#Carbon fiber market

[industrynewsupdates]

Global Expansion of Carbon Fiber Market: Analysis and Insights

The global carbon fiber market size is estimated to reach USD 10.68 billion by 2030, registering a CAGR of 10.9% from 2025 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing adoption of carbon fiber in the automotive and aerospace industry.

The increasing demand for commercial aviation due to rising disposable income and globalization has catered to the growth of the aerospace industry over the last few years. This trend is likely to continue over the coming years as well. Moreover, the rise in demand for sports and leisure applications due to the increasing population, particularly in the Asia Pacific region, is also likely to propel the demand for carbon fiber in the market.

The carbon fiber market has witnessed forward integration by various raw material manufacturers. In-house production and utilization of carbon fiber help manufacturers cut down on logistics costs and directly cater to end-use product manufacturers, thereby increasing profitability. Carbon fiber applications depend on the grade used and, ultimately, on the quality of the precursor.

Gather more insights about the market drivers, restrains and growth of the Carbon Fiber Market

Carbon Fiber Market Report Highlights

• On the basis of raw materials, the polyacrylonitrile (PAN) segment led the market with a revenue share of 96.4% in 2024. The automotive industry’s increasing shift toward electric vehicles (EVs) is driving the demand for PAN-based Carbon Fiber.

• The large tow segment is forecasted to grow at a rate of 10.3% from 2025 to 2030. This growth is due to the growing adaption of carbon fiber across several application industries due to its higher strength-to-weight ratio and its advantages over conventional materials, including metals and alloys.

• The aerospace & defense segment accounted for the largest revenue share of 32.2% in 2024. The Aerospace & defense sector requires lightweight and robust materials for usage in aircraft, rockets, satellites, and missiles as it assists in improving the performance by reducing the weight of the overall structure.

• The Europe region dominated the global market with a share of 31.9% in 2024. The presence of aerospace giants such as Airbus and Boeing in Europe and North America has propelled the regional demand for carbon fiber.

• The growing concerns regarding the consumption rates of non-renewable energy sources have driven the demand for fuel-efficient vehicles. This is forecasted to propel the demand for carbon fiber in the automotive application segment over the coming years.

Browse through Grand View Research's Specialty Glass, Ceramic & Fiber Industry Research Reports.

• The global fiberglass market size was valued at USD 12.34 billion in 2024 and is projected to grow at a CAGR of 6.7% from 2025 to 2030. 

• The global geosynthetic clay liner market size was valued at USD 468.1 million in 2023 and is projected to grow at a CAGR of 4.0% from 2024 to 2030.

Carbon Fiber Market Segmentation

Grand View Research has segmented the global carbon fiber market based on raw material, tow size, application, and region:

Carbon Fiber Raw Material Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• PAN Based

• Pitch Based

Carbon Fiber Tow Size Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Small Tow

• Large Tow

Carbon Fiber Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Automotive

• Aerospace & Defense

• Wind Turbines

• Sports/Leisure

• Molding & Compound

• Construction

• Pressure Vessel

• Others

Carbon Fiber Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o Germany

o UK

o France

• Asia Pacific

o China

o Japan

o Taiwan

• Central & South America

o Brazil

• MEA

Order a free sample PDF of the Carbon Fiber Market Intelligence Study, published by Grand View Research.

[industryinsightsandanalysis]

Carbon Fiber Industry: A Global Perspective with Focus on North America

The carbon fiber market has witnessed tremendous growth and innovation, becoming an essential component in various sectors like aerospace, automotive, engineering, and renewable energy. Its lightweight and high-strength characteristics have made it an attractive choice for manufacturers across the globe. In this article, we will explore the current state of the global carbon fiber industry, with a particular emphasis on the North American region.

North America's Dominance in Carbon Fiber Industry:

North America plays a crucial role in driving the growth of the global carbon fiber industry. The region has a robust manufacturing base, technological expertise, and a strong focus on research and development. Let's delve into some instances that highlight North America's dominance in the carbon fiber industry:

Boeing's Advanced Composite Wing

Boeing's Everett, Washington facility is home to the largest building in the world, where composite wings for the Boeing 777X aircraft are manufactured. The wings are made primarily of carbon fiber-reinforced polymer (CFRP), which reduces weight and improves fuel efficiency. This exemplifies North America's capability to leverage carbon fiber composites for advanced aerospace applications.

