Market Size of Asia-Pacific Carbon Fiber Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 13.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Carbon Fiber Market Analysis
The Asia-pacific carbon fiber market is projected to register a CAGR of more than 6% during the forecast period (2022-2027).
Due to COVID-19, the production in various industries, including automotive, construction, aerospace, etc., decreased. The Asia-pacific automotive supply industry has been heavily impacted by the COVID-19 pandemic. The aerospace and defense industry, a major end user of the carbon fiber market, took a major hit in 2021, owing to COVID-19. However, the market is excepted to retain its growth trajectory in 2022.
- In the medium term, the major factors driving the growth of the market studied are accelerating usage in the aerospace and defense sector and the increasing application in the wind energy sector.
- On the flip side, supply chain security for recycled carbon fiber has been acting as a roadblock to the growth of the market studied.
- Increasing application in the wind energy sector, the increasing popularity of recycled carbon fiber, and emphasis on the usage of lignin as raw material for carbon fiber are likely to act as opportunities in the future.
- China accounted for the largest market share and is expected to continue domination during the forecast period.
