The global demand for carbon fiber increased by 4.2% in Q2 2022 as compared to Q1 2022. Demand for carbon fiber was driven by growth in the aerospace industry and increasing demand from sporting goods manufacturers during Q2 2022. The recovery in air travel supported the growth of the commercial aerospace market, and a strong space and defense market boosted the carbon fiber demand. Carbon fiber prices increased by about 6.1% in Q2 2022 as compared to Q1 2022, mainly due to global supply chain disruption, high logistical cost, increased fuel price, and increased price of raw materials.
In Q3 2022, the demand for carbon fiber is forecast to increase by 3.3% from Q2 2022, driven by increasing demand from sporting goods and industrial sectors. Carbon fiber price is forecast to decrease by 5.8% in Q3 2022 due to decrease in fuel price and raw material price. The figure below depicts the change in demand and the price of carbon fiber over the past five quarters. The data also provides forecast for Q3 of 2022 as below.
Figure: Global Quarterly Carbon Fiber Shipment and Price Trends
In Q2 2022, the carbon fiber demand in North America increased from Q1 2022 and this high demand is expected to continue through Q3 2022 as well. The growth is due to increased usage of carbon fiber in automotive and aerospace applications. The primary concern for the composites industry right now is managing the supply chain to access enough raw materials and other critical logistics to capitalize on the immediate demand.
In Q2 2022, the demand for carbon fiber improved in the European market as compared to Q1 2022, and this improvement is expected to be maintained in the Q3 of 2022. The major driver of demand growth is the growth in end use markets, such as aerospace industry. In Q2 2022, carbon fiber price increased due to high raw material price, high freight cost, and supply chain disruptions. The carbon fiber price is expected to decline in Q3 2022 due to increased demand from end markets, such as sporting goods.
In Q2 2022, the demand for carbon fiber in APAC increased from Q1 2022 as consumption of carbon fiber grew in end use markets, like aerospace and sporting goods. This demand growth is expected to continue in Q3 2022 with recovery in consumption. Carbon fiber price in Asia increased in Q2 2022 due to supply chain disruptions, inflationary pressures, and logistical issues.
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