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Aerospace & Defense Industry will Create Demand for PAN Based Carbon Fiber During Forecast Period 2022-2032

PAN Based Carbon Fiber Market

Closeup Shot Of Silver Aluminium Car Front Bumper Vents Grill Mesh For Air Intake to Engine and AC.

A latest study published by Fact.MR reveals that the global market for carbon fiber will register impressive expansion, surging at above 8% CAGR during the forecast period 2021-2031, reaching nearly US$ 9 Bn by the end of the said period. Demand has surged due to low moisture absorption, high-temperature resistance, exceptional mechanical characteristics, and relatively lower price.

Based on historical data, sales of carbon fibers surged at a CAGR of 3% from 2016 to 2020, closing in at nearly US$ 4 Bn. Several architectural construction projects are generating high demand for carbon fiber-reinforced concrete. Carbon fibers are increasingly utilized in the aerospace industry, mainly because of their great strength to weight ratio.

In addition, carbon fibers find extensive applications for manufacturing aircraft components that include vertical stabilizers, floor beams, engine nacelles wings, and elevators. Manufacturers are effectively capitalizing on the proliferating opportunities in the global aerospace & defence sector. Mounting defence budgets for national security across countries is spurring demand for lightweight construction material and reduced operating costs, thus elevating usage of carbon fibers.

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Key Takeaways from the Market Study

“Surging demand for lightweight and environmentally friendly construction material is likely to bolster prospects for the global fiber industry,” says the Fact.MR analyst.

Competitive Landscape

Companies leverage strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.

More Insights Available

The research study on the global carbon fibers market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the carbon fibers market over 2021-2031. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2021-2031.

Market statistics have been presented on the basis of precursor material type (PAN-based, pitch based and rayon based), tow size (small tow, large tow), and end-user (aerospace & defense, energy & mining, sport/leisure, automotive, construction and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).

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