Global carbon fiber market was worth USD 3216.54 million in 2020 and is expected to witness a notable CAGR during 2021-2026.

Industry Snapshot:

• There is a high demand for carbon fiber from aerospace sector as the material improves the efficiency and performance of aircraft owing to properties like low abrasion, high dimensional stability, less thermal expansion coefficient, and excellent physical strength.
• Rapidly expanding wind energy sector is creating a significant demand for the product, due to its utilization in wind blades that helps in providing longevity by enhancing corrosion resistance.
• Growing adoption of clean energy technologies to minimize emissions is expected to bolster global carbon fiber market expansion during 2021-2026.
• Properties like lightweight, electrical conductivity, and high thermal stability are making carbon fiber a preferred material for many automotive applications, thus generating revenues.
• Low demand from the premium automotives, segment and the high cost of PAN (polyacrylonitrile) carbon fiber may impede industry growth in the coming years.

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Segmental overview:

Raw Materials	Pitch and Rayon
	Polyacrylonitrile (PAN)
Fiber Type	Recycled
	Virgin
End-User	Sports Equipment
	Construction
	Wind Energy
	Automotive
	Aerospace & Defense
	Aviation
	Others
Regions	Americas
	Europe
	Asia Pacific
	Middle East and Africa

 

Window to the future:

• The automotive end-user segment of global carbon fiber industry is poised to expand significantly over the coming years, owing to increasing consumption of the product to enhance the production of vehicles to adhere to the surging consumer demand as well as to adhere to government standards for emission control is further supporting segmental development.
• Asia Pacific industry is slated to witness notable growth during 2021-2026, owing to increasing R&D spending in the automotive and wind energy sectors, expanding exports from China & Japan, and the proliferation of the manufacturing sector to fulfill the domestic demand for high-quality products across the region.

Explainer:

• The industry is anticipated to grow in other transportation applications, including the automobile and marine arenas, as a result of government efforts to reduce dangerous gas emissions and boost fuel efficiency.
• The notable players in worldwide carbon fiber market are Hexcel Corporation, Kureha Corporation, Solvay S.A., Mitsubishi Chemical Holdings Corporation, Hyosung Corporation, SGL Carbon SE, Formosa Plastics Corporation, Teijin Limited, Nippon Carbon Co. Ltd., and Toray Industries Inc. among others.

Concluding lines:

Market research assists firms in generating maximum profits by effectively positioning their products and services in the industry. MarketStudyReport has a report titled ‘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)’, which talks about major growth determinants, potential prospects, and challenges prevailing in the industry space. This report is created after a careful investigation of the current situation and provides necessary information to the businesses operating in this field.