Automotive Industry Innovation

The North American automotive industry has been quick to adopt carbon fiber composites to enhance fuel efficiency, reduce emissions, and improve overall performance. Companies like General Motors and Ford have integrated carbon fiber components into their high-performance vehicles to achieve weight reduction and improved structural rigidity.

For instance, Ford's GT supercar extensively utilizes carbon fiber, significantly contributing to its lightweight design and exceptional performance. Such advancements in the region's automotive sector demonstrate the potential of carbon fiber for improved sustainability and performance.

Renewable Energy Projects

North America has also made significant strides in utilizing carbon fiber in renewable energy applications. Wind turbines represent one such area wherein the lightweight attributes of carbon fiber play a vital role in maximizing their efficiency and reducing maintenance costs. The use of carbon fiber-reinforced blades allows for longer blades, capturing more wind energy and generating higher electricity output.

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General Electric's 12 MW Haliade-X offshore wind turbine, assembled in North America, exemplifies the region's involvement in advancing renewable energy solutions with the help of carbon fiber technology.

Conclusion

The global carbon fiber industry is witnessing remarkable growth, with North America playing a pivotal role in driving innovation and development. Instances like Boeing's advanced composite wing facility, automotive industry applications, and renewable energy projects showcase North America's leadership in utilizing carbon fiber composites across a broad spectrum of industries. As the demand for sustainable and high-performance materials continues to rise, the carbon fiber industry is poised for further expansion and breakthrough advancements in the coming years. According to the Universal Data Solutions analysis, Carbon Fiber Market is valued at USD 4 Billion in 2022 and growing at a CAGR of 13%. 

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[univdatosmarket]

The global carbon fiber market was stood around $4 billion in 2022 and is expected to demonstrate the growth of around 13% during the forecast period (2023-2030)

[econmarketresearch]

The carbon fiber market revolves around the production, distribution, and application of carbon fiber materials known for their exceptional strength, lightweight properties, and durability. Carbon fibers are composed of carbon atoms bonded together, offering high tensile strength, stiffness, and resistance to temperature and corrosion.

[aishavass]

Growing adoption in wind energy industry and automotive industry is expected to open new opportunities for carbon fiber industry over the coming years...

[maryharrisk5]

The global carbon fiber market size was valued at more than USD 2.50 billion in 2018.

[evonnebaker]

Growing adoption in wind energy industry and automotive industry is expected to open new opportunities for carbon fiber industry over the coming years

[dh5ryxhgbctgr]

Carbon Fiber Special Furnace Market Landscape and Strategic Growth Insights 2024 - 2032

The carbon fiber special furnace market is experiencing significant growth due to the rising demand for advanced materials in various industries. This market focuses on furnaces specifically designed for the production and processing of carbon fiber, a lightweight and high-strength material used in aerospace, automotive, and construction applications.

Key Trends Driving Market Growth

The carbon fiber special furnace market is gaining traction as industries increasingly prioritize lightweight and high-strength materials. These specialized furnaces are essential for the production and processing of carbon fiber, which is widely used in sectors such as aerospace, automotive, and construction.

Increasing Demand for Lightweight Materials

The aerospace and automotive industries are increasingly adopting carbon fiber due to its superior strength-to-weight ratio. This trend is driving the need for specialized furnaces that can efficiently produce carbon fiber components.

Advancements in Furnace Technology

Innovations in furnace technology, such as energy-efficient heating systems and automated production processes, are enhancing the capabilities of carbon fiber special furnaces. These advancements are crucial for meeting the growing production demands.

Market Segmentation

By Type of Furnace

High-Temperature Furnaces

Continuous Furnaces

Batch Furnaces

By End-User Industry

Aerospace

Automotive

Construction

Marine

Regional Analysis

North America

North America is a leading market for carbon fiber special furnaces, driven by robust aerospace and automotive sectors.

Europe

Europe is witnessing rapid growth in the carbon fiber market, fueled by increasing investments in lightweight material technologies.

