| Label | Composite | Non-Composite |
|---|---|---|
| 2019 | 69.77 USD Mn | 4.63 USD Mn |
| 2020 | 70.94 USD Mn | 4.57 USD Mn |
| 2021 | 74 USD Mn | 4.62 USD Mn |
| 2022 | 77.56 USD Mn | 4.7 USD Mn |
| 2023 | 81.69 USD Mn | 4.8 USD Mn |
| 2024 | 86.85 USD Mn | 4.96 USD Mn |
| 2025 | 92.61 USD Mn | 5.13 USD Mn |
| 2026 | 99.05 USD Mn | 5.32 USD Mn |
| 2027 | 106.65 USD Mn | 5.56 USD Mn |
| 2028 | 115.09 USD Mn | 5.82 USD Mn |
Data Source: Wantstats Repository
The global market for carbon fiber is expected to experience significant growth in the coming years, and South Korea is poised to play a major role in this expansion. With a focus on enhancing its technology and manufacturing capabilities, South Korea is well-positioned to become a leading player in the pitch-based carbon fiber market, with demand for this type of fiber set to rise in the coming years. Pitch-based carbon fiber is a type of high-performance carbon fiber that is manufactured from coal tar pitch, a byproduct of the refining of crude oil. This type of fiber is known for its high strength and stiffness, making it ideal for use in various applications such as aerospace, automotive, and sporting goods. In South Korea, the demand for pitch-based carbon fiber is expected to be driven by the increasing application in the automotive and aerospace industries. The country's automotive industry is one of the largest in the world, and with the growing trend of lightweighting to improve fuel efficiency and reduce carbon emissions, the demand for carbon fiber in the sector is set to increase.
The aerospace industry in South Korea is also expected to be a major driver for the demand of pitch-based carbon fiber. The country's aerospace sector has been experiencing rapid growth, with major players such as Korea Aerospace Industries (KAI) and Hanwha Aerospace expanding their capabilities. This expansion is expected to lead to a higher demand for lightweight materials, including carbon fiber, to meet the stringent performance requirements of the industry. Moreover, South Korea's efforts to develop advanced manufacturing technologies, such as the use of 3D printing technology, are expected to further drive the demand for pitch-based carbon fiber in the country. With 3D printing becoming a viable method for producing complex and lightweight structures, the demand for high-quality carbon fiber is expected to rise significantly. In addition to these factors, the growing trend of sustainable and eco-friendly products is also expected to contribute to the demand for pitch-based carbon fiber in South Korea. As a material that is known for its low environmental impact, carbon fiber aligns with the country's efforts to reduce its carbon footprint and promote sustainable practices.
Overall, the demand for pitch-based carbon fiber is set to increase in South Korea, and the country is well-equipped to meet this demand with its advanced technology and manufacturing capabilities. As the global market for carbon fiber continues to grow, South Korea's pitch-based carbon fiber market is expected to see significant growth between 2019 and 2028.
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2024.
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Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
R&D Director, Seojin
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South Korea Pitch Based Carbon Fiber Market, by Type (Tons), 2019 - 2028
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