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 2024-2031

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.