North America Carbon Fiber Market Size

North America Carbon Fiber Market Analysis

The North America Carbon Fiber Market size is estimated at 52.06 kilotons in 2024, and is expected to reach 118.15 kilotons by 2029, growing at a CAGR of greater than 17% during the forecast period (2024-2029).

The COVID-19 pandemic disrupted the North American carbon fiber market. Lockdown measures, production halts, and reduced consumer spending led to a decline in demand for carbon fiber composites used in vehicle components, aircraft structures, and other applications. Many companies postponed or canceled orders for carbon fiber materials amid economic uncertainty. As lockdown measures were eased and economic activities resumed, the demand for carbon fiber in North America began to recover. Industries such as automotive, aerospace, and construction, which are significant consumers of carbon fiber, gradually resumed operations, driving demand for carbon fiber products.

• The increased demand for lighter and more fuel-efficient vehicles, increased use of carbon fiber in the aerospace and defense industries, and rise in the use of carbon fiber for renewable energy are the main factors driving the North American carbon fiber market.

• However, high investments in research and development activities in this sector and the availability of substitutes are expected to hinder the growth of the carbon fiber market.

• Opportunities for the future come from the growing demand for recycled carbon fiber and the increasing focus on using lignin as the primary raw material for carbon fiber.

• The United States had the most significant share of the market, and this is likely to stay valid for the upcoming years.