What is the global market size of Carbon Fiber Market?

Carbon Fiber Market size was valued at USD 4.12 Billion in 2022 and is poised to grow from USD 4.51 Billion in 2023 to USD 9.25 Billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).

Carbon Fiber Market Size, Share & Growth Forecast to 2032

Carbon Fiber Market Competitive Landscape

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)

FAQs

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).

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. '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)'

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.

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.

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.

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