According to the research report titled ‘Global Carbon Fiber Paper Market by Type (<0.2 mm, 0.2-0.3 mm, >0.3mm), by Application (Energy, Packing, Aerospace and other), Regional Forecasts 2021-2027’, available with MarketStudyReport, global carbon fiber paper market was valued approximately at USD 233.2 million in 2020 and is anticipated to register strong y-o-y growth rate of more than 6.26% over the forecast period 2021-2027, subsequently reaching USD 347.5 million by the end of the stipulated timeframe.
 

As per the findings of the report, increasing requirement of fuel cells in various industries, and surging demand for AC (air conditioners) are anticipated to propel the global carbon fiber paper market growth over the forecast timeframe.
 

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Furthermore, need for filtered water is growing worldwide fueling the demand for carbon fiber papers. In particular, bacteria can attach themselves to activated carbon threads and grow throughout the utilization process, leading to the development of antimicrobial treatment methods. This is strengthening the demand for carbon fibers. However, low electrochemical activity and a tiny surface area may hamper industry expansion during the projected timeframe.
 

For the uninitiated, carbon fiber paper (CFP) is low-cost carbon material composed of numerous carbon fibers which is frequently used as a conductive substrate for making various saturated calomel (SC) electrodes due to its superior conductivity, chemical stability, durability, and mechanical properties. It is also utilized in the production of PAFC (Phosphoric acid fuel cells) and PEMFC (Proton-exchange membrane fuel cells). Its strong mechanical strength, conductivity, and gas absorbency make it ideal for usage in gas diffusion layer in fuel cell applications.
 

From a geographical viewpoint, the major regions considered for assessing global electric boat and ship industry size are  North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil). Among these, APAC leads the market growth owing to inflowing investment in wastewater treatment industry and an upward trend in defense budgets in countries such as China, and India.
 

Notably, China is increasingly investing in its defense sector, up from USD 175 billion in 2018 to USD 209 billion in 2021. This is increasing the use of proton exchange membrane fuel cells (PEMFC) which generate by-products useful in aircraft such as deoxygenated air for fire suppression, heat for ice prevention, and drinkable water for on-board consumption, in turn, enhancing demand for carbon fibers.
 

Considering the competitive terrain, Osaka Gas Chemicals Co., CeTech Co. Ltd., Toray Industries Inc., AvCarb Material Solutions, SGL Carbon SE, Sainergy Tech Inc., and Wuxi Advanced Therapies Inc. are the major players in worldwide electric boat and ship market.