Growing Demand for Carbon Fiber is driving the growth at a CAGR of 7.72% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Carbon Fiber market” that contains the information from 2018 to 2032.

The Carbon Fiber Market is estimated to register a CAGR of 7.72% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the Global Carbon Fiber market— Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Group, Hexcel Corporation, SGL Carbon, Hyosung Advanced Materials

Market Highlights

The Global Carbon Fiber market is accounted for to register a CAGR of 7.72% during the forecast period and is estimated to reach USD 7,379.42 Million by 2032.

Using carbon fiber helps in maintaining the integrity and performance of the components over longer periods as carbon fiber has high resistance to fatigue. Also, carbon fibers can withstand high temperatures and this property makes it an ideal choice for aerospace components that are exposed to varying thermal conditions. Besides, carbon fiber is also used in the manufacturing of Unmanned Aerial Vehicles (UAV) which is highly benefitted by several properties of carbon fibers as it helps in developing durable and lightweight UAVs along with improving their payload capacity and flight endurance. Advancements in carbon fiber manufacturing are resulting in the creation of more effective carbon fiber composites that can enable the production of large structures and complex shape components for usage in defense and aerospace industry.

The use of carbon fiber in automotive industry is accelerating due to its unique and superior properties which includes exceptional strength to weight ratio, aesthetic appeal and rigidity. The application of carbon fiber in this sector has led to significant advancements in the manufacturing of automotive parts which ultimately helped in enhancing vehicle performance, safety, and fuel efficiency. One of the significant applications of carbon fiber in automotive industry is in the manufacturing of chassis and body panels of vehicles and this can be attributed to the lightweight nature of carbon fiber that helps in reducing the weight of the vehicle. High energy absorption capabilities of carbon fiber are responsible for its usage in making crash structures in vehicles.

Components such as side impact beams, crumple zones and crash boxes are designed for absorbing and dissipating the impact energy, thereby protecting the occupants during the collision. In automotive interiors, the aesthetic and functional attributes use of carbon fiber helps in proving a premium look along with contributing to weight reduction. Further, the use of carbon fiber driveshafts is becoming very common due to the advantages offered by it. Carbon fiber offers various benefits over aluminium or steel driveshafts such as reduction in rotational mass which further helps in enhancing the acceleration and reducing the drivetrain losses. Also, high resistance to corrosion and fatigue of carbon fiber is responsible for improving the lifespan and durability of the automotive components.

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Segment Analysis

The Global Carbon Fiber market has been segmented based on Raw Material, Fiber Type, Modulus, End-use industry, and Region.

Based in fiber type, the carbon fiber market has been segmented into Recycled Carbon Fiber, Virgin Carbon Fiber. The Virgin Carbon Fiber segment accounted for the largest market share in 2023. Virgin Carbon Fiber:Virgin carbon fiber refers to fibers produced entirely from new precursor materials without any recycled content. It offers consistent quality and high performance which makes it suitable for applications in sectors where reliability and performance are paramount, such as aerospace and defense. Virgin carbon fiber is used in applications where the highest standards of material integrity and performance are required, ensuring compliance with safety standards.

Based on Modulus the carbon fiber market has been segmented into Standard Modulus, Intermediate Modulus, High Modulus. The Standard Modulus segment accounted for the largest market share in 2023. Standard modulus carbon fiber offers a balanced combination of stiffness and strength, making it ideal for a wide array of applications including automotive components, and sporting goods. It provides good mechanical properties and are generally used in applications where moderate performance requirements meet cost considerations, offering reliable performance and ease of manufacturing.

Based on raw material the carbon fiber market has been segmented into Pan-Based Carbon Fiber, Pitch-Based Carbon Fiber. The Pan-Based carbon fiber segment accounted for the largest market share. Pan-Based Carbon Fiber: PAN-based carbon fiber is the widely used type due to its excellent mechanical properties, including high tensile strength and modulus. It is manufactured from polyacrylonitrile precursor fibers that undergo various processes including stabilization and carbonization. PAN-based fibers offer excellent stiffness, fatigue resistance and strength, making them suitable for high-performance applications in aerospace, automotive, and sporting goods industries. Their consistent quality and reliability make them a preferred choice in industries where precision and performance are important, despite higher production costs compared to other types.

Based on End-Use Industry, the carbon fiber market has been segmented into the automotive, electronics, Construction & Infrastructure, Aerospace & Defense, Renewable Energy, Sporting and Leisure Goods, Industrial applications (tanks, pipelines, etc), others. The Renewable Energy segment accounted for the largest market share. Carbon fiber plays a pivotal role in aerospace and defense industries due to its exceptional strength-to-weight ratio and resistance to corrosion and fatigue. It is extensively used in aircraft structures, including fuselages, wings, and tail sections, as well as in military applications like UAVs and missiles. The material's lightweight properties contribute to higher fuel efficiency. Moreover, carbon fiber composites offer design flexibility and superior performance in extreme environments, making them indispensable for next-generation aircraft and space exploration vehicles.

Regional Analysis

By region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of World. Among these, Europe emerged as the leading region in Carbon Fiber market. Europe is a key market for carbon fiber applications, particularly in automotive manufacturing, renewable energy, and construction sectors. The region's stringent environmental regulations drive the adoption of lightweight materials to reduce carbon emissions and improve energy efficiency. In automotive, carbon fiber helps in achieving weight reduction goals for electric vehicles (EVs) and hybrid cars, enhancing driving range and performance. Rising renewable energy projects further supports carbon fiber in wind turbine blades, boosting efficiency and durability in challenging weather conditions.

Asia Pacific is the one of the fastest-growing market for carbon fiber, driven by rapid industrialization, urbanization, and technological advancements. The increasing disposable income of the consumers and their changing lifestyles are further driving the demand for automobiles in the region, in turn fueling the market growth of carbon fibers. The aerospace industry benefits from carbon fiber's high strength and durability in aircraft structures and defense applications, and the increasing defense expenditures across the region is supporting the market of carbon fibers. Additionally, the consumer electronics market in the region is substantial and thus the ability of carbon fibers in enhancing the performance of electronics drives its demand significantly.

Key Findings of the Study

• The Global Carbon Fiber market is expected to reach USD 3,457.25 Million by 2032, at a CAGR of 7.72% during the forecast period.


• The Europe region accounted for the fastest growth in the global market.


• Based on raw material, the pan-based carbon fiber segment was attributed to holding the largest market in 2023.


• Based on modulus, the standard modulus segment was attributed to holding the largest market in 2023.


• Based on end use industry, the aerospace & defense industry segment was attributed to holding the largest market in 2023.


• Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Group, Hexcel Corporation