The market is expected to increase at CAGR of 13.43% during the forecast period 2022-2031

BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Large Tow Carbon Fiber Market - A Global and Regional Analysis.

According to this study, the global large tow carbon fiber market was valued at $570.5 million in 2021 and is projected to reach $1.9 billion by 2031.

The following factors are responsible for the increase in demand for large tow carbon fiber:

• Growing demand from the renewable energy sector
• Stringent regulations and carbon emission policies
• Increasing awareness and rising demand from developing countries

The detailed study is a compilation of 146 market data tables and 89 figures spread through 165 pages.

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Analyst's Take on the Market Projection

According to Pooja Tanna, Lead Analyst, BIS Research, "Increasing awareness about the environment protection and carbon footprints is driving the development of advanced material for the transition of energy-intensive and carbon-intensive industries toward a more sustainable path. Although carbon fiber is a good option and caters to various end-use applications, the adoption of this advanced material is limited to premier applications in end-use industries, including aerospace and automotive, amongst others. Large tow carbon fibers are expected to be the best option for industrial application as it fits the required standards for end-use industries, including energy and automotive. Furthermore, its low cost is projected to boost the adoption of large tow carbon fiber in various end-use industries."

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Major Existing Industry Leaders in the Large Tow Carbon Fiber Market

The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:

• TORAY INDUSTRIES, INC.
• SGL Carbon
• Teijin Limited
• Mitsubishi Chemical Corporation
• Solvay
• China Petrochemical Corporation
• Hexcel Corporation
• Jilin Tangu Carbon Fiber Co., Ltd.
• Formosa Plastics Group
• UMATEX

Recent Developments in the Global Large Tow Carbon Fiber Market

• In October 2022, China Petrochemical Corporation's large tow carbon fiber production line started its operations; the company has planned the country's first factory line of the large tow carbon fiber project with a production capacity of 24,000 tons per year of precursors and 12,000 tons per year of large tow carbon fibers.
• In February 2021, Montefibre Carbon announced an investment of $17.4 million for its first precursor for innovative 80K tow. The Spanish Ministry of Industry has granted $12 million to develop aerospace-grade carbon fiber. The company is currently developing and upgrading its production lines to manufacture large tow PAN precursor for converting it into carbon fiber.

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