Carbon Fiber Market Share

Europe Market Forecast

The market in Europe is estimated to occupy the largest share over the forecast period on the back of the growing demand for fuel-efficient and lightweight vehicles, and the large base of electric car manufacturers in the region. For instance, more than 22 million units of lightweight vehicles were produced in Europe in 2019, which is calculated to increase to 24 million by the end of the year 2024. Apart from these, increasing investments of automotive manufacturers to develop cost-effective carbon composite materials and rising usage of carbon fibers in the region's aviation industry is also expected to boost the market growth in the coming years. 

APAC Market Statistics

Additionally, the carbon fiber market in Asia Pacific is evaluated to witness the highest CAGR during the forecast period owing to the rapidly growing urbanization, escalating government spending on infrastructure projects in India and China, and the presence of key market players in the region. Increased potential in the wind energy industry and renewable energy sector growing acceptance of carbon fiber, and emphasizing the use of carbon fiber as a raw substance for carbon fiber are all likely to present opportunities in the future. China held the greatest market share and is likely to maintain dominance during the projection period.

North American Market Forecast

Carbon fiber market is likely to be dominated by the North American area. Regarding GDP, the United States is the region's biggest economy. The United States and Canada are among the globe's fastest-growing economies. The rapidly expanding aerospace and automobile sectors are propelling the expansion of the North American market under consideration. Strategic advancements, the existence of established vehicle manufacturers, prominent carbon fiber producers, and breakthroughs in technology in carbon fiber products all lead to the region's market growth. The United States leads the region in carbon fiber usage, which is employed by major companies. In response to the increasing requirement for lightweight substances that decrease vehicle weight, the region's deployment of carbon fiber in the automotive and aerospace end-use sectors has expanded.