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

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 4.12 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 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.

Carbon Fiber Market Report Snapshots

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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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Carbon Fiber Market Insights

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