Carbon Fiber Market Size was valued at USD 7.51 billion in 2023. The Carbon Fiber industry is projected to grow from USD 8.25 Billion in 2024 to USD 19.77 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.75% during the forecast period (2024 - 2032). Increasing use of carbon fiber in various end-use industries such as Sports & Fitness, Aerospace & defense, and many others.
Significant market factors that will help accelerate the growth of the carbon fiber market include rising demand from the manufacture of satellite and secondary aircraft parts as well as strict environmental regulations to increase the adoption of carbon fibers and related businesses in automotive applications. Increased use of carbon fiber in 3D printing and the development of low-cost production processes, such as plasma oxidation technology, are further factors contributing to the market's expansion.
Furthermore, the growth in expenditures for the development of low-cost coal-based carbon fibers and the rise in demand from FCEVs will create new prospects for conventional bearing producers soon.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Carbon fibers are frequently employed in the production of sporting goods because of their excellent strength and lightweight. Carbon fiber is used to make a variety of sports equipment, including tennis racquets, oars, pickleball paddles, archery, hockey sticks, fishing rods, baseball bats, and bicycles. When creating extremely specialized applications, carbon fibers offer design freedom. The equipment’s precise shape is essential to its performance and is easily achievable with carbon fiber composites. Golfers and cyclists benefit from the improved performance of carbon fiber. Carbon fibers are mostly used in tennis rackets. Therefore, the above factors are likely to drive the market for carbon fiber market in various sporting equipment.
Figure 1: Size of the health and fitness club market worldwide in 2021, with a forecast for 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
According to Statista, the size of the health and fitness club market worldwide in 2021 is estimated at USD 91.18 billion, with a forecast for USD 169.7 billion in 2030. Hence, it will grow at a rate of 7.67 percent annually between 2023 and 2030.
However, growth in the health and fitness club market will show healthy growth in the forecast period which in turn favors the growth of the Carbon Fiber market and is another factor driving the growth of the Carbon Fiber market revenue.
The Carbon Fiber market segmentation is based on Raw Material, which includes Pitch base and PAN-based. PAN Based segment held the largest share in respect to the Carbon Fiber market revenue in 2021. The PAN-based component has a number of advantages, including low density, high strength, high modulus, high-temperature resistance, wear resistance, corrosion resistance, fatigue resistance, creepage resistance, electric conduction, heat conduction, and far-infrared radiation resistance. These characteristics of PAN make it appropriate for usage in a variety of end-use sectors, including aerospace and aviation, automotive, wind energy, anti-flame clothing & materials, and sports equipment. Thus, market growth is further fueled by expansion in these end-use industries.
The Carbon Fiber market segmentation, based on type, includes Virgin Carbon Fiber and Recycled Carbon Fiber. Recycled Carbon Fiber market is likely to show fastest growth in the forecast period which will positively impact the market growth for overall carbon fiber market.
August 16, 2022, Vartega Inc a manufacturer of recycled carbon fiber announced an expansion in its production, compared to its present site in Golden, Colorado, is doubling its manufacturing capacity and tripling its footprint. The newly finished Building 2 of Denver, Colorado's Pecos Logistics Park, which is owned by institutional investors advised by J.P. Morgan Alternatives, will house Vartega's new 50,000-square-foot manufacturing facility and headquarters.
Based on End Use Industry, the Carbon Fiber industry has been segmented into Aerospace & Defense, Automotive, Building & Construction, Wind Turbines, and Others. Carbon fibers are well suited for usage in the aerospace and military, automotive, sporting goods, and wind turbine industries because of their high strength, high thermal & electrical conductivity, lightweight, and high modulus qualities, which are perfect for the industry's expansion. In 2021, the Aerospace and Defense sector held the market share with a market share of more than 25%. The employment of these composites in the Airbus A350 XWB, JSF, F18 E/F, A380, Eurofighter Typhoon, Express, Airbus A400M, V22 Osprey, Boeing 787, and GEnx Engines, among other end products, is excellent for the market's expansion. The production of narrow-body aircraft using carbon fibre is also expanding and increasing market demand.
