Bolstered by High Demand from Applications in Wind Energy and Pressure Vessels Sectors, Global Market for Carbon Fibers to Reach 274K Metric Tons by 2030
Industry Experts, Inc. released its latest version of the report on " Carbon Fibers & Carbon Fiber Reinforced Plastics (CFRP) ", which projects the demand for carbon fiber to reach $8.5 billion (274K metric tons) by 2030, from an estimated $4.4 billion in 2024 at a CAGR of 11.6% between the two years. Carbon fiber reinforced plastics market was estimated at US$28 billion in 2024 and expected to grow by a CAGR of 11.4% during the same analysis period and reach US$54 billion by 2030. The lightweight properties of Carbon Fibers play a pivotal role in reducing carbon dioxide (CO2) emissions across the lifecycle of products, addressing critical global environmental challenges. This advantage has driven their growing adoption in key industries, including wind energy, aerospace, automotive, and pressure vessels. The Carbon Fibers & Carbon Fiber Reinforced Plastics (CFRP) market faced a significant downturn in 2020 due to the COVID-19 pandemic, which disrupted maj...