The carbon fiber market is a segment of the global composite materials industry that revolves around the production, distribution, and application of carbon fiber-reinforced materials. Carbon fiber is a high-strength, lightweight material composed of carbon atoms bonded together in a crystal alignment. It is known for its exceptional mechanical properties, including high tensile strength, low weight, and resistance to corrosion.

According to a new report published by Allied Market Research, titled, “Carbon Fiber Market," The carbon fiber market was valued at $5.5 billion in 2022, and is estimated to reach $16 billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.

Carbon fiber is a strong and lightweight material composed of thin, strong crystalline filaments of carbon atoms. It is known for its exceptional strength-to-weight ratio, making it ideal for applications where high strength and low weight are essential.

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Increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, have led the building & construction sector to witness significant growth where carbon fibers are used for acoustic insulation purposes. In addition, sustainable economic growth coupled with an increase in demand for consumer goods has propelled the growth of the automotive & electronics sector, which, in turn, has boosted the demand for carbon fiber market. In addition, it is used in auto racing bodies, train car and ship panels, and ground transportation structures. These factors contribute to the growth of the carbon fiber market during the forecast period.

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The production of carbon fiber composites involves intricate and specialized manufacturing processes. These processes require a high level of expertise, precise control of parameters such as temperature and pressure, and quality control measures. The complexity of manufacturing is anticipated to lead to longer production times and increased costs. Carbon fiber composites have the potential to contribute to the construction industry, especially in applications that require high strength, durability, and corrosion resistance. Reinforcing structures with carbon fiber composites is anticipated to help enhance the strength and longevity of buildings, bridges, and other infrastructure projects.

Key Market Players:
Nippon Steel Corporation, DowAksa, SGL Carbon, Mitsubishi Chemical Group Corporation, TEIJIN LIMITED., Formosa Europe, TORAY INDUSTRIES, INC., ZOLTEK, Solvay

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Key Findings:
• On the basis of type, the continuous carbon fiber segment is expected to grow at a CAGR of 11.4%, in terms of revenue, during the forecast period.
• On the basis of raw material, the PAN-based carbon fiber segment is expected to grow at a highest CAGR in terms of revenue, during the forecast period.
• On the basis of form, the composite carbon fiber segment is expected to grow exponentially in terms of revenue, during the forecast period.
• On the basis of end-use industry, the aerospace and defense segment is expected to grow at a CAGR of 10.6%, in terms of revenue, during the forecast period.
• On the basis of region, Europe garnered a share of 36% in 2022 in terms of revenue.
• North America garnered around 30% share in 2022 in terms of revenue.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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