The global carbon fiber market is expected to experience significant growth in the coming years, with a projected increase of USD 2,732.91 million from 2022 to 2027. According to Technavio, the market’s growth momentum will progress at a compound annual growth rate (CAGR) of 7.43% during the forecast period. The market is characterized by its fragmentation, with numerous global and regional vendors vying for market share.
Some of the prominent vendors in the carbon fiber market include 3M Co., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Evonik Industries AG, Formosa M Co. Ltd., Hexcel Corp., Hyosung Advanced Materials, Kordcarbon AS, Kureha Corp., Mitsubishi Chemical Corp., Nippon Steel Corp., Osaka Gas Co. Ltd., Saudi Arabian Oil Co., SGL Carbon SE, SIMCO Technology and Systems Ltd., Solvay SA, Taekwang Group, Teijin Ltd., Toray Industries Inc., and UMATEX ROSATOM State Corp.
The increasing use of carbon fibers in the aerospace and defense sector is a major driver of market growth. Carbon fiber is utilized by major aircraft manufacturers such as Boeing and Airbus to produce aircraft parts, resulting in a significant reduction in aircraft weight. The superior strength-to-weight ratio of carbon fiber-reinforced polymers makes them highly suitable for aerospace applications, as they enable the creation of efficient and lightweight aircraft structures. In fact, carbon fiber materials make up approximately 50% of the structural weight of the Boeing 787 Dreamliner, leading to an average weight reduction of 20% compared to traditional aluminum designs. These factors contribute to the market’s growth during the forecast period.
The carbon fiber market report also highlights notable data points for specific segments within the market. The carbon fiber bike market is projected to grow by 2,754.14 thousand units, with a CAGR of 7.4% from 2021 to 2026. Additionally, the carbon fiber tape market size is expected to increase by USD 1.59 billion from 2021 to 2026, with a growth momentum accelerating at a CAGR of 11.19%.
Technavio is a leading global technology research and advisory company that provides comprehensive coverage and actionable market insights to help businesses identify opportunities in emerging market trends. With over 500 specialized analysts and a vast report library consisting of more than 17,000 reports, Technavio serves clients of all sizes and industries, including Fortune 500 companies. By delivering strategic analysis and valuable research, Technavio assists businesses in optimizing their market positions and developing effective strategies to capitalize on market opportunities.
In conclusion, the global carbon fiber market is expected to witness significant growth in the coming years, driven by the increasing utilization of carbon fibers in the aerospace and defense sector. With numerous key players operating in the market, the competition for market share is intense. However, the market presents lucrative opportunities for businesses, particularly in segments such as carbon fiber bikes and carbon fiber tape. As the market continues to expand, companies can leverage the insights provided by Technavio’s report to make informed decisions and stay ahead in this evolving industry.
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