Carbon Fiber Market Size to grow by USD 2484 million between 2024-2028
According to a research report “ Carbon Fiber Market” by End-user (Aerospace and defense, Sports and leisure, Wind energy, Automotive, Others) Raw Material (PAN-based, Pitch-based, Rayon-based) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2484 million, at a CAGR of almost 6.5% during the forecast period. Carbon fiber reinforced polymers (CFRPs) are a preferred choice for major aircraft manufacturers, including Boeing and Airbus, due to their exceptional strength-to-weight ratio. This attribute enables a 50% reduction in aircraft weight, resulting in increased fuel efficiency and reduced emissions. The use of CFRPs in manufacturing aircraft components, such as wings, rudders, fuselage, interior parts, doors, tail, and landing gears, offers superior stiffness, fatigue and abrasion resistance. Moreover, the high durability, excellent fatigue and corrosion resistance of carbon fibers significantly decreases maintenance costs for aircraft manufacturers.
Browse market data tables, figures, and in-depth TOC on “Carbon Fiber Market” by End-user (Aerospace and defense, Sports and leisure, Wind energy, Automotive, Others) Raw Material (PAN-based, Pitch-based, Rayon-based) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By End-user, the Aerospace and defense segment is projected to dominate the market size in 2024
The carbon fiber market represents a significant growth opportunity for businesses, with increasing demand driven by its lightweight, high-strength properties. This versatile material is finding applications in various industries, including aerospace, automotive, and construction. Key market trends include cost reduction, product innovation, and regulatory compliance. Companies are investing in research and development to expand the carbon fiber market's reach and create new revenue streams.
By Raw Material, PAN-based segment is expected to hold the largest market size for the year 2024
The Carbon Fiber Market represents a significant growth opportunity for businesses due to its lightweight, high-strength properties. Demand for carbon fiber is increasing across various industries, including aerospace, automotive, and construction, due to its ability to reduce weight and improve fuel efficiency. Key players in the market include Toray Industries, Mitsubishi Chemical, and Hexcel Corporation, who are investing in research and development to expand their product offerings and gain a competitive edge.
North America is forecasted to hold the largest market size by region in 2024
The Carbon Fiber Market represents a significant growth opportunity for businesses, driven by the increasing demand for lightweight and high-performance materials in various industries. Key sectors, including aerospace, automotive, and sports equipment, are adopting carbon fiber for its strength, durability, and resistance to temperature and corrosion. Market growth is further fueled by advancements in production technology, making carbon fiber more cost-effective and accessible. Overall, the Carbon Fiber Market is poised for continued expansion, offering substantial potential for businesses to innovate and compete in their respective industries.
The Carbon Fiber Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Carbon Fiber market is experiencing significant growth due to its extensive applications in various industries, including wind turbines, energy efficiency, commercial aviation, fuel-efficient vehicles, aerospace, and more. In wind turbine applications, carbon fiber's lightweight property and high tensile strength contribute to increased energy efficiency and reduced CO2 emission levels. In the automotive industry, carbon fiber's low weight-to-strength ratio leads to fuel efficiency improvements and reduced fuel consumption. Carbon fiber is also used in the aerospace industry for its high strength-to-weight ratio, making it ideal for use in pressure vessels, fuel cell vehicles, and pitch fibers for composite materials. Precursor materials like pitch and polyacrylonitrile are used to produce carbon fiber, which is then combined with a polymer matrix to create a composite material. Carbon fiber's applications extend to motorsports, military, civil engineering, and fuel cell vehicles. SGL Carbon, a leading carbon fiber manufacturer, produces high-quality carbon fiber for various industries. The future of carbon fiber looks promising, with continued research and development leading to new applications and advancements in this versatile material.
Market Research Overview
The Carbon Fiber market is experiencing significant growth due to its extensive use in various industries, including Wind Energy, Aerospace & Defense, Sports or Leisure, and Automotive. Carbon fiber's unique properties, such as high tensile strength, low weight-to-strength ratio, and excellent chemical and corrosion resistance, make it an ideal choice for manufacturing Pressure Vessels, Wind Turbine Blades, and other high-performance components. In the Wind Energy sector, carbon fiber composites are increasingly being used in the production of Wind Turbine Blades due to their energy efficiency and ability to reduce CO2 emission levels and fuel consumption. In the Aerospace & Defense industry, large tow and small tow carbon fibers are used in Pitch-based carbon fiber production for use in CFRP composites for aircraft and military applications. Carbon fiber is also used in the Automotive industry for manufacturing fuel-efficient vehicles and luxury cars, as well as in the production of CFRP composites for fuel cell vehicles. Organic and inorganic approaches are used in the production of carbon fiber, with precursor materials such as Polyacrylonitrile and Pitch being commonly used. Molding and compounding techniques, such as Resin Infusion and Automated Fiber Placement, are used to manufacture carbon fiber components. SGL Carbon, a leading carbon fiber manufacturer, produces a range of carbon fiber products for various industries, including Motorsports, Civil Engineering, and Chemical Attack Resistance applications. Overall, the Carbon Fiber market is expected to continue growing due to its use in renewable energy sector, fuel efficiency, and lightweight material applications.
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