According to a report by Lucintel, the carbon fiber textile market is expected to decline in 2020 due to global economic recession led by COVID-19. However, the market is expected to recover in 2021 and it is predicted to reach an estimated $1.5 billion by 2025 with a CAGR of 0.5% to 2.5% from 2020 to 2025.
The major drivers for this market include a growing demand for lightweight and high-performance composite materials in in transportation, marine, wind energy, aerospace/defense and construction industries.
Lucintel forecasts that woven textile will remain the largest segment due to its wide application area in transportation, aerospace/defense and wind energy industries. The nonwoven textile is expected to witness highest growth over the forecast period due to its better drapability, optimization in component design and delamination resistance.
Europe is expected to remain the largest market for carbon fiber textiles due to its presence of leading carbon fiber composite component manufacturers.