The carbon fiber market is expected to reach US$ 21.79 Billion by 2032.
The carbon fiber market is expected grow at a CAGR of 12.2% between 2023 to 2032.
The carbon fiber market was estimated to be US$ 6.89 Billion in 2022.
The global carbon fiber market is benefiting from the increasing demand in the aerospace and defense sectors and the automotive industry's growing focus on lightweight materials for fuel efficiency.
PAN-based carbon fiber dominates the market due to its favorable combination of mechanical properties, availability, consistent quality, and cost-effectiveness, making it the largest segment in the global carbon fiber market.
North America is a prominent region in the global carbon fiber market. Investments in research and development activities, along with favorable government initiatives, further bolster the carbon fiber market in North America.
Cytec Solvay Group (Belgium), Formosa Plastics Corporation (Taiwan), Hexcel Corporation (United States), Hyosung Corporation (South Korea), Jiangsu Hengshen Fiber Materials Co., Ltd. (China), Kemrock Industries and Exports Limited (India), Kureha Corporation (Japan), Mitsubishi Chemical Carbon Fiber and Composites, Inc. (Japan), Nippon Carbon Co., Ltd. (Japan), SGL Carbon SE (Germany), Teijin Limited (Japan), TenCate Advanced Composites (Netherlands), Toray Industries, Inc. (Japan), Toho Tenax Co., Ltd. (Japan), Zoltek Companies, Inc. (United States) among others, are the major players in this market.
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