Carbon Fiber Market size was valued at USD 4.12 Billion in 2022 and is poised to grow from USD 4.51 Billion in 2023 to USD 9.25 Billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).
Carbon fiber market is emerging progressively backed by increasing demand for light materials, increased focus on sustainability, and continuous advancements in technologies. It is developing as a high-performing and versatile material with increased uses in numerous industries. Its exceptional qualities make it ideal to be used in industries like sports equipment, automotive, aerospace, and more.
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In the engineering domain, traditional techniques are increasingly replaced by composite materials owing to their best mechanical nature. Among many such materials, carbon fiber-strengthened composites promised impressive growth. They are called the king of the material realm owing to notable electrical, chemical, thermal, and mechanical features and optimal strength-to-weight ratio. In the automobile industry, manufacturers are actively preferring carbon fiber-strengthened composites to decrease the weight of vehicles, improve performance, and enhance fuel efficiency. The aerospace industry is dependent on carbon fiber for weight-saving and strength features. The demand for low-weight materials in this sector is another major market driver. Moreover, in renewable energy, carbon fiber holds key importance mainly inwindenergy. With the increasing demand for energy sources, the demand for ideal materials like carbon fiber is also aggressively increasing. This trend is projected to intensify demand for wind and solar applications.
Advanced Forms of Fiber-Reinforced Polymers to Expand Applications in Diverse Sectors
Lately, lightweight materials have gained popularity in fabricating multiple parts in industrial applications, mainly in aerospace and automotive. Precisely, fiber-strengthened polymer composites, abbreviated as FRP have emerged progressively displaying themselves as the practical substitute to heavy components. The fresh and improved forms of fiber-strengthened polymers or fiber-reinforced polymers are expanding every year with more applications and advantages to the manufacturers. Composites are being used in a wide range of industries and domains as their uses are growing more valuable and more beneficial than ever. Concerning the developments of FRPs, the advancements are proportionally growing. There are a few fresh properties and some improvements for resin system’s performance, the polymers and more.
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- Fairmat and Hexcel Corporation announced a 10-year contract in May 2024 to reprocess carbon fiber composite materials. The merger will do this from Hexcel Salt Lake City to be reused in materials that will be further sold in different markets.
- The MCG Group or Mitsubishi Chemical Group announced in February 2024 that it developed a quality heat-resistant CMC ceramic matrix composite with the help of pitch-enabled carbon fibers. This will offer heat resistance up to 1500°C with application in space industry.
- Toray Industries in October 2023 announced that it will expand French subsidiary production building. The new Toray Carbon Fibers Europe S.A. will be mainly used for regular tow* high- and medium-modulus carbon fibers.
- SGL Carbon presented a novel 50k carbon fiber at JEC, top international composites show in March 2023. The SIGRAFIL® C T50-4.9/235 carbon fiber will be equal to hi-strength needs for common pressure vessel designs and presents better elongation ability.
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Emphasis on Sustainability and Performance to Help Carbon Fiber Progress Remarkably
In conclusion, carbon fiber is seeing remarkable growth and modifications in the present scenario, supported by its incomparable characteristics and flexibility. It is at the forefront of modernization whilemaintaining its applicability in aerospace applications, lightweight uses in automotive, sports equipment, manufacturing improvements, renewable energy, and more. As industries are actively focusing on performance and sustainability, carbon fiber will continue its dominance as a highly efficient, sustainable, and lightweight alternative in future.
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