The Carbon Fiber market is expected to grow from USD 5 billion in 2019 to USD 9.50 billion by 2025 at a CAGR of 11.3% from 2019 to 2025.
The Aerospace & defense industry is the main driver for growth in the market. It accounted for approximately a third of the total product market in terms of demand and about half of the total market revenue. Growing demand for commercial aviation on account of improved disposable income and globalization has driven growth across the aerospace industry over the last few years, which is a key trend that is anticipated to continue over the estimated period as well. The surge in demand in sports and leisure applications, especially in the Asia Pacific region, is also likely to increase the product scope. Sports and leisure equipment are finding improved use of carbon fiber and is the second-largest market in terms of revenue. With increasing awareness about healthy lifestyles and exercising, the demand for sports utilities will have a healthy development in the next 8 years.
The increasing market for light-bodied combat aircraft by the military will propel the industry in the upcoming years. The global market is segregated on the basis of Product Type as Long carbon fiber, Short carbon fiber, and Continuous carbon fiber. Based on End User the market is segmented in Electrical & Electronics, Civil Engineering, Pipe & Tank, Marine, Sporting goods, Aerospace & Defense, Automotive, Wind Energy, and Others. Based on Modulus the market is segmented in Intermediate modulus, High modulus, and Standard modulus. Based on Application, the market is segmented in Non-composite and Composite. The report also bifurcates the global Carbon Fiber market based on Fiber Type in Recycled carbon fiber and Virgin carbon fiber. The report also bifurcates the global Carbon Fiber the global Raw Material market is segmented in Pitch, Rayon, and PAN.
Toray Industries Inc. (Japan), SGL Group (Germany), Hexcel Corporation (U.S.), Mitsubishi Rayon Co. Ltd. (Japan), Teijin Limited (Japan), Formosa Plastics Corporation (Taiwan), Solvay (Belgium), Jiangsu Hengshen Co. Ltd. (China), Hyosung (South Korea), DowAksa (Turkey), and others are among the major players in the market. The companies studied in terms of product strategy and various n several growths and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Carbon Fiber market has been segmented as below:
By Product Type
- Long carbon fiber
- Short carbon fiber
- Continuous carbon fiber
- Electrical & electronics
- Civil Engineering
- Pipe & Tank
- Sporting goods
- Aerospace & defense
- Wind Energy
- Intermediate modulus
- High modulus
- Standard modulus
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