Over the course of the forecast period, the Europe carbon fiber market is expected to develop at the highest CAGR of 11.7%, accounting for 36% of the global carbon fiber market share in 2022. This is because Germany is renowned for its cutting-edge manufacturing and technological know-how.

Type-wise, the continuous carbon fiber segment led the worldwide market in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.4% over the forecast period. Based on the end-use sector, the aerospace and defense category generated the highest revenue in 2022 and is expected to rise at a compound annual growth rate (CAGR) of 10.6% during the projection period. Based on raw material, the PAN-based carbon fiber segment had the largest share of the worldwide market in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 11.4% over the forecast period.

Because of its high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity, PAN-based carbon fiber composites are favoured for usage in the aerospace sector. Form-wise, the composite carbon fiber category was the biggest source of revenue in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.4% over the course of the forecast period. The use of carbon fiber reinforcement in composite materials is referred to as composite carbon fiber. The carbon fiber market is being driven ahead in large part by the aerospace sector. Because of its remarkable strength-to-weight ratio, carbon fiber is a perfect material for aviation parts. Carbon fiber composites are widely used in the construction of aircraft structures as a result of the aerospace industry's constant quest for increased fuel economy and decreased carbon emissions.

The rising focus on automobile lightweighting projects is one of the main drivers of the carbon fiber market's expansion. The application of carbon fiber composites in automotive body panels and chassis not only lowers the total weight of the vehicle but also improves performance and fuel economy, which helps drive market growth. Because carbon fiber composites are strong, rigid, and resistant to corrosion, they are widely employed in the manufacturing of wind turbine blades. The usage of carbon fiber in wind energy applications is anticipated to expand, supporting the growth of the market as demand for clean and sustainable energy solutions develops.

Beyond the aerospace and automotive industries, carbon fiber finds use in other industrial sectors as well, which supports the market's varied expansion. Carbon fiber-reinforced materials are used in industrial settings for components that need to be extremely durable, rigid, and strong. The expansion of the market is mostly due to technological developments in the techniques used in the manufacture of carbon fiber. The introduction of more affordable precursor materials and sophisticated weaving processes, among other ongoing advancements in production methods, have reduced production costs and improved the scalability of carbon fiber manufacturing.

SOURCE: Valuates Reports