Italy Carbon Fiber Market Future Strategies And Growth Forecast Till 2031

Carbon Fiber Market Outlook 2031

The global carbon fiber market was valued at US$ 2.5 Bn in 2021
It is estimated to grow at a CAGR of 6.8% from 2022 to 2031
The global carbon fiber market is expected to reach value of US$ 4.5 Bn by the end of 2031

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Analysts' Viewpoint on Global Carbon Fiber Market Scenario

Carbon fiber is an extremely versatile material. This sleek composite is used in diverse high-performance applications, and recognized for its excellent strength and stiffness as compared to its weight. Carbon fiber is preferred everywhere, from high-end automobiles and sporting goods such as snow boards to aerospace and medical solutions. Aerospace engineers are focusing on carbon fiber material to build aircraft bodies, owing to its unique properties such as lightweight, high stiffness, high temperature tolerance, high chemical resistance, etc. Moreover, the demand for carbon fiber is anticipated to rise in building & construction industry due to lack of need for maintenance and repair work for products made of carbon fiber. Companies are expected to invest in R&D to develop carbon fiber materials for a wide range of applications in various fields such as electrochemistry, water treatment, etc. Therefore, manufacturers should tap into numerous opportunities in carbon fiber in order to broaden their revenue streams.

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Overview of Global Carbon Fiber Market

Carbon fiber is a polymer and is sometimes known as graphite fiber. It is a very strong material that is also lightweight. Carbon fiber is five-times stronger than steel and twice as stiff. Carbon fiber possesses several advantages such as high stiffness, high tensile strength, high strength-to-weight ratio, high chemical resistance, high-temperature tolerance, and low thermal expansion, making it an ideal material to manufacture several parts. It is popularly utilized in specialized, high-performance products such as aircraft, racecars, and sporting equipment. Therefore, carbon fiber is favored by engineers and designers for manufacturing.

Polyacrylonitrile (PAN) accounts for almost 90% of all carbon fiber production. The remaining 10% is composed of rayon or petroleum pitch. These substances are all organic carbon fiber reinforced polymer, which have lengthy chains of molecules joined by forged carbon atoms.

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Rise in Demand for Lightweight Materials in Automotive and Aerospace Industries to Drive Market

The automotive industry has been constantly pushing toward enhancement of automobile features in order to cater to increasing mileage and emission requirements. Advanced carbon fiber materials are essential to boost the fuel economy of modern automobiles, while maintaining safety and performance. Replacing cast iron and traditional steel components with lightweight carbon fiber materials can directly reduce the weight of a vehicle's body and chassis by up to 50% and consequently, reduce a vehicle's fuel consumption. Carbon fiber has the highest strength and stiffness per density of any material, including metals. This makes it ideal for high-performance, track-focused vehicles where every pound shed can potentially increase acceleration and top speed.

Commercial airlines are progressively making greater use of carbon fiber composites to build aircraft bodies; for instance, Boeing 787 Dreamliner and the Airbus A350 XWB are leading the way. Aerospace engineers design their dream planes with carbon fiber composite structural materials, as carbon fiber is stronger than steel, lighter than aluminum, and can be molded into virtually any shape. Carbon fiber sheets are poised to overtake metal as the preferred structural material for aircraft in the future when superior aerodynamics, lower fuel costs, and fewer component requirements are taken into account. Therefore, demand for advancements in automotive and aerospace industries is expected to drive the carbon fiber market.

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