Posted 4/1/2024, 8:44:00 AM
Carbon Fiber Composites Market to Reach $3.29 Billion by 2028, Driven by Aerospace and Automotive Industries
- Global carbon fiber composites market projected to reach USD 2.23 billion in 2022 and USD 3.29 billion by 2028, with a 6.5% CAGR
- Aerospace industry is a major demand driver due to need for lightweight, fuel-efficient materials
- Automotive industry shifting to lightweight materials to meet emission and fuel economy standards
- Use growing in wind turbines to enable longer, more efficient blades
- Asia Pacific leads market share, while Europe follows closely; companies like Toray Industries and SGL Carbon are major players