Asia-Pacific carbon fiber market is estimated to grow significantly at a CAGR of around 9.4% during the forecast period owing to the significant production of the electric vehicle, growing aviation sector, and rising government expenditure in aerospace & defense. Aircraft manufacturers are expanding their production capacity in the region, which is further reinforcing the demand for carbon fiber. Boeing and Airbus SE are some renowned aircraft manufacturers with production facilities across Asia-Pacific countries, including China and India.
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The Commercial Aircraft Corp. of China, Ltd. and Hindustan Aeronautics Ltd. is also significantly focusing on accelerating their production capacity to meet the emerging demand for commercial and military aircraft. This will likely support the demand for carbon fiber owing to its potential benefits such as weight reduction and resultant fuel efficiency. The rising demand for clean energy sources is further driving the market growth in the region.
Asia-Pacific carbon fiber market is segmented on the basis of raw material, fiber type, and industry vertical. On the basis of raw material, the market is sub-segmented into PAN and petroleum pitch & rayon. Based on the fiber type, the market is classified into virgin carbon fiber and recycled carbon fiber. Based on the industry verticals, the market is classified into aerospace & defense, automotive, construction infrastructure, and others such as sporting goods. Among these, the automotive industry segment accounted for a significant share in the market.
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Asia-Pacific Carbon Fiber Market Segmentation
By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch & Rayon
By Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon Fiber
By Industry Verticals
- Aerospace & Defense
- Automotive
- Construction Infrastructure
- Others (Sporting Goods)
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