The global carbon fiber market size is projected to reach USD 4,088.8 million by 2028. The high demand for automotive, coupled with the rising need for lightweight vehicles are expected to bolster growth. As per the India Brand Equity Foundation (IBEF), the sales of passenger vehicles surged by 14.19% in India in October 2020, compared to 2019. Fortune Business Insights™ presented this information in a new report, titled, “Carbon Fiber Market, 2021-2028.” The report further states that the market stood at USD 2,238.6 million in 2020. It is set to exhibit a CAGR of 8.3% during the forecast period between 2021-2028.

Fortune Business Insights™ presents a list of reputed manufacturers operating in the global market. They are as follows:

• ZOLTEK Corporation (Missouri, the U.S.)

• Hexcel Corporation (Connecticut, the U.S.)

• TEIJIN LIMITED (Tokyo, Japan)

• TORAY INDUSTRIES, INC. (Tokyo, Japan)

• Solvay (Brussels, Belgium)

• Formosa M Co., Ltd. (Gyeonggi-do, Korea)

• Mitsubishi Chemical Carbon Fiber and Composites, Inc. (California, the U.S.)

• Nippon Graphite Fiber Co., Ltd. (Hyogo, Japan)

• Advanced Composites Inc. (Utah, the U.S.)

• HYOSUNG ADVANCED MATERIALS (Seoul, South Korea)

• Other Key Players

Solvay Joins Hands with SGL Carbon to Provide Composite Materials to Build Lighter Airplanes

In January 2020, Solvay partnered up with SGL Carbon to develop high-performance composite materials to build lighter airplanes. The decision was taken because of the urgent need to reduce the aircraft’s weight and reduce emissions in the atmosphere. As per a company official, “This partnership will help us to create a new carbon fiber composite material for the aviation industry. As this is only the beginning, we are screening these materials for using them in one of our programs. The era of lightweight aircraft is about to take off to a whole new level.”

The automobile industry was affected severely because of the COVID-19 pandemic. In Japan, South Korea, Italy, U.K., Germany, and U.S., automakers showcased a direct impact of the pandemic in 2020. It is compelling OEMs to strengthen their supply chains owing to disruptions. At the same time, a wide range of industries have shut down their manufacturing facilities to prevent transmission.

Report Coverage-

The report included four significant measures in estimating the current market size. Exhaustive secondary research was conducted to collect information about the parent market. Our next step included primary research to authenticate these sizing, assumptions, and findings with various industry experts. We have also used bottom-up and top-down approaches to calculate the size of this industry

Regional Insights-

Europe to Lead Backed by Increasing Presence of Electric Vehicle Manufacturers  

• Europe: The market in this region stood at USD 756.5 million in 2020 in terms of revenue. It is expected to dominate throughout the forthcoming years because of the rising expenditure of automakers in R&D activities to create affordable and effective carbon composite materials. Besides, the presence of numerous electric car manufacturers in the region would propel growth.

• North America: The increasing need to use renewable resources has resulted in the surging installation of wind farms in North America. Additionally, lightweight carbon fiber is extensively used in the aviation sector of this region.

• Asia Pacific: The region is expected to showcase considerable growth on account of the rising government spending on multiple infrastructure projects and rapid urbanization. Apart from that, China is exhibiting the higher utilization of construction composites in the construction of houses, bridges, and tunnels.

Information Source: https://www.fortunebusinessinsights.com/industry-reports/carbon-fiber-market-101719