Westford, USA, April 25, 2023 (GLOBE NEWSWIRE) -- According to the latest report by SkyQuest, the Carbon Fiber market is projected to reach a value of USD 4.78 billion by 2030, with a CAGR of 8.3% during the forecast period (2023-2030). The market is expected to experience significant growth in the North America and Asia Pacific, driven by the increasing demand from the wind energy sector, the automotive industry, and sports and leisure equipment. Advancements in manufacturing technology, such as automated fiber placement technology, are also expected to reduce the cost of producing carbon fiber composites by up to 20%.
Additionally, 3D printing technology for producing carbon fiber composites is becoming increasingly popular, with 55% of respondents reporting that they currently use or plan to use 3D printing for their carbon fiber production, according to research.
Browse in-depth TOC on "Carbon Fiber Market"
- Pages - 221
- Tables - 92
- Figures - 66
Get a sample copy of this report:
https://www.skyquestt.com/sample-request/carbon-fiber-market
The demand for carbon fiber is rapidly increasing across various industries such as aerospace, automotive, construction, and sports due to its exceptional properties like high strength and low weight, making it an ideal material for high-performance applications. The carbon fiber market is expected to experience significant growth in the coming years as industries continue to demand lightweight and durable materials. The need for improved fuel efficiency in the automotive and aerospace industries and increasing demand for renewable energy drives this growth.
Prominent Players in the Carbon Fiber Market
- Toray Industries Inc.
- Teijin Limited
- Mitsubishi Chemical Corporation
- SGL Carbon SE
- Hexcel Corporation
- Solvay SA
- Formosa Plastics Corporation
- Hyosung Corporation
- DowAksa
- Zoltek Companies, Inc.
- Mitsubishi Rayon Co., Ltd.
- Hindoostan Composite Solutions
- Jiangsu Hengshen Fiber Material Co., Ltd.
- Kureha Corporation
- Taekwang Industrial Co. Ltd.
- Cytec Industries Inc.
- Nippon Graphite Fiber Corporation
- Plasan Carbon Composites
- Arkema SA
- Park Electrochemical Corp.
Browse summary of the report and Complete Table of Contents (ToC):
https://www.skyquestt.com/report/carbon-fiber-market
Aerospace and Defence Segment to Drive Higher Sales Due to the Increasing Demand for Lightweight and High-Strength Materials
The rapid development of the Carbon Fiber market in 2021 was largely driven by the Aerospace and defence segment, according to a recent analysis. This trend is expected to continue from 2022 to 2030 due to the increasing demand for lightweight and high-strength materials in the aerospace and defence industries. According to the studies conducted by the National Institute of Standards and Technology (NIST), Using carbon fiber composites in military aircraft can reduce the weight of an aircraft by up to 50%, resulting in significant improvements in fuel efficiency.
Furthermore, according to research analysis, North America is predicted to become a major player in the carbon fiber market from 2022 to 2030. SkyQuest projects a CAGR of 8.82% for the region during the forecast period, driven by increasing demand from the aerospace and defense sectors and the growing adoption of electric vehicles in the region. The US government has recently implemented the National Network for Manufacturing Innovation program and the Materials Genome Initiative. These initiatives aim to promote the development of advanced materials and manufacturing technologies, which will drive the growth of the carbon fiber market in the region.
Carbon Fiber Reinforced Plastic Type Segment to Exhibit Strong Growth Due to High Strength-to-weight Ratio
The demand for carbon fiber reinforced plastic type has made it the dominant segment in 2021 and is expected to maintain the lead from 2022 to 2030. This trend is being driven by the high strength-to-weight ratio, low coefficient of thermal expansion, and resistance to corrosion, fatigue, and impact.
Moreover, the Asia Pacific region has emerged as a significant force in the Carbon Fiber market and is expected to continue its dominance by 2030. SkyQuest has projected substantial growth in the market for this region, with a CAGR of 10.3% during the forecast period. The region's growth can be attributed to increasing demand from various end-use industries such as aerospace, automotive, and wind energy. Additionally, various government initiatives are supporting the market's growth, such as the Indian government has launched the National Fiber Strategy, which aims to promote the development of a strong fiber ecosystem in the country, including the production of carbon fiber.
A comprehensive analysis of the major players in the carbon fiber market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Speak to Analyst for your custom requirements:
https://www.skyquestt.com/speak-with-analyst/carbon-fiber-market
Key Developments in the Carbon Fiber Market
- Carbon Revolution Limited (ASX: CBR), a leading global manufacturer of lightweight carbon fiber wheels, and Twin Ridge Capital Acquisition Corp. (NYSE: TRCA), a publicly traded special purpose acquisition company, have entered into a definitive business combination agreement and accompanying scheme implementation deed (SID). The agreement is expected to result in the Carbon Revolution becoming publicly listed in the U.S. via a scheme of arrangement. This announcement was made in a joint statement by the two companies.
- Toray Composite Materials America, Inc. has introduced a new high-performance, patented resin technology called Toray 2700, which is specifically designed for emerging aerospace programs. The epoxy-based 2700 satisfies stringent aerospace structural design requirements and enables the production of high-quality, high-volume, and cost-effective composite parts.
Key Questions Answered in Carbon Fiber Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
European Fragrance Encapsulation Market
Global Polymethyl Methacrylate Market
Global Super Absorbent Polymers Market
Global Microbial Control Chemical Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
