Toray Industries, Inc., one of the world's leading carbon fiber manufacturers, announced plans to expand its production capacity for carbon fiber composite materials. The company invested around USD 470 million to construct a new production facility in Hungary.
Hexcel Corporation, a major player in advanced composite materials, announced its collaboration with Northrop Grumman, a leading aerospace and defense technology company. The collaboration focused on the development of advanced carbon fiber composite technologies for future aerospace programs.
Author Credits: Smruti Ranjan, Rajrani Baghel
Report ID: 5117
Published Date: Jul 29, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing demand for automotive industry is the major factor driving the market growth.
The market size of carbon fiber tape is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 â€“ 2035.
The major players in the market are Hexcel Corporation, Toray Industries, Inc., Teijin Limited, SGL Carbon SE, Mitsubishi Chemical Carbon Fiber and Composites, Inc., and others.
The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.