Asia-Pacific

The Asia-Pacific region is emerging as a significant player, with rising manufacturing activities and growing demand for carbon fiber in various applications.

Challenges in the Carbon Fiber Special Furnace Market

High Initial Investment

The initial cost of carbon fiber special furnaces can be a barrier for small and medium enterprises.

Technological Limitations

Existing technologies may not always meet the specific requirements for carbon fiber production, necessitating ongoing research and development.

Conclusion

The carbon fiber special furnace market is poised for substantial growth as industries seek innovative materials to enhance performance and efficiency. By understanding the key trends and challenges, stakeholders can navigate this evolving landscape effectively.

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Acrylic Fiber Market Overview

Acrylic fibers are a type of synthetic fiber that is made of polyacrylonitrile and a comonomer. For a synthetic fiber to be called “acrylic”, it must contain at least 85% of acrylonitrile monomer. Typical comonomers that are used in acrylic fibers are vinyl acetate and vinyl bromide, among others. The increasing demand for the textiles and apparels, along with a rising trend in e-commerce for furniture and upholstery, proves to be great drivers for the acrylic fiber market. Meanwhile, the availability of substitutes can hinder the growth of the market during the forecast period of 2024–2030. In this report, we will take an in-depth look at the acrylic fiber industry outlook and analyse the market share of the acrylic fiber top 10 companies.

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Acrylic fabric is generally not sustainable. The manufacturing process is energy-intensive and chemically hazardous. Acrylic fiber is 30% more energy intensive than polyester. Acrylic fabric is also not biodegradable, and its environmental impact is largely negative. The production processes used to make acrylic fabric harm workers and the ecosystems surrounding manufacturing facilities. Acrylic clothing is one of the major sources of microplastics in the ocean, even higher than other synthetic fibers such as polyester. However, acrylic is recyclable, and increased emphasis is being put to use more and more recycled acrylic fiber to meet today’s standard set by the eco-friendly mindset.

Technological advancements are revolutionizing the acrylic fiber industry, particularly in terms of product innovation and performance enhancements. Companies such as Japan Exlan Co. Ltd. Are using nanotechnology also being increasingly utilized to engineer acrylic fibers with specific functionalities, such as antimicrobial properties or moisture management capabilities, expanding the application possibilities across various industries including apparel, automotive, and home furnishings. Japan Exlan Co., Ltd. successfully developed a photocatalytic deodorant acrylic fiber “SELFCLEAR”, having unique nano-voids and nano-sized photocatalysts in the fiber structure. Malodorous substances are efficiently adsorbed through the nano-voids, and then immediately decomposed by photocatalysis. “SELFCLEAR” shows an excellent odor-eliminating effect on various malodorous substances such as ammonia, aldehydes, acetic acid, hydrogen sulfide and BTX gases.

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COVID-19 Impact

During the COVID-19 pandemic, many industries had suffered a tumultuous time, and it was no different for the acrylic fiber market. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed lockdown protocols. According to Textile Exchange, the global fiber production volume had decreased from 111 million metric tonnes in FY 2019 to 109 million metric tonnes in FY 2020. 

However, the 2022 Materials Market Report from Textile Exchange shows that global fiber production increased to a record 116 million tonnes in 2022. The situation is now improving as the world population is undergoing vaccination and governments across the globe are lifting lockdown protocols. As such, the acrylic fiber industry is projected to grow in the forecast period of 2024–2030.

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Report Coverage

The report: “Acrylic Fiber Market Report — Forecast (2024–2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the acrylic fiber industry.

By Form: Continuous/Filament Fiber, and Non-continuous/Staple Fiber.

By Blend: Acrylic-Wool, Acrylic-Viscose, Acrylic-Nylon, Acrylic-Cotton, and Others.

By End-Use Industry: Textiles & Apparel, Furniture & Upholstery, Industrial, Building & Construction, Automotive, and Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).

Key Takeaways

•The Asia-Pacific region dominates the acrylic fiber market primarily due to the growing textile & apparel industry in the region, especially in China, Japan, India, and Bangladesh.

•Acrylic fibers are primarily used as linings in the production of textiles and fabrics. This is because they provide superior resistant properties and have excellent wicking ability that offer moisture absorption properties.

