Market Research Report
Global Carbon Fiber Market - Analysis By Raw Material (PAN, Pitch and Rayon), Fiber Type (Virgin, Recycled), End User, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)
|Global Carbon Fiber Market - Analysis By Raw Material (PAN, Pitch and Rayon), Fiber Type (Virgin, Recycled), End User, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)|
Published: November 30, 2021
Content info: 230 Pages
Delivery time: 2-3 business days
The Global Carbon Fiber market was valued at USD 3216.54 million in the year 2020 with the European region leading the market share. The carbon Fiber market is majorly driven by the aerospace industry to enhance the performance and efficiency of aircraft. The superior physical strength, low coefficient of thermal expansion, high dimensional stability, and low abrasion characteristics of carbon fiber complement its applications in aerospace antennas, aircraft brakes, and support structures. Moreover, the booming wind energy sector is generating strong demand for carbon fiber for its use in wind blades. The exceptional fatigue and corrosion resistance property of carbon material enhance the longevity of wind blades. Further, the growing adoption of clean energy technologies to reduce emissions is expected to further drive the carbon fibre market in the forecast period.
The rising demand for lightweight materials, along with government initiatives to reduce harmful gas emissions and increase fuel efficiency, is expected to drive the market for carbon fiber in other transporting applications such as automotive and marine industries. Carbon fiber, due to lightweight, high thermal stability and electrical conductivity, are widely used in various important automotive components, such as disk brakes, wheels, automobile hoods, and others, owing to this carbon fiber share from automotive applications is predicted to expand significantly in the upcoming years. Further, rising carbon fiber consumption is also expected due to the increasing production of vehicles to cater to strong consumer demand. Other than automotive applications, carbon Fiber has also significant growth potential in infrastructure, marine engineering and electronic applications.
Among the regions, the Asia Pacific region is estimated to be the fastest-growing market for carbon fiber during 2021-26. The growth of the Asia Pacific market can be attributed to the increasing investments of R&D in the automotive & wind energy end-use industry. Additionally, increasing production of the manufacturing sector of the Asia Pacific region to cater for the domestic requirements for superior quality products and rising exports from Japan and China leading to an increased demand for carbon fiber from the region.