Carbon Fiber Market Research Report Information By Raw Material (Pan-Based Carbon Fiber, Pitch-Based Carbon Fiber), By Modulus (Standard Modulus, Intermediate Modulus, High Modulus), By Fiber Type (Virgin Carbon Fiber, Recycled Carbon Fiber), By Sources (Natural Sources, Synthetic Sources, Recycled Sources, Byproduct Sources, and Specialty Sources), By End-Use Industry (Automotive, Electronics, Construction & Infrastructure, Aerospace & Defense, Aerospace & Defense, Sporting and Leisure Goods, Industrial applications (tanks, pipelines, etc)

Global Carbon Fiber Market Overview

The Carbon Fiber Market Size was valued at USD 3,457.25 million in 2023. The Carbon Fiber Market is projected to grow USD 7,379.42 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.72% during the forecast period (2024 - 2032).

 The demand for carbon fiber is growing substantially from the renewable energy industry, driven by the exceptional and unique properties of carbon fiber that fulfils the evolving requirements of this industry. Features such as high strength to weight ratio, resistance to degradation and high durability make it a suitable choice for making various critical components used in renewable energy sector.

Carbon fiber is significantly used in the manufacturing of various products and components used in these industries owing to its attributes that makes it a suitable material for obtaining the properties in the final product. Its ability to reduce the overall weight of the component without affecting its strength is one of the major reasons for its increasing usage in numerous sectors. The growing population and rising industrialization are leading to considerable industrial expansion all over the world, thereby creating high growth opportunities for carbon fiber.

Global uncertainties such as Covid-19 pandemic have negatively impacted the supply chain of carbon fiber and thus have created a negative impact on the growth of carbon fiber market. The Europe region is expected to lead the market owing to the growing demand for carbon fiber for applications in automotive, aerospace and construction industries. Moreover, growing demand for automobiles owing to changing lifestyles of the population is fueling the demand for carbon fiber.

Carbon Fiber Market Trends

INCREASING DEMAND FOR HIGH-PERFORMANCE BUILDING MATERIALS

Building and construction materials have been evolving significantly over the past few years. Due to increasing technological advancements, new and resilient materials such as carbon fiber are replacing the traditional materials, and such innovative material are gaining huge popularity in the construction sector due to its high strength, durability, and flexibility to be molded into the desired design and structure. Carbon fiber has a low density and high strength-to-weight ratio, owing to which it is increasingly used in construction industry.

Carbon fiber is a polymer which is made of long, fine strands of carbon atoms attached in a crystal formation. It has numerous excellent attributes that make it suitable for applications in the construction of residential and commercial buildings including windows, decks, door systems, exterior trim, columns, fences, and many more. The fatigue resistance and flexibility of carbon fiber make it more crack-resistant than materials such as concrete and steel, especially when exposed to the repeated load-bearing weight. Also, it has high compression strength and has the ability to withstand higher pressure. Due to its higher resistance to humidity, radiation and chemicals, structures coated with carbon fiber work efficiently under all environmental conditions.

GROWING AWARENESS ABOUT FIRE SAFETY

Awareness regarding the fire safety regulations is growing substantially all over the world. With the increase in construction of building and infrastructures, the potential risk of fire incidents is also increasing significantly and thus the need for materials that can help in enhancing fire safety is growing. The incidents of fire accidents are increasing rapidly in various parts of the world, for instance, in January 2022, a large fire in Bronx Apartment in US, led to several deaths and injuries, also, in April 2024, a fire broke out at Denmark’s nearly historic stock exchange building.

Such incidents have heightened the awareness regarding fire safety standards. High profile fire incidents have increased public and industrial awareness regarding the importance of materials that have excellent fire resistance properties. Manufacturing companies are recognizing the importance of sustainability and safety and thus by using such materials, they are demonstrating their commitment to safety as well as social responsibility. With the advancement in material and technology, the development of materials that can offer benefits such as fire resistance is playing a crucial role in revolutionizing various industrial sectors.

Carbon fiber has excellent fire-resistant attributes and thus its usage in applications where fire safety is paramount is propelling. This material can withstand high temperature conditions without losing its structural integrity and when exposed to extreme high temperatures, carbon fiber produces very less smoke and toxic fumes as compared to other materials.

Carbon Fiber Market Segment Insights

Carbon Fiber Market By Fiber Type Insights

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 of 98.06% in 2023 , with a market value of USD 3,410.23 million; it is expected to register a CAGR of 7.71% during the forecast period. The Recycled Carbon Fiber segment accounted for the second largest market share in 2023, valued at USD 47.07 million; it is projected to exhibit a CAGR of 8.83% during the forecast period.

Carbon Fiber Market By Raw Material Insights

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 of 98.4% in 2023, with a market value of USD 3,403.60 million; it is expected to register a CAGR of 7.74% during the forecast period. The Pitch-Based Carbon Fiber segment accounted for the second largest market share in 2023, valued at USD 53.66 million; it is projected to exhibit a CAGR of 6.07% during the forecast period.

Carbon Fiber Market by Modulus Insights

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 of 81% in 2023, with a market value of USD 2,799.65 million; it is expected to register a CAGR of 7.43% during the forecast period. The Intermediate Modulus segment accounted for the second largest market share in 2023, valued at USD 562.15 million; it is projected to exhibit a CAGR of 9.39% during the forecast period.

