Due to COVID-19, the production in various industries, including automotive, construction, aerospace, etc., decreased. The global automotive supply industry has been heavily impacted by the COVID-19 pandemic. The production and sales of motor vehicles have come to a sudden halt in most parts of the world. The aerospace and defense industry, which is a major end-user of the carbon fiber market, took a major hit in 2020, owing to COVID-19.
- In the medium term, the major factors driving the growth of the market studied are accelerating usage in the aerospace and defense sector and the increasing application in the wind energy sector.
- On the flip side, high prices of carbon fiber have been acting as a roadblock to the growth of the market studied.
- The increasing popularity of recycled carbon fiber is likely to act as an opportunity for the market studied over the forecast period.
- In terms of volume and value, Asia-Pacific dominated the market across the world, with China accounting for most of the demand.
Scope of the Report
Carbon fiber is composed of carbon atoms bonded together to form a long chain. The fibers are extremely stiff, strong, and light and are used in many processes to create excellent building materials. The carbon fiber market is segmented by raw material, type, application, end-user industry, and geography. By raw material, the market is segmented into polyacrylonitrile and petroleum pitch, and rayon. By type, the market is segmented into virgin fiber and recycled fiber. The applications of carbon fiber comprise composite materials, textiles, microelectrodes, and catalysis. By end-user industry, the market is segmented into aerospace and defense, alternative energy, automotive, construction and infrastructure, sporting goods, and other end-user industries. The report also covers the market size and forecasts for the carbon fiber market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton) and value (USD million).
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