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. Europe’s Carbon Fiber market accounted for more than 40% and is expected to exhibit a healthy CAGR during the forecast period. The market is expanding due to the influence of nations like the UK, France, and Germany. Major producers of electric cars, aviation, and defence products, including Airbus, Safran, Rolls Royce, BAE Systems, and others, are present in the area, which is projected to increase demand. While the region's carbon fibre business is developing as a result of strict environmental regulations and rising demand for electric automobiles.
Further, the major countries studied are: The Germany, France, UK, Italy, Spain, U.S, Canada, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CARBON FIBER MARKET SHARE BY REGION 2021 (%
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Carbon Fiber market accounts for the second-largest market share due to the availability of raw materials. Further, the US Carbon Fiber market held the largest market share, and it is was the fastest growing Carbon Fiber market in the North Amaerica region
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Carbon Fiber market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Carbon Fiber industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Carbon Fiber industry to benefit clients and expand the Carbon Fiber market sector is to manufacture locally to reduce operating costs.
Hexcel Corporation is one of the leading producers of carbon fiber and a company committed to improving the lives of people through various technologies, services, and solutions. The company strives to be an industry leader and a responsible steward of resources both human and natural. These values guide actions reflect culture, and drive the performance of the company. For instance, Hexal launched HexPEKK material, an electrically conductive, high-performance, PEKK-based thermoplastic carbon fiber composite additive manufacturing material.
Also, Vartega Inc is manufacturers recycled carbon fiber using reclaimed and recycled carbon fiber is a low-cost alternative to virgin material for automotive and industrial applications Carbon fibre is sourced by the firm from a variety of dry fibre and prepreg trash sources. The mechanical characteristics of this substance are identical to those of fresh carbon fibre. Carbon fibre from Vartega is offered in short fibre shapes. It works best when used in moulding compounds, non-wovens, and thermoplastics.
Hexcel Corp.
TEIJIN Aramid B.V.
Hyosung Advanced Materials
ESE Carbon Co.
Mitsubishi Chemical Corp.
MakerBot Industries LLC
SGL Carbon SE
Solvay S.A
Hengshen Co., Ltd.
Others
June 2020: In an effort to advance the circular economy, Mitsubishi Chemical Corporation acquired two German carbon fibre recycling firms, CFK Valley Stade Recycling GmbH & Co. KG (CFK) and carboNXT GmbH (carboNXT), through its subsidiary Mitsubishi Chemical Advanced Materials AG (MCAM; Head office: Zurich, Switzerland; President: Michael Koch). The deal should be finished at the beginning of August.
February 2021: Teijin introduces new brands of intermediate carbon fiber materials. Carbon fiber intermediate materials under the Tenax PW (power series) and Tenax BM (beam series) trademarks are suitable for sporting purposes. Tenax PW is a cutting-edge material of aircraft quality that helps to enhance power and speed due to its excellent toughness and longevity. made of resin with high tensile strength and modulus.
Pitch based.
PAN based
Virgin Carbon Fiber
Recycled Carbon Fiber
Continuous
Long
Short
Aerospace & Defense
Automotive
Building & Construction
Wind Turbines
Others
North America
Europe
Asia-Pacific
Rest of the World
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 7.51 billion |
| Market Size 2024 | USD 8.25 billion |
| Market Size 2032 | USD 19.77 billion |
| Compound Annual Growth Rate (CAGR) | 10.75% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Raw Material, Fiber Type, Product Type, End Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hexcel Corp., Formosa Plastics Corp., TEIJIN Aramid B.V., Hyosung Advanced Materials, ESE Carbon Co., Mitsubishi Chemical Corp., MakerBot Industries LLC, SGL Carbon SE, Solvay S.A, Hengshen Co., Ltd., Others |
| Key Market Opportunities | Increasing demand for recycled carbon fiber |
| Key Market Dynamics | Growing demand for carbon fiber in the sports & fitness industry boosts the market growth. |
Carbon Fiber Market Highlights:
Frequently Asked Questions (FAQ) :
The global carbon fiber market size was USD 7.51 billion in 2023
The global carbon fiber market is expected to expand at 10.75% CAGR from 2024-2032
Europe
Hexcel Corp., Formosa Plastics Corp., TEIJIN Aramid B.V., Hyosung Advanced Materials, ESE Carbon Co., Mitsubishi Chemical Corp., MakerBot Industries LLC, SGL Carbon SE, Solvay S.A, Hengshen Co., Ltd., Others
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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