Carbon Fiber Market Size, Share, Growth Analysis, By Raw material (Pan-based, Pitch-based), By Product Type (Continuous, Long, Short), By Application (Composites, Non-Composites), By Application (Composites, Non-Composites), By End Use Industry (Pressure Vessels, Aerospace & Defense), By Region - Industry Forecast 2024-2031

Europe region is projected to hold the dominant share with around 32% in 2023 for the carbon fiber market. A diverse range of electric vehicle producers and rising demand for lightweight and fuel-efficient vehicles are driving regional growth. Rapid growth in the aerospace and military industries is expected to boost regional market growth. Automakers are investing in R&D to develop low-cost carbon composite materials, which are boosting the region's automotive industry. Due to the presence of a well-developed aviation sector, Germany's market may experience beneficial expansion. The Eurofighter and Airbus A320 families are both manufactured in Germany. The country is one of the top aircraft manufacturing bases, and it is primarily home to various businesses such as material and component suppliers, equipment manufacturers, entire system integrators, and engine manufacturers.

However, North America is expected to be the fastest growing region for this market. The growing need for lightweight composite materials in the aviation industry is expected to drive the size of the North American market. Airbus, United Airlines, Inc., The Boeing Company, and American Airlines Group Inc. are among the major players in the region. Hence, because of the growing demand of renewable resources there is a growing demand for wind farms in this region. Furthermore, with various government policies for advanced materials, a strong defense industry that needs high strength composites and a booming sports equipment market. Also, the presence of a significant number of carbon fiber manufacturers and the growing popularity of electric vehicles also play a role in this faster pace of growth.