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The global carbon fiber market size was valued at USD 2.65 billion in 2023 and is predicted to reach USD 2.82 billion in 2024. The market is anticipated to touch USD 6.54 billion by 2032, recording a CAGR of 11.1% over 2024-2032.
Fortune Business Insights™ presents this information in its latest report titled “Carbon Fiber Market Size, Share & Industry Analysis, By Precursor (PAN and Pitch), By Tow (Large Tow and Small Tow), By Application (Aviation, Aerospace & Defense, Automotive, Wind Turbines, Sports & Leisure, Construction, and Others), and Regional Forecast, 2024-2032”.
Carbon fiber, often referred to as graphite fiber, is composed of carbon atoms that measure between five and ten micrometers in diameter. This material boasts several advantageous properties, including high stiffness, an excellent strength-to-weight ratio, low thermal expansion, high tensile strength, superior high-temperature resistance, and increased chemical durability.
The COVID-19 pandemic significantly impacted composite businesses, especially in the automotive industry, as nationwide lockdowns and factory closures halted production and hindered growth. During the pandemic, automobile manufacturers globally faced severe impacts. However, the gradual reopening of economies in 2021 resulted in a resurgence of demand for products across various applications.
Teijin Limited Formed Business Partnership with Fuji Design Co., Ltd. in Carbon Fiber Recycling
Teijin Limited announced that it agreed to form a business partnership with Fuji Design Co., Ltd. to establish a business structure for the production, supply, and commercialization of carbon fiber-reinforced plastic produced from recycled CFs using a low-environmental impact process.
Increasing Product Demand from Aviation and Aerospace & Defense Sectors to Propel Market Growth
The growing interest in CF within the aviation and aerospace & defense sectors is driven by its remarkable characteristics, including an exceptional strength-to-weight ratio, resistance to corrosion, and long-lasting durability. In aviation, the lightweight properties of CF contribute to improved fuel efficiency, which translates into lower operational expenses and decreased emissions. In the aerospace realm, it is employed in structural components to boost both performance and safety. Meanwhile, the defense industry utilizes CFs for lightweight armor, ballistic protection, and cutting-edge weapon systems, significantly enhancing mobility and survivability. All these factors together contribute to carbon fiber market growth.
However, the high cost of CF presents challenges for domestic and small-scale manufacturers seeking to enter the market, which may hinder overall market expansion.
Major Producers Adopt Various Strategies to Remain Competitive in Market
The top companies in the global market include TORAY INDUSTRIES, INC., Solvay, Teijin Limited, Hexcel Corporation, and ZOLTEK Corporation. Several major producers are intensifying their efforts to adopt strategies, including acquisition deals, the introduction of new products, and collaborations to remain competitive.
Notable Industry Development:
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/carbon-fiber-market-101719
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 11.1% from 2024 to 2032 |
Unit | Value (USD Billion) and Volume (Tons) |
Segmentation | By Precursor
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By Tow
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By Application
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By Region
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