Large Tow Carbon Fiber Market Size Revolution: 12.25% CAGR Propels Growth by 2031

"Large Tow Carbon Fiber Market" in terms of revenue was estimated to be worth $711.95 million in 2023 and is poised to reach $1,778.39 million by 2031, growing at a CAGR of 12.25% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the large tow carbon fiber market are:
• Rising Product Adoption in the Automobile Sector
• Rising interest in 3D printing as a material for carbon fiber
• Advancement technology

The following are the primary obstacles to the large tow carbon fiber market 's expansion:
• High Production Cost
• Challenging Manufacturing Procedures and Machining Issues
• Manufacturing technology is not standardized

Future expansion opportunities for the large tow carbon fiber market include:
• Raising Awareness
• Increasing reliance on carbon fiber in the security and aerospace industries
• Increasing Interest in Renewable Energy

Market Analysis:

The two main factors that will propel the carbon fiber market forward are the desire for lightweight automobiles and the increasing number of cars on the road. Imposing stringent government limits on carbon emissions and the demand for fuel-efficient vehicles are major elements impacting the industry's prospects.

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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Recent Developments:
• In January 2024, Mitsubishi Chemical Group (MCG Group) announces the development of a pitch-based carbon fiber ceramic matrix composite (CMC) with exceptional heat resistance. Since the CMC can withstand temperatures up to 1,500 °C, it will likely find widespread use in the aerospace sector. Participating in Tokyo's International Space Industry Exhibition, the CMC will be on display.
• In July 2023, Toray Industries, Inc. announced its plans to increase regular tow carbon fiber production capacity at two facilities - USA and Korea. These investments are expected to increase the company's annual capacity by over 20% to 35,000 metric tons beginning in 2025.
• In July 2022, Jilin chemical industry started its first 35K prepreg special big tow carbonization production line in the northeast of Jilin province. As per the company estimates, the annual production capacity of a single production line can reach more than 3000 tons.

Large Tow Carbon Fiber Market Dynamics:
Market Drivers: Growing Number of People Suffering from Chronic Wounds
The rising popularity of 3D printing has led many to predict a rise in carbon fiber manufacturing worldwide. When carbon fibers are used, 3D printing becomes substantially more efficient and effective. Therefore, 3D printing is becoming more popular worldwide and finding applications in many fields, including healthcare. Accordingly, the rising need for carbon fiber in 3D printing technology is anticipated to expand the market.

Challenges: High Expense and Difficulty
The volatility of raw material prices, particularly polyester, hinders carbon fiber market growth. Carbon composites' exceptional performance and lightweight nature make them useful in many industries, including wind power, construction, oil and gas, and aerospace. Due to the high cost of carbon fiber's production process, the final product price is higher. Another major obstacle to the market's expansion over the forecast period is the production of affordable carbon fiber.

North America is Expected to Grow with the Highest CAGR During the Forecast Period
The large tow carbon fiber market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because this area is home to several influential market players, aircraft manufacturers, and carbon fibers used in electric vehicles. The region's automotive industry has been experiencing consistent expansion due to the region's high level of living and mature demand for high-end vehicles.

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Segmentation of Large Tow Carbon Fiber Market-
By End-Use-
• Aerospace
• Energy
• Automotive
• Sports

By Product Type-
• 48K
• 50K
• 60K

By Technology-
• PAN-Based
• Pitch-Based

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
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.