Carbon Fiber Market by End-Use Industry Insights

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 of 39.5% in 2023, with a market value of USD 1,366.6 million; it is expected to register a CAGR of 8.77% during the forecast period. The Renewable Energy segment accounted for the second largest market share in 2023, valued at USD 560.42 million; it is projected to exhibit a CAGR of 8.77% during the forecast period.

Carbon Fiber Market Regional Insights

By region, the global market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East & Africa. Among these, Europe dominated the market with a share of 41%, accounting for USD 1,417.30 Million in 2023; it is expected to register the highest CAGR of 7.16% from 2024 to 2032. Asia Pacific was the second largest with a share of 32.8% in 2023, sized at USD 1,132.67 million; it is projected to exhibit a CAGR of 8.96%.

Carbon Fiber Key Market Players & Competitive Insights

The global carbon fiber market is characterized by a high level of competition in the market. The players in the market are constantly innovating and expanding their product offerings. Despite the challenges, there are several factors that are driving growth in the carbon fiber market such as rising demand for lightweight and high strength materials in aerospace & defense industry, increasing demand from automotive industry, and growing focus on renewable energy sector. Thus, the advancing end-use industries are driving the market growth.

Key Companies in the Carbon Fiber Market includes

• Teijin Limited


• Toray Industries, Inc.


• SGL Carbon SE


• Hexcel Corporation


• Mitsubishi Chemical Corporation


• Formosa Plastics Corporation


• Cytec Solvay Group


• Nippon Graphite Fiber Corporation


• Hyosung Advanced Materials


• Kureha Corporation


• Owens Corning


• ELG Carbon Fibre Ltd


• Zoltek Corporation


• DowAksa


• GKN Aerospace


• Sigmatex Ltd


• Saudi Basic Industries Corporation (SABIC)


• Zhongfu Shenying Carbon Fiber Co., Ltd.


• Weihai Guangwei Composites Co., Ltd.


• Jilin Tangu Carbon Fiber Co., Ltd.

Carbon Fiber Industry Developments

March 2024: Toray Carbon Fibers Europe S.A. announced that HEAD Sports GmbH (HEAD) is developing the prototype tennis racquets and pickleball paddles made with Toray’s bio-circular carbon fibre “TORAYCA” which is ISCC PLUS Certified.

October 2023: Toray Industries, Inc., announced that it has decided to expand French subsidiary Toray Carbon Fibers Europe S.A.’s production facilities for regular, medium- and high-modulus carbon fibers. This move will increase annual capacity at the Abidos plant from 5,000 metric tons annually, to 6,000 metric tons. Production is expected to start in 2025. 

January 2024: Teijin Limited announced that it will begin production and sales of Tenax Carbon Fiber made with sustainable acrylonitrile using waste and residue from biomass-derived products or recycled raw materials that have received ISCC PLUS certification from International Sustainability and Carbon Certification system. The Tenax Carbon Fiber will be produced at Teijin’s Mishima plant in Japan.

Carbon Fiber Segmentation

Carbon Fiber Raw Material Outlook

• Pan-Based Carbon Fiber Raw Material


• Pitch-Based Carbon Fiber Raw Material

Carbon Fiber Modulus  Outlook

• Intermediate Modulus


• High Modulus


• Standard Modulus

Carbon Fiber Type Outlook

• Recycled Carbon Fiber


• Virgin Carbon Fiber

Carbon Fiber End-Use Industry Outlook

• Automotive


• Electronics


• Construction & Infrastructure


• Aerospace & Defense


• Renewable Energy


• Sporting and Leisure Goods


• Industrial applications (tanks, pipelines, etc)


• Others

Carbon Fiber Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • France
  
  
  • Spain
  
  
  • Italy
  
  
  • Netherlands
  
  
  • Russia
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • New Zealand
  
  
  • Malaysia
  
  
  • Bangladesh
  
  
  • Thailand
  
  
  • Indonesia
  
  
  • Rest of Asia Pacific
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Mexico
  
  
  • Rest of South America
  
  
  
  


• Middle East & Africa
  
  
  
  • GCC Countries
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa
  
  
  
  

Report Attribute/Metric	Details
Market Size 2023	USD 3,457.25 Million
Market Size 2024	USD 4,070.95 Million
Market Size 2032	USD 7,379.42 Million
Compound Annual Growth Rate (CAGR)	7.23% (2024-2032)
Base Year	2023
Forecast Period	2024-2032
Historical Data	2018 to 2022
Forecast Units	Value (USD Million) and Volume (Kilo Tons)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Raw Material, Modulus, Fiber Type, End-Use Industry, and Region
Geographies Covered	North America, Europe, Asia Pacific, Rest of World
Countries Covered	The U.S, Canada, Mexico, Germany, France, UK, Italy, Spain, Netherlands, Russia, China, Japan, India, Australia & New Zealand, South Korea, Bangladesh, Thailand, Indonesia, Brazil, Argentina, Saudi Arabia, GCC Countries, South Africa.
Key Companies Profiled	Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Group, Hexcel Corporation, SGL Carbon, Hyosung Advanced Materials, Zhongfu Shenying Carbon Fiber Co., Ltd., Kureha Corporation, Dowaksa, Nippon Graphite Fiber Co., Ltd, Pioneer Carbon and CM Carbon Co,. Ltd.
Key Market Opportunities	·         Increasing demand for sustainable carbon fiber raw materials ·         Increasing demand for envelope waterproofing and fireproofing materials in developing countries
Key Market Dynamics	·         Increasing demand for high-performance building materials ·         Growing awareness about fire safety ·         Rapidly expanding automotive industry