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According to a report released by Technavio, an international market research, the global carbon fiber market is expected to grow by $1.
87 billion from 2021 to 2025, with a compound annual growth rate of 8.
63%.
The report believes that the increasing demand for fuel-efficient vehicles will significantly support the growth of the market during the forecast period
.
Among them, 35% of the carbon fiber market growth will come from North America
.
Due to high fuel costs and fluctuating fuel prices, consumers are shifting from traditional passenger cars to fuel-efficient vehicles
.
The availability of alternative fuels and the recognition of the benefits of green and light vehicles are the factors
that will have a direct impact on the market.
Stringent government regulations to reduce greenhouse gas emissions, CO2 emissions, and other harmful pollutants are driving the demand
for energy-efficient and light-duty vehicles.
Hybrid cars, battery cars, plug-in hybrids are some of the fuel-efficient vehicles
preferred by consumers.
The extensive use of carbon fiber in these vehicles significantly reduces their overall weight
.
The U.
S.
has introduced regulations to raise fuel efficiency requirements for new cars to 54.
5 miles
per gallon by 2025.
This has prompted car companies to use lightweight materials such as carbon fiber to reduce vehicle weight and improve fuel efficiency
.
Key trends in the carbon fiber market, such as capacity expansion and emergence of new production plants, will drive the market growth
.
The expansion of carbon fiber production capacity is also increasing due to increasing
demand for carbon fiber in aerospace and defense, automotive, wind energy, and other end-use applications.
In North America, Europe and Asia Pacific, the carbon fiber market is growing rapidly
due to capacity expansion.
Major carbon fiber manufacturers are investing heavily in facility expansion to increase their share of
the carbon fiber market.
According to a report released by Technavio, an international market research, the global carbon fiber market is expected to grow by $1.
87 billion from 2021 to 2025, with a compound annual growth rate of 8.
63%.
The report believes that the increasing demand for fuel-efficient vehicles will significantly support the growth of the market during the forecast period
.
Among them, 35% of the carbon fiber market growth will come from North America
.
Due to high fuel costs and fluctuating fuel prices, consumers are shifting from traditional passenger cars to fuel-efficient vehicles
.
The availability of alternative fuels and the recognition of the benefits of green and light vehicles are the factors
that will have a direct impact on the market.
Stringent government regulations to reduce greenhouse gas emissions, CO2 emissions, and other harmful pollutants are driving the demand
for energy-efficient and light-duty vehicles.
Hybrid cars, battery cars, plug-in hybrids are some of the fuel-efficient vehicles
preferred by consumers.
The extensive use of carbon fiber in these vehicles significantly reduces their overall weight
.
The U.
S.
has introduced regulations to raise fuel efficiency requirements for new cars to 54.
5 miles
per gallon by 2025.
This has prompted car companies to use lightweight materials such as carbon fiber to reduce vehicle weight and improve fuel efficiency
.
Key trends in the carbon fiber market, such as capacity expansion and emergence of new production plants, will drive the market growth
.
The expansion of carbon fiber production capacity is also increasing due to increasing
demand for carbon fiber in aerospace and defense, automotive, wind energy, and other end-use applications.
In North America, Europe and Asia Pacific, the carbon fiber market is growing rapidly
due to capacity expansion.
Major carbon fiber manufacturers are investing heavily in facility expansion to increase their share of
the carbon fiber market.