•The increase in demand of the global textile and apparel industry, as well as the furniture and upholstery sector, prove to be great drivers for the growth of the acrylic fiber market within the forecast period of 2024–2030.

•The availability of substitutes like polyester, polyamide and polypropylene amongst synthetic fibers can prove to be a restraint for the growth of the acrylic fiber market within the forecast period.

Acrylic Fiber Market Analysis — By Blend

The Acrylics-wool blends segment held the largest share in the acrylic fiber market in 2023 with a share of 23%. Acrylic fibers are blended with other different types of fibers such as wool, nylon, and cotton, to enhance its properties and produce more resilient fiber. Acrylic-wool blends provide excellent durability, washability, resistance to shrinkage and so on. It is widely used in making sportswear and are used to make circular knitted goods in the textile industry. According to Textile Exchange, wool is the most preferred animal fiber with a total production of 1.2 million tons in 2023. New developments in the production of wool are also propelling the segment. For instance, Responsible Wool Standard (RWS) certified wool has recached a share of 24.3% in the global wool market in 2023.

Acrylic Fiber Market Analysis — By End-Use Industry

The textile & apparel industry held the largest share in the acrylic fiber market in 2023 and is expected to grow at a CAGR of 4.5% during 2024–2030. Acrylic fibers are primarily used as linings for textiles and furnishing fabrics in the textile and apparel industry. It is manufactured as a filament, then cut into short staple lengths, and is spun into yarn. Acrylic fibers are resistant to moths, oils, and chemicals and also provides a soft and warm feel while also being lightweight. It also has excellent wicking ability, which lets the acrylic fiber fabric absorb moisture from sweating and transfer it to the outer surface where it is evaporated. The readymade apparel market is estimated to be growing at a CAGR of 8.3% and reach a value of US$ 1.612 trillion by 2030. Thus, it would also propel the acrylic fiber market growth within the forecast period of 2024–2030.

Acrylic Fiber Market Analysis — By Geography

Asia-Pacific region dominated the acrylic fiber market with a share of 59.4% in the year 2023. Due to the rising growth of the textile industry, especially in countries such as China, India, Malaysia, Australia, and Korea, the demand for acrylic fiber has seen a rise in the region. According to Textile Technology, the production of fiber in India is estimated to have been 1.5 million tonnes in FY 2023. The Indian textiles and apparel industry also contributed to 2% of the GDP and 7% of the total industry output. It also holds 5% of the world’s textile and clothing trade and contributes 12% to export earnings in the year 2023. China is the world’s leading producer of acrylic fibers accounting for over 30% of the global production. Additionally, according to the Malaysian Investment Development Authority, there has been an increase in investment in the textile and apparel industry in Malaysia, which was estimated to be about USD $ 3.3 billion in 2023.

Acrylic Fiber Market Drivers

The growing demand for fashion and the global apparel market:

The demand for clothing and apparels has seen a tremendous rise in the last few years with a change in the financial landscape and the introduction of fast fashion being some of the primary catalysts for the market. Clothing item consumption in developing countries are especially picking up the pace due to a rapid increase in their GDP. China, and India are projected to be the fastest growing countries in the industry as they are investing heavily in the market. Schemes, such as the USD $ 1.44 billion Production Linked Incentive (PLI) schemes by the Indian government, greatly helps the textile manufacturers in the country. According to TEXtalks China’s garment export also reached USD $ 223.14 billion in 2023. Additionally, according to Business Finland, the global apparel market is estimated to be growing at a CAGR of 3.6% and reach a value of US$ 3.22 trillion by 2030. Acrylic fibers are one of the key providers for the textile and apparel market and the growing demand for the textile and apparel market proves to be a great driver for the global apparel industry.

The increase in e-commerce for the furniture & upholstery market:

Acrylic fibers are widely used in the furniture and upholstery market as one of the staple fabrics used in furnishing. One of the key driving factors for the acrylic fiber market is the increase in demand for the furniture & upholstery market. The e-commerce space for furniture & upholstery has seen a steady rise due to the ease of viewing products and availability. This was further bolstered by the Covid-19 pandemic as stay-at-home culture and social distancing became common norms. This led to an increase in sales of furniture and upholstery online. According to India Brand Equity Foundation (IBEF), the online retail market in India is estimated to reach 37% of the total retail market by 2030, the furniture eCommerce market revenue will reach $252 billion in 2023. Along with that, an increased interest in eco-friendly furniture and flexible workspaces have garnered more investment in the industry. Hence, this is a key driving factor for the acrylic fiber market within the forecast period of 2024–2030.

