strength and lesser weight compared to traditional materials like steel and aluminum alloys, their cost is also significantly higher. For example, glass fiber is gaining more acceptance in transportation industry especially in passenger vehicles. Glass fiber composites are nearly 50% cheaper than carbon fiber composites and offer significant weight savings compared to metals.

Market Opportunity- Emerging applications in new industries

The market can benefit tremendously from emerging applications of carbon fiber composites in new and growing industries. With its high strength-to-weight ratio and corrosion resistance, carbon fiber is increasingly being adopted in applications beyond the existing uptake in aerospace and automotive industries. As per the 'Global Wind Energy Council' Report published in 2022, the wind energy industry is witnessing exponential growth worldwide. Carbon fiber is beginning to make inroads into this sector for manufacturing wind turbine blades.