The carbon Fiber market is majorly driven by the aerospace industry to enhance the performance and efficiency of aircraft. The superior physical strength, low coefficient of thermal expansion, high dimensional stability, and low abrasion characteristics of carbon fiber complement its applications in aerospace antennas, aircraft brakes, and support structures. Therefore, the Carbon Fiber Market was valued at $3216.54 million in the year 2020.
Moreover, the booming wind energy sector is generating strong demand for carbon fiber for its use in wind blades. The exceptional fatigue and corrosion resistance property of carbon material enhance the longevity of wind blades. Further, the growing adoption of clean energy technologies to reduce emissions is expected to further drive the carbon fibre market in the forecast period.
The increasing demand for lightweight materials, along with government initiatives to reduce harmful gas emissions and increase fuel efficiency, is expected to drive the market for carbon fiber in other transporting applications such as automotive and marine industries. Further, rising carbon fiber consumption is also expected due to the increasing production of vehicles to cater to strong consumer demand. Other than automotive applications, carbon Fiber has also significant growth potential in infrastructure, marine engineering and electronic applications.
Carbon fiber, due to lightweight, high thermal stability and electrical conductivity, are widely used in various important automotive components, such as disk brakes, wheels, automobile hoods, and others, owing to this carbon fiber share from automotive applications is predicted to expand significantly in the upcoming years.
Depending on the region, increasing production of the manufacturing sector of the Asia Pacific region to cater for the domestic requirements for superior quality products and rising exports from Japan and China leading to an increased demand for carbon fiber from the region. The Asia Pacific region is estimated to be the fastest-growing market for carbon fiber during 2021-26. The growth of the Asia Pacific market can be attributed to the increasing investments of R&D in the automotive & wind energy end-use industry.
The key target audience operating in the global carbon fiber market is Carbon Fiber Manufacturing Companies, Consulting, Advisory Firms, Government and Policy Makers, and Regulatory Authorities.
The prominent players operating in the market are Toray Industries (Japan), Teijin Limited (Japan), SGL Carbon (Germany), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US) and Solvay (Belgium),
What Does this research report offer?
This global carbon fiber market report provides strategists, marketers, and senior management with the critical information they need. It focuses particularly on identifying the trends, opportunities, and strategies that can lead to success. The report offers a research methodology that includes product overview, market size by volume, value and impact of covid-19 on carbon fiber market.
This carbon fiber market report also provides information about carbon fiber market drivers, restraints, trends, strategic analysis and opportunities. The comprehensive reports show a global perspective on how markets have been affected by the coronavirus and how they are likely to emerge as the impact of the virus abate. Moreover, the report provides an analysis of the market's competitive landscape and detailed information on vendors so as to understand the competitive landscape.