Acrylic Fiber Market Challenges

Availability of substitutes for acrylic fibers:

Acrylic fiber is one of many different types of synthetic fiber used in the market. As such, there is a wide variety of substitutes for the material. For instance, some of the commonly used synthetic fibers are polyester, polyamide, and polypropylene. Polyester fibers are the most widely used synthetic fiber in the world, primarily due to its durability, lightweight form factor, and strong fastness to dyes. According to Textile Exchange, polyester fibers hold the largest share in the synthetic fiber space, with a market share of 60% in 2023. As such, the biggest challenge for the acrylic fiber market is the availability of substitutes for acrylic fiber during the forecast period of 2024 to 2030.

Acrylic Fiber Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the acrylic fiber market. The key companies in the acrylic fiber market are:

1. Aditya Birla Group (Thai Acrylic Fibre Co. Ltd.)

2. Aksa Akrilik Kimya Sanayii A.S.

3. Kairos Industries (Dralon GmbH)

4. Jilin Qifeng Chemical Fiber Company Ltd.

5. Indian Acrylics Ltd.

6. Taekwang Group (Taekwang Industry Co, Ltd.)

7. Kaneka Corporation

8. Japan Exlan Co. Ltd.

9. M&G Group (Chemtex Group)

10. SINOPEC

Recent Developments

• On 18 October, 2023, Thai Acrylic Fibre Co. Ltd.’s showcased Regel™, which is a recycled acrylic fibre, and other sustainable innovations in the Textile Exchange Conference 2023, London.

• In March 2023, Indian Acrylics Ltd. Announced that it has commissioned a new plant for acrylic fiber manufacturing. They claim that that the plant has a capacity of 50,000 tonnes per year.

For more Chemicals and Materials Market reports, please click here

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The global carbon fiber market was stood around $4 billion in 2022 and is expected to demonstrate the growth of around 13% during the forecast period (2023-2030)

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Carbon Fiber Market - Forecast (2024 - 2030)

Carbon Fiber Market Overview

Carbon Fiber Market size is forecast to reach $15.3 billion by 2030, after growing at a CAGR of 11% during 2024-2030. Carbon fiber is a high strength, low weight, high stiffness, conductive to electricity, and is one of the most corrosion and heat resistant material. Growing demand for lightweight products from aerospace & defense, automotive, and wind energy industries and minimizing carbon emissions are driving the market growth. Whereas, the growing building and construction sector in the emerging country is also driving the market growth. As carbon fiber is used primarily in the strengthening and reinforcement of concrete, steel, timber, and masonry. Furthermore, increasing demand for carbon fiber composite in consumer electronics has made the products lighter and thinner, and more textured is likely to drive the market growth. The carbon fiber market is witnessing a significant trend with an increased adoption in the automotive industry. As automotive manufacturers strive to enhance fuel efficiency and reduce emissions, carbon fiber composites offer a lightweight alternative to traditional materials. This shift is driven by the demand for electric and hybrid vehicles, where minimizing weight is crucial for optimizing energy efficiency and extending battery range. Carbon fiber's high strength-to-weight ratio contributes to improved vehicle performance and structural integrity. Moreover, advancements in manufacturing processes and cost reductions are making carbon fiber more economically viable for mass-produced automobiles. This trend signals a transformative shift in the automotive sector, with carbon fiber playing a pivotal role in the development of next-generation, sustainable transportation solutions. A notable development in the carbon fiber market is the increasing focus on sustainable production methods. With rising environmental concerns and a push for eco-friendly materials, carbon fiber manufacturers are exploring ways to minimize the environmental impact of their production processes. Innovations include the use of bio-based precursors, recycling of carbon fiber waste, and energy-efficient manufacturing techniques. This trend aligns with global efforts to achieve carbon neutrality and reduce the overall carbon footprint of industries. Sustainable carbon fiber production not only addresses environmental concerns but also caters to the growing demand for green products in various sectors, including aerospace, automotive, and renewable energy. As sustainability becomes a key consideration for businesses and consumers alike, the carbon fiber market is evolving to meet these changing expectations and contribute to a more environmentally responsible future.

