Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Carbon Fiber Market, By Precursor Type; By Tow Size; By Modulus (Standard Modulus, Intermediate Modulus, High Modulus); By End User - Estimation & Forecast, 2018 - 2050" report has been added to ResearchAndMarkets.com's offering.
The global Carbon Fiber market, valued at US$ 2,791.09 million in 2022, is poised for extraordinary growth, with a projected surge to an astonishing US$ 52,165.61 million by 2050.
This impressive trajectory is underpinned by a robust Compound Annual Growth Rate (CAGR) of 11.07%, reflecting the rapid adoption and increasing applications of carbon fiber across various industries.
Growth Influencers:
The expansion of the global Carbon Fiber market is driven by several compelling factors. The heightened utilization of carbon fiber in the automotive sector emerges as a primary driver, owing to its unique blend of high strength, lightweight properties, and enhanced damage tolerance. Automotive manufacturers are increasingly embracing carbon fiber to enhance efficiency and performance.
Stringent emission control regulations worldwide are another significant driver. With a global focus on reducing carbon footprints, carbon fiber's capacity to reduce vehicle weight and emissions makes it a preferred material over heavier alternatives.
Challenges include the high cost associated with carbon fiber, stemming from raw materials and production processes. Balancing affordability without compromising quality remains a key challenge.
Segment Overview:
The market is segmented by Precursor Type, Tow Size, Modulus, and End User.
By Precursor Type:
- PAN Type Carbon Fiber
- Pitch Type Carbon Fiber
By Tow Size:
- 1-12 k
- 24-48 k
- >48 k
By Modulus:
- Standard Modulus (T300 -T700)
- Intermediate Modulus (T800-T1100)
- High Modulus (M35-M60)
By End User:
- Aerospace & Defence
- Automotive
- Wind & Energy
- Infrastructure/civil
- Consumer
- Others
Regional Overview:
The comprehensive report provides a detailed regional breakdown, covering North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The Asia Pacific region takes the lead, accounting for over 44% of the global market share in 2022. It also exhibits the fastest growth with a CAGR of 11.22%.
Factors contributing to Asia Pacific's dominance include rapid industrialization, urbanization, and growth in end-use industries like automotive and aerospace. China, with its emphasis on emissions reduction and a thriving manufacturing sector, plays a pivotal role in the region's growth. Emerging economies like India also contribute to high demand for carbon fiber due to industrial and infrastructure development.
Competitive Landscape:
Prominent players in the global Carbon Fiber market, accounting for about 77.9% of the market share, include Advanced Composites Inc., BASF SE, Formosa M Co. Ltd, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber & Composites Inc., Nippon Graphite Fiber Co. Ltd., SGL Group, Solvay, Teijin Limited, Toray Industries Inc, Zoltek Corporation, and others.
For more information about this report visit https://www.researchandmarkets.com/r/wias4p
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