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Carbon fiber market outlook

July 28th, 2021 / By: / Industry News, News

According to a report by ResearchAndMarkets.com, the global carbon fiber market is projected to grow from $3.7 billion in 2020 to $8.9 billion by 2031, at a CAGR of 8.6% between 2020 and 2031.

Carbon fibers are popular in aerospace, civil engineering, military and motorsports due to their high tensile strength, low weight and high temperature tolerance. Increasing demand from wind energy and aerospace and defense industries is expected to drive the growth of the market between the forecast period.