The Rising Carbon Fiber Market is driven by Increasing Demand from Aerospace Industry
The carbon fiber market has gained immense popularity over the years owing to its versatile properties like lightweight, corrosion resistance, high stiffness, conductivity and insulation. Carbon fibers are derived from polyacrylonitrile (PAN), rayon and petroleum pitch. They have found widespread usage in various end-use industries including aerospace, automotive, wind energy, construction, sports equipment among others. The aerospace industry is the largest end-user of carbon fiber which uses it to manufacture aircraft components for reduced weight, fuel efficiency and enhanced performance.
Global Carbon Fiber Market is estimated to be valued at US$ $5.22 Bn in 2024 and is expected to exhibit a CAGR of 8.70% over the forecast period from 2024 to 2031.
The relentless efforts by manufacturers to develop cost-effective production technologies has boosted the sales of Carbon Fiber Market Demand. Additionally, stringent environmental regulations focusing on fuel-efficiency and emission reduction has augmented the demand for lightweight materials in the automotive sector.
Key Takeaways
Key players operating in the carbon fiber market are A Technology Inc., Anshan Sinocarb Carbon Fibers Co. Ltd, DowAksa USA LLC, Formosa Plastics Corporation, Hexcel Corporation, Holding company Composite, Hyosung Advanced Materials, SGL Carbon, Solvay, Teijin Limited.
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