 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 

Carbon Fiber Market Report Coverage

The report: “Carbon Fiber Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Carbon Fiber Industry. 

By Raw Material: Polyacrylonitrile Based (PAN), Pitch Based (Mesophase Pitch Based, and Petroleum Pitch Based), and Others (Ultra High Elastic Modulus (UHM), High Elastic Modulus (HM), and Low Elastic Modulus (LM)).

By Tow Type: Continuous, and Chopped.

By Application: Composite, Non-Composite, Molding Compound, Woven Fabric, and Others.

By End-Use Industry: Aerospace & Defense (Fighter Jets, Armored Vehicles, Commercial Jets, Rotorcraft, Satellites, and Others), Automotive (Interior, Exterior, and Others), Sporting Goods (Tennis Rackets, Golf Club, Hockey Sticks, Archery, Others), Energy and Power (Wind, Solar, and Others), Building & Construction (Residential, Commercial, and Others), Marine, Healthcare, Electric & Electronic, and Others.

By Geography: North America, South America, Europe, Asia-Pacific, and Middle East & Africa

Key Takeaways

Europe will continue to have the major share of total worldwide wind energy carbon fiber demand during the forecast period owing to its renewable energy targets and use of offshore wind capacity.

High price of carbon fiber is one of the factors that’s hindering the markets growth.

COVID-19 will hinder the markets growth, as the end use industry are facing a slow growth, hence reducing the demand for carbon fiber.

Carbon Fiber Market Segment Analysis - By Raw Material

Polyacrylonitrile Based (PAN) segment held the largest share of more than 65% in the carbon fiber market in 2023. The PAN based component offers various benefits like low density, high strength, high modulus, high-temperature resistance, wear resistance, corrosion resistance, fatigue resistance, creepage resistance, electric conduction, heat conduction, and far-infrared radiation. These properties of PAN make it suitable to use across various end-use industries like the aerospace & aviation industry, automotive industry, wind turbines, anti-flame materials & clothes, and sports equipment. Thus, growth in these end-use industries further drive the market growth.

Carbon Fiber Market Segment Analysis - By Tow

Continuous tow segment held the largest share of more than 60% in the carbon fiber market in 2023. Continuous tow is the most widely used tow, due to its weight, compatibility with resins, and various range of sizing available for optimal processing. These are heavy tows with 50,000 filaments, each of these tows have heavy mechanical properties, which can be transferred to the finished products and components to enhance their properties such as strength, durability and structural properties. Furthermore, Continuous tows provide cost advantage, especially when used in a high-volume process, increases the reliability of the end product, enhance production efficiency and can be merged with all thermoset and thermoplastic resin systems. Continuous tow also makes carbon fiber far superior to glass and aramid fibers because of their added strength & stiffness and are used in manufacturing wind turbines, industrial, and automotive manufacturing. Therefore, these properties & advantages of continuous tow will further drive its demand in the market.

Carbon Fiber Market Segment Analysis - By Application

Composite segment held the largest share of more than 55% in 2023 and is forecasted to be the most utilized application of carbon fiber. The high strength, high thermal & electrical conductivity, light weight, and high modulus properties of composite makes them suitable to use across aerospace & defense, automotive, sports, and wind turbine industry, which are ideal for its growth. According to a 2022 report released by Aerospace Industries Association (AIA), in 2022 American aerospace & defense industry export amounted for $100.4 billion, which rose by 11.2 percent from 2021. The other industry driving the markets growth is automobile industry. For instance, a report released by Indian Brand Equity Foundation (IBEF) in 2023, In the first quarter of 2023-24, total production of passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles was 6.01 million units. Furthermore, the growing demand for BMW i3 is also driving the market growth. As the BMW i3 is still the only car with a significant amount of carbon composite content.

[aishavass]

Growing adoption in wind energy industry and automotive industry is expected to open new opportunities for carbon fiber industry over the coming years...