Westford USA, July 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global carbon fiber market will attain a value of USD 9.25 Billion by 2031, with a CAGR of 9.4% during the forecast period (2024-2031). Carbon fiber is composed of carbon atoms connected in a chain to form a very long carbon fiber. The market for carbon fiber is expanding at a good pace led by its application profiles in various industries such as aerospace, automobile and renewable energy. The whole market is predicted to be driven by a growing market for automobiles and an appetite for vehicles with low weight. The need for automotive fuel efficiency, plus intense government legislation on emission of carbon is supporting the market viewpoint.
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Browse in-depth TOC on "Carbon Fiber Market"
- Pages – 221
- Tables - 92
- Figures – 76
Carbon Fiber Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 4.51 Billion |
| Estimated Value by 2031 | USD 9.25 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Raw Material, Fiber Type, Modulus, Product Type, Application and End Use Industry |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Researchers Focus on Converting Coal into Carbon Fiber |
| Key Market Drivers | Increasing Product Usage in Automotive Sector |
Pressure Vessels are to Lead the Market Owing to The Growing Use of Lightweight Materials
The pressure vessels segment accounts for the largest industry in the carbon fiber market due to the increasing utilization of lightweight and high strength material in energy and Industrial segments. Light weight and superior strength make carbon fiber ideal for the manufacturing of pressure vessels. Similarly, increased usage of pressure vessels for hydrogen storage and transport has caused corresponding demand for carbon fiber composites as a material that answers the call for clean energy globally.
Aerospace & Defense to Have the Fastest Growth Due to Increase in the Aero Planes Manufacturing
The aerospace and defense segment to have the fastest CAGR in 2023 and is expected to maintain its growth for the foreseeable future. The increased manufacturing of aero planes is expected to drive market development. Interiors, engine blades, propellers, etc., are all applications of composite materials in this sector. Moreover, aerospace engineers are attempting to improve the sustainability and safety of flight, which has led to the usage of fiber composite materials in helicopters, planes, and space shuttles.
Growing EV Production Makes Europe the Leading Region in the Carbon Fiber Market
The global market in the upcoming years is likely to be dominated by the Europe region, which is diversified with the presence of EV manufacturers and growing lightweight, fuel-efficient vehicle demand. Regional market growth is further supposed to be fueled by rapid growth in the aerospace and military industries. On the other hand, huge investments by automakers into R&D to develop low-cost carbon composite materials are boosting this region's automotive industry. The country has one of the highest bases for aircraft manufacture and was mainly the home of different businesses and engine makers.
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Carbon Fiber Market Insights:
Drivers
- Increasing Product Usage in Automotive Sector
- Demand of 3D Printing Technology
- Increased Adoption in Marine Industry Due to its Resistance to Corrosion
Restraints
- High Cost of Product to Hinder Market Growth Slightly
- Supply Chain Vulnerabilities
- Recycling Challenges and Environmental Concerns
Prominent Players in Carbon Fiber Market
The following are the Top Carbon Fiber Companies
- Toray Industries, Inc.
- Mitsubishi Chemical Holdings Corporation
- SGL Carbon SE
- Hexcel Corporation
- Teijin Limited
- Hyosung Corporation
- Formosa Plastics Corporation
- Cytec Solvay Group
- Zoltek Companies, Inc.
- DowAksa
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Key Questions Answered in Carbon Fiber Market Report
- What is the projected market size for Carbon Fiber Market in 2031?
- At what rate will the Carbon Fiber Market grow during the forecasted period?
- Who are the key market players in the Carbon Fiber Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of carbon fiber market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the carbon fiber market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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