Carbon Fiber Market Business Opportunities (2023-2035)

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Carbon Fiber Market to Expand at a CAGR of 8.5
Assessment for the Driving Factors, Size,
Revenue, Segments, Expansion, Demand, and
Opportunities During 2023-2035
Global Carbon Fiber Market Key Insights During
the forecast period of 2023-2035, the global
carbon fiber market is expected to reach an
estimated value of USD 6.8 billion by 2035, by
expanding at a CAGR of 8.5. The market further
generated a revenue of USD 2.3 billion in the
year 2022. Major key factors propelling the
growth of carbon fiber market worldwide are the
growing demand for carbon fiber from wind energy
and aerospace sector, and surge in consumption
of green energy.
Market Definition of Carbon Fiber
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A polymer, carbon fiber is also referred to as
graphite fiber. It is made of a lightweight
material that is incredibly robust. Carbon fiber
is twice as rigid and five times stronger than
steel. Carbon fiber has various advantages,
including high stiffness, high tensile strength,
high strength-to-weight ratio, good chemical
resistance, high temperature tolerance, and low
thermal expansion, making it a perfect material
for manufacturing a variety of parts. Popular
applications include specialized,
high-performance goods including aircraft,
racecars, and sporting goods. As a result,
engineers and designers prefer to manufacture
with carbon fiber.
Global Carbon Fiber Market Growth Drivers The
growth of the global carbon fiber market can
majorly be attributed to the growing demand for
carbon fiber in wind energy production. Carbon
fiber offers well-known benefits for lowering
wind turbine blade bulk owing to its much-
improved stiffness and tensile capabilities when
compared to fiberglass. Also, there has been
growing demand for electricity generated by wind.
The production of electricity from wind grew by
a record of 273 TWh in 2021 (up 17). This
growth rate was the greatest among all renewable
power technologies and was 55 greater than what
was achieved in 2020. Additionally, the market is
anticipated to be further stimulated by the
implementation of strict eco-friendly
legislation in both developed and developing
nations for CO2 emission from automotive. The
National Auto Policy (draft), 2018 had outlined a
roadmap for lowering CO2 emissions through CAFE
regulations. By 2020, all manufacturers of
passenger cars were obliged to set corporate
average CO2 gm per km targets in
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• accordance with the policy, whereas by 2025,
  India was expected to have CO2 reduction targets
  that were on par with those established by
  developed countries. With the help of such
  initiatives, the Indian automotive market would
  be able to adopt and incorporate carbon fibers
  and related materials more widely.
• The global carbon fiber market is also estimated
  to grow majorly on account of the following
• Growing Demand for Electric Car
• Rising Usage of Carbon Fiber in 3D Printing
• Surge in Usage of Metal Matrix Material in
  Diverse Application

Global Carbon Fiber Market Restraining
Factor Owing to its high performance and
lightweight characteristics, carbon composites
are frequently utilized in the aerospace,
automotive, construction, oil gas, and wind
energy industries. However, the product is more
expensive than metal. A significant barrier
preventing the widespread use of carbon fibers in
many industries is the product's price. The
yield and price of the precursor used to make CF
have a direct impact on its price. Currently,
PAN-based carbon fibers have a conversion
efficiency of just 50 and cost an average of USD
21.5 per kg for non- aerospace grade materials.
Hence this factor is estimated to hinder the
growth of the market.
Global Carbon Fiber Market Segmentation
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• By Type (Virgin Fiber, and Recycled Fiber)
• By Raw Material (Polyacrylonitrile, Petroleum,
  and Rayon)
• By End-User (Aerospace Defense, Alternative
  Energy, Automotive, Construction, Sporting
  Goods, and Others)
• The aerospace defense segment is anticipated to
  hold the largest market share over the forecast
  period. The growth of this segment can be
  attributed to growing production of satellite
  and commercial aerospace. According to all prior
  years combined, 1,283 satellites were launched
  in 2020, making it the most spacecraft ever
  launched in a single year. On the other hand, as
  of the end of April 2021, approximately 850
  satellitesor 66.25 more than in 2020had been
  launched.
• By Region
• The Europe carbon fiber market is anticipated to
  hold the largest market share by the end of 2035
  among the market in all the other regions, backed
  by rising demand for fuel-efficient and
  lightweight vehicles, and large base of electric
  car manufacturers in the region. For instance,
  in Europe, the production of light weight
  vehicles surpassed 22 million units in 2019 and
  is expected to reach 24 million by the end of
  2024. In addition to these, increased use of
  carbon fibers in the region's aviation industry
  and rising investments by automakers in the
  development of cost-effective carbon composite
  materials are also anticipated to fuel market
  expansion in the upcoming years.

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The market research report on global carbon fiber
also includes the market size, market revenue,
Y-o-Y growth, and key player analysis applicable
for the market in North America (U.S., and
Canada), Latin America (Brazil, Mexico,
Argentina, Rest of Latin America), Asia-Pacific
(China, India, Japan, South Korea, Singapore,
Indonesia, Malaysia, Australia, New Zealand, Rest
of Asia-Pacific), Europe (U.K., Germany, France,
Italy, Spain, Hungary, Belgium, Netherlands
Luxembourg, NORDIC (Finland, Sweden, Norway,
Denmark), Ireland, Switzerland, Austria, Poland,
Turkey, Russia, Rest of Europe), and Middle East
and Africa (Israel, GCC (Saudi Arabia, UAE,
Bahrain, Kuwait, Qatar, Oman), North Africa,
South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Carbon
Fiber Market Some of the key players of the
global carbon fiber market are TORAY INDUSTRIES
INC., Hexcel Corporation, Mitsubishi Chemical
Corporation, TEIJIN LIMITED, SGL Carbon, Solvay
SA, Formosa M Co., Ltd., ZOLTEK Corporation,
Advanced Composites, Inc., HYOSUNG ADVANCED
MATERIALS, and others. About us Research
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