[FURL=https://www.industryarc.com/Report/11645/carbon-fiber-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Carbon Fiber Market[/FURL] size is forecast to reach $11.2 billion by 2026, after growing at a CAGR of 11.5% during 2021-2026. Carbon fiber is a high strength, low weight, high stiffness, conductive to electricity, and is one of the most corrosion and heat resistant material. Growing demand for lightweight products from aerospace & defense, automotive, and wind energy industries and minimizing carbon emissions are driving the market growth. Whereas, the growing building and construction sector in the emerging country is also driving the market growth. As carbon fiber is used primarily in the strengthening and reinforcement of concrete, steel, timber, and masonry. Furthermore, increasing demand for carbon fiber composite in consumer electronics has made the products lighter and thinner, and more textured is likely to drive the market growth.Key Takeaways
Europe will continue to have the major share of total worldwide wind energy carbon fiber demand during the forecast period owing to its renewable energy targets and use of offshore wind capacity.
High price of carbon fiber is one of the factors that’s hindering the markets growth.
COVID-19 will hinder the markets growth, as the end use industry are facing a slow growth, hence reducing the demand for carbon fiber.
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Carbon Fiber Market Drivers
Increasing use of carbon fiber in Sports & Fitness Industry
With Carbon Fibers high-strength and light-weight characteristics, they are being widely used in the manufacturing sports equipment. Sports equipment such as tennis racquets, oars, pickleball paddles, archery, hockey sticks, fishing rods, baseball bats, and bicycles are made of carbon fiber. Carbon Fibers provide design flexibility, when designing a highly-specific applications. The exact shape of equipment is very critical for its performance and can easily be achieved by using carbon fiber composites.
Increase in demand from Clean Energy Sector
One of the major factors that driving the Carbon Fiber Market is the wind energy sector. With the depletion of fossil fuels, the world is now acknowledging the synthesis of energy from renewable resources.
Carbon fiber is widely used in manufacturing turbine blades, which makes blades slender resulting in higher aerodynamic efficiency, lighter, longer, stiffer, and overall, more efficient wind turbine providing lower Levelized Cost of Energy (LCOE).
Carbon Fiber Market top 10 are Hexcel Corp., Formosa Plastics Corp., TEIJIN Aramid B.V., Hyosung Advanced Materials, ESE Carbon Co., Mitsubishi Chemical Corp., MakerBot Industries LLC, SGL Carbon SE, Solvay S.A, Hengshen Co., Ltd., and DowAksa Advanced Composites Holding B.V.,
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