According to the recent research report titled ‘Global Carbon Fiber Market - Analysis By Raw Material (PAN, Pitch and Rayon), Fiber Type (Virgin, Recycled), End User, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’ available with MarketStudyReport, global carbon fiber market recorded USD 3216.54 million in 2020 and is estimated to witness robust growth through 2026.

The major factors influencing global carbon fiber market growth are rapid expansion of aerospace and wind energy sectors, mounting infrastructural developments, and growing demand for electronic applications as well as marine engineering.

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Carbon fiber is known to offer corrosion resistance properties and hence is widely used in aerospace and wind energy sectors. The material is widely used in various important automotive components, such as disc brakes, wheels, automobile hoods, and others, due to its lightweight, high thermal stability, and electrical conductivity.

Growing focus toward reducing emissions coupled with favorable government initiatives to increase fuel efficiency are also stimulating the overall industry outlook.

Global carbon fiber marketplace is segmented on the basis of raw material type, fiber type, end-user reach, and regional landscape. The raw material segment is bifurcated into pitch, polyacrylonitrile, & rayon.

As per fiber type, the market is divided into recycled and virgin segments. The end-user landscape of global carbon fiber industry vertical comprises of aerospace & defense, aviation, automotive, sports equipment, wind energy, construction, and other segments.

The regional landscape of global carbon fiber industry is widespread across the Middle East & Africa, Europe, North America, Latin America, and the Asia Pacific.

Among these, Asia-Pacific is likely to emerge as a major revenue contributor for the overall market, owing to  increased R&D spending in the automotive and wind energy sectors. Additionally, the industrial sector in Asia-Pacific focusing on growing production to meet domestic demand for higher-quality products, as well as rising exports from Japan and China, resulting in greater demand for carbon fiber in the region.

The competitive landscape of the global carbon fiber marketplace is defined by companies such as Nippon Carbon Co. Ltd., Hyosung Corporation, Solvay S.A., Formosa Plastics Corp., Kureha Corporation, SGL Carbon SE, Teijin Limited, Hexcel Corporation, Toray Industries Co. Ltd., and Mitsubishi Chemical Holdings Corp.