According to the business intelligence 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 which accumulated a valuation of USD 3216.54 million in 2020, is estimated to progress at a robust pace through 2026.

Seasoned analysts suggest that burgeoning demand for lightweight materials, alongside favorable initiatives by the governments aimed at minimizing harmful gas emissions are likely to propel global carbon fiber market growth.

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For the unversed, carbon fiber is an extremely strong and lightweight polymer which is used extensively in the manufacturing process of components across a variety of industrial verticals. It also known to have high electrical conductivity and superior thermal stability. Product usage in electronics as well as marine engineering will impel the industry share.

For the sake of comprehension, the industry space is bifurcated on the basis of raw material, fiber type, end user scope, and regional expanse.

In terms of end user application, the automotive sector of worldwide carbon fiber industry is touted to witness sturdy growth through the analysis timeframe, owing to extensive product utilization in major automotive components such as wheels, disc brakes, and automobile hoods among others. In addition, escalating production of vehicles is expected to amplify profits for the market in the forthcoming years.

Meanwhile, the wind energy sector is anticipated to expand exponentially through 2026, attributable to the imperative role of carbon fiber in enhancing the longevity of wind blades.

On the other hand, the aerospace & defense sector has been overseeing rapid product uptake in recent years, ascribed to increasing adoption in the manufacturing process of aircraft brakes, support structures, and aerospace antennas due to properties like low abrasion, superior physical strength, and high dimensional capabilities of the polymer.

Regionally, Asia Pacific  is touted to be a significant contributor to overall market remuneration during the study period of 2021-2026, attributable to mounting focus on R&D in the automotive and wind energy sector, proliferation in the manufacturing vertical, and rising product demand in the region.

The competitive terrain of global carbon fiber business landscape is defined by established players such as Kureha Corporation, Hexel Corporation, Mitsubishi Chemical Holdings Corporation, Nippon Carbon Co. Ltd., Teijin Limited, Hyosung Corporation, Toray Industries Inc., Formosa Plastics Corporation, SGL Carbon SE, and Solvay S.A.