USD 4.12 billion
Carbon Fiber Market Size, Share, Growth Analysis, By Application (Composites, Non-Composites), By End Use (Aerospace & Defense, Automotive, Pipes, Wind Energy), By Product Type (Continuous Carbon Fiber, Long Carbon Fiber, Short Carbon Fiber), By Modulus (Standard Modulus, Intermediate Modulus, High Modulus), By Fiber Type (Virgin Carbon Fiber, Recycled Carbon Fiber), By Raw Material (PAN-based, Pitch Based), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15E2145 |
Region:
Global |
Published Date: August, 2024
Pages:
221
|Tables:
92
|Figures:
76
Carbon Fiber Market Insights
Carbon Fiber Market size was valued at USD 4.51 Billion in 2023 and is poised to grow from USD 4.93 Billion in 2024 to USD 10.12 Billion by 2032, growing at a CAGR of 9.4% during the forecast period (2025-2032).
Carbon fiber has emerged as a highly popular material in multiple industries where focus on weight reduction without compromising structural integrity is being prioritized. Rising demand for lightweight vehicles and aircraft to reduce emissions and improve efficiency is projected to primarily drive the demand for carbon fiber in the future. Advancements in carbon fiber manufacturing technologies and growing establishment of new wind energy farms will also promote sales of carbon fiber going forward. Rising awareness regarding the benefits of carbon fiber use and increasing demand for high-performance materials around the world are also estimated to create new opportunities for carbon fiber market companies in the long run. On the contrary, high production costs, issues in recycling and disposal, and competition from alternative materials are slated to impede carbon fiber market growth potential across the study period and beyond.
US Carbon Fiber Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Aviation, Aerospace & Defense
Fastest Growth
Aviation, Aerospace & Defense
Growth Rate
9.4% CAGR
Global Carbon Fiber Market ($ Bn)
Country Share for North America Region (%)
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Carbon Fiber Market Segmental Analysis
Carbon fiber market is segmented based on raw material, fiber type, modulus, product type, application, end use industry, and region. Based on the Raw Material, the market is segmented into Pan-based Carbon Fiber and Pitch-based Carbon Fiber. Based on the Fiber type, the market is segmented into virgin carbon fiber and recycled carbon fiber. Based on modulus, the market is segmented into standard modulus, intermediate modulus, and high modulus. Based on product type, the market is segmented into continuous carbon fiber, long carbon fiber, and short carbon fiber. Based on the Application, the market is segmented into Composites (Prepregs, Molding Compounds, Woven Fabrics), and Non-Composites. Based on end use, the market is segmented into aerospace & defense, automotive, pipes, wind energy, sports goods, medical & healthcare, construction & infrastructure and others. Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Analysis by Raw Material
PAN-based carbon fiber is projected to account for a prominent chunk of the carbon fiber market share. This can be attributed to the superior properties of this type of carbon fiber such as a better strength-to-weight ratio as compared to carbon fiber made from other raw materials. However, the high costs of manufacturing PAN-based carbon fiber is a major restraint in stopping it from complete dominance.
Other type is pitch-based carbon fiber which is extensively used in space-based products such as satellites. This type of carbon fiber is relatively cheaper to manufacture but has low properties as compared to PAN-based carbon fiber. This is why PAN-based carbon fiber is projected to emerge with fastest CAGR as well and eat into the pitch-based carbon fiber market share.
Analysis by End Use
Use of carbon fiber in the automotive industry is projected to dominate the global carbon fiber market. Imposition of stringent vehicle emission control mandates and efforts of automotive companies to reduce the weight of their vehicles to comply with the same are promoting the use of carbon fiber. Growing affordability of carbon fiber components owing to advancements in manufacturing technologies are also slated to create new opportunities for carbon fiber market companies going forward.
Meanwhile, the demand for carbon fiber in the aerospace and defense sector is slated to surge at an impressive pace across the study period and beyond. Rising use of carbon fiber to make components of aircraft is projected to help this segment boost market growth. Increasing investments in the development of electric aircraft will also open up new avenues of opportunities for carbon fiber companies in the long run.
Global Carbon Fiber Market By Application (%)
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Carbon Fiber Market Regional Insights
Europe is estimated to spearhead the global carbon fiber market demand owing to the presence of a robust automotive manufacturing industry in this region. High adoption of carbon fiber by European automotive giants such as BMW, Audi, and Mercedes is a key factor contributing to the dominance of this region. Germany, France, and the United Kingdom are slated to be the most opportune markets for carbon fiber suppliers in this region. Moreover, high investments in the development of low-cost carbon fiber are also expected to help the dominance of Europe in the future.
