Large Tow Carbon Fiber Market Report Latest Trends and Future Opportunities Analysis

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Large Tow Carbon Fiber Market Size, Share & Trends Analysis Report By End-Use (Aerospace, Energy, Automotive, Sports), Product Type (48K, 50K, 60K) And Technology (PAN-Based, Pitch-Based)- Market Outlook And Industry Analysis 2031"

The global large tow carbon fiber market is estimated to reach over USD 1775.48 billion by 2031, exhibiting a CAGR of 12.17% during the forecast period.

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Vertical stabilizers, floor beams, engine nacelles, wings, and elevators are just a few of the aircraft parts that can be made with carbon fibers. Manufacturers are successfully taking advantage of the expanding potential in the worldwide aerospace & defense sector.

Rising defense budgets are stoking the desire for lightweight building materials and lower running costs for national security across nations, driving up carbon fiber usage. Due to its application in emerging and expanding 3D printing technologies, carbon fiber manufacturing is predicted to increase globally. The 3D printing process is greatly improved and expedited by using carbon fibers. The usage of 3D printing is expanding rapidly, particularly in the medical sector.
Moreover, the increasing demand for lightweight automobiles is expected to create enormous market growth potential. According to a report provided by the United States Department of Energy, a 10% reduction in automotive weight can result in a 6 to 8% gain in fuel economy. Carbon fibre composites are both practical and lightweight. Carbon fibre tapes, for example, are typically 60% lighter than their counterparts. This is expected to increase demand for lightweight materials like carbon fibre in the future years.

List of Prominent Players in the Large Tow Carbon Fiber Market:
• TORAY INDUSTRIES, INC.
• SGL Carbon
• Teijin Limited
• Mitsubishi Chemical Corporation
• Solvay
• China Petrochemical Corporation
• Hexcel Corporation
• Jilin Tangu Carbon Fiber Co., Ltd.
• Formosa Plastics Group
• UMATEX

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Market Dynamics:
Drivers-
The demand for lightweight automobiles is expected to increase along with automotive manufacturing, which would fuel the market's expansion for carbon fiber. The demand for the product may be boosted by manufacturers' growing need for vehicle body pieces such as fenders, deck lids, bumper beams, and hoods. Using carbon fibers boosts the durability of vehicles, resulting in longer-lasting auto parts. The market is being driven primarily by using composites in luxury and motorsports vehicles. Companies are implementing tactics and investing in procedures that can lighten the entire vehicle's weight. As a result, high-end supercars frequently use carbon fiber reinforced polymer (CFRP).

Challenges:
Carbon composites are frequently utilized in the aerospace, automotive, construction, oil & gas, and wind energy sectors due to their high performance and lightweight characteristics. Nonetheless, the product is more expensive than metal. The product's price is a significant barrier preventing the widespread use of carbon composites in many industries. The yield and price of the precursor used to make CF directly impact its price.

Regional Trends:
Europe's large tow carbon fiber market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. Large tow carbon fiber is in demand as end-use industries move increasingly towards modern materials with superior strength and mechanical and lightweight features to replace conventional heavy materials. The growing regional focus on sophisticated lighter materials causes this trend. The energy and automotive industries are more noticeable for the change in places like Germany and Mexico. Furthermore, with the enormous advancements in infrastructure, pricing, and product innovation brought about by regional research and development, the U.S. will experience significant growth.

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Recent Developments:
• In October 2022, The large tow carbon fiber production line of China Petrochemical Corporation began operations; the company has planned the first factory line in China for the project with a production capacity of 24,000 tons per year of precursors and 12,000 tons per year of large tow carbon fibers.

Segmentation of Large Tow Carbon Fiber Market-
By End-Use Application-
• Aerospace
• Energy
• Automotive
• Sports
• Others
By Product Type-
• 48K
• 50K
• 60K
• Others
By Technology-
• PAN-Based
• Pitch-Based
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.