The growing demand for carbon fiber from the defense and aerospace industries, motorsports and automotive industries, as well as wind energy is expected to drive the expansion of the Carbon Fiber Market over the forecast period.
JERSEY CITY, N.J., May 31, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Carbon Fiber Market" By Type (Virgin carbon fiber, Recycled carbon fiber), By End-Users (Aerospace and Defense, Alternative Energy), By Raw Material (PAN-based carbon fiber, Pitch-based carbon fiber), and By Geography. According to Verified Market Research, Carbon Fiber Market size was valued at USD 5.06 Billion in 2020 and is projected to reach USD 12.5 Billion by 2028, growing at a CAGR of 12% from 2021 to 2028.
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Browse in-depth TOC on "Carbon Fiber Market"
202 - Pages
126 - Tables
37 - Figures
Global Carbon Fiber Market Overview
The growing demand for carbon fiber from the region and defense business for varied applications together with the production of narrow-body is probably going to drive the expansion of the market over the forecast period. However, the high value of carbon fiber in addition to the supply of cheaper substitutes may be a major issue that will hinder the expansion of the market. Moreover, the increase in the use of carbon fiber for 3D printing due to the high strength and rigidity of the fabric compared to different bimetal materials is anticipated to supply moneymaking opportunities for the market to grow over the forecast period.
3D printing technology involves the printing of a 3D object from a digital model by stacking skinny materials. This can be a classy technology used for many applications and does not need a massive instrumentality setup. This technology is often used to print many objects in an exceedingly short period. Continuous carbon fibers are utilized in 3D printing as it offers high strength and rigidity compared to different bimetal materials. The content and orientation of carbon fiber are governable, which eases the improvement method. 3D printing victimization carbon fibers conjointly permits for top accuracy within the producing of elements for varied end-use industries like region, automotive, and dental. This technology can revolutionize the carbon fiber-producing method and can provide vital opportunities for the market players.
Key Developments
- April 2021: Mitsubishi Chemical Corporation entered into a partnership with Dymon Co. Ltd, the robot and space development venture. Based on this agreement, MCC will provide carbon fiber reinforced plastic (CFRP) components and thermoplastic materials, and technical support.
- April 2021: Hyosung Advanced Materials signed a contract with Hanhwa Solutions to supply reinforced carbon fiber that is used in high-pressure containers for the long term.
Key Players
The major players in the market are Hexcel Corporation, SGL Group, Hyosung, Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Teijin Limited, Formosa Plastics Corporation, Solvay, Jiangsu Hengshan Co. Ltd., DowAksa.
Verified Market Research has segmented the Global Carbon Fiber Market On the basis of Type, End-Users, Raw Material, and Geography.
- Carbon Fiber Market, By Type
- Virgin Carbon Fiber
- Recycled Carbon Fiber
- Carbon Fiber Market, By End-Users
- Aerospace and Defense
- Alternative Energy
- Automotive
- Construction and Infrastructure
- Sporting Goods
- Others
- Carbon Fiber Market, By Raw Material
- PAN-based carbon fiber
- Pitch-based carbon fiber
- Rayon-based carbon fiber
- Carbon Fiber Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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