On the other hand, the demand for carbon fiber in the North American region is slated to increase at a rapid pace going forward. Presence of key aerospace companies and high spending on military and defense are projected to help boost sales of carbon fiber in this region. The United States is estimated to be the most rewarding market for carbon fiber companies looking to make a mark in the North American region. Rising emphasis on wind energy adoption will also create new opportunities for carbon fiber providers.
Global Carbon Fiber Market By Region
- Largest
- Fastest
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Carbon Fiber Market Dynamics
Drivers
High Adoption by Automotive Manufacturers
- Automotive companies are leading the adoption of carbon fiber as they try to reduce the weight of their vehicles to improve efficiency and reduce emissions. Growing popularity of electric vehicles will also boost the demand for carbon fiber in the automotive industry as focus on range extension increases.
Demand for Lightweight and High-Performance Materials
- The demand for lightweight yet high-performance materials is increasing across all industry verticals. Carbon fiber is a material that fits this criteria and this is why its demand is projected to keep on increasing in multiple industries going forward thereby driving carbon fiber market growth.
Restraints
High Production Costs
- Although carbon fiber is being used extensively across multiple industry verticals, its production costs are still quite high, which result in an expensive end product. Not all companies can afford to use carbon fiber due to its high costs and this impedes market development potential.
Recycling and Disposal Concerns
- Recycling carbon fiber is a highly complex and expensive process, which is why disposing carbon fiber without disrupting environment is quite a tough task. These issues in recycling and disposal are estimated to impede carbon fiber adoption going forward.
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Carbon Fiber Market Competitive Landscape
Reducing the costs of production and making carbon fiber more affordable is slated to be the prime focus of all carbon fiber manufacturers. Developing custom carbon fiber for industry-specific applications will also create opportunities for carbon fiber providers in the future. Collaborations to fast-track the development of low-cost carbon fiber could also emerge as a popular strategy for carbon fiber market players in the long run.
Top Player’s Company Profiles
- Toray Industries, Inc. (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- SGL Carbon SE (Germany)
- Hexcel Corporation (US)
- Teijin Limited (Japan)
- Hyosung Corporation (South Korea)
- Formosa Plastics Corporation (Taiwan)
- DowAksa (US & Turkey)
- Koninklijke Ten Cate B.V. (Netherlands)
- Nippon Graphite Fiber Corporation (Japan)
- Toho Tenax Co., Ltd. (Japan)
- Advanced Composites Inc. (US)
- Plasan Carbon Composites (Israel)
- Cristex Composite Materials (UK)
- Gurit Holding AG (Switzerland)
- Park Electrochemical Corp (US)
- Solvay SA (Belgium)
- China Carbon Fiber Ltd. (China)
- UMATEX GROUP (Russia)
- BCIRCULAR (Netherlands)
Recent Developments
- In June 2024, Teijin Carbon Europe GmbH announced that it had received International Sustainability and Carbon Certification (ISCC) certification for its Tenax carbon fiber products. This helped Teijin stand out from its competition as Tenax produced at Heinsberg-Oberbruch plant in Germany will now be available to its customers focused on sustainability.
- Recently in June 2024, China made a significant advancement in carbon fiber use by showcasing the world’s first complete carbon fiber passenger-only train to reduce emissions from the railway sector.
- At the JEC World event in Paris, Hexcel unveiled its latest carbon fiber innovation called IM9 24K in March 2024. The new offering expands Hexcel’s expertise in aerospace composite space and offers 12% improvement over its baseline IM7 fiber.
Carbon Fiber Key Market Trends
- Use in Electric Vehicles: Carbon fiber companies can target electric vehicle manufacturers to maximize their sales going forward. EV companies are continuously investing in acquiring lightweight materials to use in their vehicles that reduce their weight and extend their range. Rising interest in electric vehicles owing to high emphasis on sustainability could boost carbon fiber sales in the long run.
Carbon Fiber Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high demand for lightweight high-performance materials, growing use in vehicle manufacturing, and advancements in manufacturing technologies are slated to be key market drivers. However, high costs of development and recycling and disposal issues are slated to inhibit carbon fiber demand outlook in the future. Europe has secured the top spot in the global carbon fiber market owing to presence of a robust automotive manufacturing industry and high adoption of renewable energy resources. Developing low-cost carbon fiber and targeting electric vehicle manufacturers will pay off big time for all carbon fiber market players in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.51 Billion |
| Market size value in 2032 | USD 10.12 Billion |
| Growth Rate | 9.4% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Carbon Fiber Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Carbon Fiber Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Carbon Fiber Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carbon Fiber Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carbon Fiber Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Carbon Fiber Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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