1. What is the projected Compound Annual Growth Rate (CAGR) of the Carbon Fiber Market?
The projected CAGR is approximately 8.8%.
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Carbon Fiber MarketCarbon Fiber Market by Precursor (PAN, Pitch), by Tow (Large Tow, Small Tow), by Application (Aviation, Aerospace & Defense, Automotive, Wind Turbines, Sports & Leisure, Construction, Others), by North America (U.S., Canada) Forecast 2025-2033
The Carbon Fiber Marketsize was valued at USD 3.31 USD Billion in 2023 and is projected to reach USD 5.97 USD Billion by 2032, exhibiting a CAGR of 8.8 % during the forecast period. Carbon Fiber is a composite material that has minute carbon fibres embedded in a matrix. It is stiff and tough and is made of carbon atoms linked together in a preset fibre formation. Carbon fibre is stronger than steel, five times lighter, and thus ideal for creating converters that are strong and lightweight. The high tensile strength of the material, its low coefficient of thermal expansion, and its ability to withstand corrosive and fatigue effects are advantages of this material. These features make it an ideal material for various high-performance applications. The benefit of carbon fibre is that it is widely used in the manufacture of cars and airplanes since its lightweight nature is perfect for these industries and helps in improving their efficiency. The more details about this material are the following: The first benefit of carbon fibre is that it is widely used in the manufacture of cars and airplanes since its lightweight nature is perfect for these industries and helps in improving their efficiency. Also in some other applications, for example, in sports, carbon fiber is used in bicycles and tennis racquets because they are lean and strong.
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 8.8% from 2019-2033 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 8.8%.
Key companies in the market include Toray Industries, Inc. (Japan), Solvay (Belgium), Nippon Graphite Fiber Co., Ltd. (Japan), TEIJIN LIMITED (Japan), Hexcel Corporation (U.S.), ZOLTEK Corporation (U.S.), HYOSUNG ADVANCED MATERIALS (South Korea), Advanced Composites Inc. (U.S.), Mitsubishi Chemical Carbon Fiber and Composites, Inc. (U.S.), Formosa M Co., Ltd. (South Korea).
The market segments include Precursor, Tow, Application.
The market size is estimated to be USD 3.31 USD Billion as of 2022.
Increasing Product Usage in Automotive Industry to Drive Market Growth.
Research Focusing on Product Manufacturing from Non-Conventional Raw Materials to Create Lucrative Growth Opportunities.
High Cost of the Product to Hinder Market Growth.
December 2022- Solvay collaborated with Trillium on bio-based acrylonitrile to produce carbon fiber for automotive, aerospace, consumer goods, and energy applications.
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The market size is provided in terms of value, measured in USD Billion and volume, measured in K Tons.
Yes, the market keyword associated with the report is "Carbon Fiber Market," which aids in identifying and referencing the specific market segment covered.
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