Carbon Fiber market is expected to reach 8 billion US$ by the year 2026 at the CAGR of 10.8%. The use of carbon fiber is extensive in many industries which includes civil engineering automotive, aerospace & defense, marine, sporting goods, pipe & tank, wind energy, and others. The strength and rigidity of carbon make it a favorite product for use.
The continuous carbon fiber is expected to grow at the highest CAGR during the forecast period because it offers higher tensile strength. The fiber is used in various type of components and industries including 3D printing. The report also includes major players of the carbon fiber market along with statistical analysis of their business strategies.
The market is also segmented based on the region and North America had the highest market share in the year 2016. The extensive use of carbon fiber in different industries and the strictness of government regarding the use of carbon-based component is the reason for the increased use of carbon fiber. The Asia Pacific is also seeing the increased growth of carbon fibers due to rapid industrialization in the region.