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Many market factors affect the dynamics and growth of the PAN-based carbon fibers market. PAN Based Carbon Fibers Market was worth USD 3.24 billion in 2020 and is expected to reach USD 7.9 billion by 2030 at a CAGR of 11.6%.
Growing sustainability and environmental awareness also affect the PAN based carbon fibers market. Demand for eco-friendly materials has increased as governments and industry worldwide reduce carbon footprints. Carbon fibers made from PAN are recyclable and last longer than other materials, meeting these sustainability aims. This rising emphasis on environmental responsibility has pushed carbon fiber production research and development to improve sustainability and reduce manufacturing environmental effect.
The global economy and trade also shape the PAN-based carbon fibers industry. Economic statistics, trade disputes, and geopolitics can affect manufacturing. PAN-based carbon fiber manufacturers actively monitor these parameters because they affect raw material prices, production costs, and product pricing. Market geography is also affected by trade agreements and tariffs, which affect firms' competitiveness.
Technological advances in carbon fiber production techniques drive market growth. Research and development are improving PAN-based carbon fiber performance to make them more flexible and cost-effective. New precursor materials, spinning methods, and carbonization processes could transform the sector, allowing new applications and market growth. Continuous research keeps PAN-based carbon fibers at the forefront of innovative materials, satisfying end-user expectations.
PAN-based carbon fibers are also shaped by market restrictions and standards. To assure product safety, quality, and compliance, regulatory organizations set criteria when industries embrace these materials. Manufacturers must follow these requirements to win market approval and consumer trust. Stringent environmental and worker safety requirements in manufacturing affect market dynamics, encouraging corporations to invest in sustainable practices and follow safety measures.
The competitive landscape and market consolidation affect PAN-based carbon fibers market dynamics. Key competitors' strategic activities, mergers, acquisitions, and alliances shape the market's structure and competitiveness. To stay competitive, market leaders engage in R&D, fostering innovation and setting industry standards. This dynamic competitive climate fosters product improvement and keeps the PAN-based carbon fibers industry lively and responsive to new trends and challenges. In conclusion, industry demand, sustainability concerns, economic conditions, technological advancements, regulatory standards, and competitive dynamics shape the PAN-based carbon fibers market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate |   11.6% (2022–2030) |
PAN Based Carbon Fibers Market Highlights:
Global PAN Based Carbon Fibers Market Overview
PAN-Based Carbon Fibers Market Size was valued at USD 3.28 Billion in 2023. The PAN-Based Carbon Fibers industry is projected to grow from USD 3.72 Billion in 2024 to USD 9.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.78% during the forecast period (2024 - 2032). Carbon fiber is a strong, stiff, and lightweight material, containing at least 95% carbon atoms bonded together. The strands of the carbon fibers are thinner than a human hair and can be twisted together like yarn or woven together to form a cloth. When woven carbon fiber is bonded with polymer, a composite is formed. Carbon fiber is a preferred material across various end-use industries owing to its excellent strength-to-weight ratio, chemical resistance, and low thermal expansion. Some of the major applications of carbon fibers are in end-use industries such as aerospace & defense, automotive, wind energy, construction, and sports & leisure. Carbon fibers are of three types—polyacrylonitrile (PAN)-based carbon fibers, pitch-based carbon fibers, and rayon-based carbon fibers. PAN-based carbon fiber is the most commonly available type of carbon fiber in the market.
The surging demand for carbon fibers in the aerospace & defense industry is primarily driving the global PAN-based carbon fiber market. Additionally, the growth in the wind energy sector is also contributing to the growth of the product market. Furthermore, the increasing demand for lightweight automobiles is projected to offer growth impetus to the market players during the forecast period.
The market players in the PAN-based carbon fibers market are adopting various strategies such as expansion, mergers & acquisitions, supply/distribution agreements, and new product launches to maintain their market dominance and increase their global presence. For instance, in November 2017, Solvay, the parent company of Cytec, acquired European Carbon Fiber GmbH (“ECF”), which is a major manufacturer of high-quality precursor for large tow (50K) polyacrylonitrile carbon fibers.
However, the availability of close substitutes at low cost is a major restraining factor to the growth of the global PAN-based carbon fiber market during the forecast period.
Key Players
Some of the prominent players in the global PAN-based carbon fibers market are Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc (US), SGL Carbon (Germany), Toray Industries Inc. (Japan), and Formosa Plastics Corporation (Taiwan).
Global PAN-based Carbon Fibers Market Share, by Application (2018) 
Source: MRFR Analysis
Market Segmentation
The global PAN-based carbon fiber market has been segmented based on type, applications, and region.
Based on type, the global PAN carbon fibers market has been divided into composites and non-composites.
On the basis of application, the global market has been classified into aerospace & defense, automotive, construction, wind energy, sports & leisure, and others.
Regional Analysis
The global PAN-based carbon fiber market has been analyzed with respect to five regions, namely Asia-Pacific, North America, the Middle East & Africa, Europe, and Latin America.
Asia-Pacific was the largest and fastest growing market for PAN-based carbon fibers in 2018 and is expected to be the leading market during the forecast period. The region accounted for a share of around 37% by value in 2018. Rapid industrialization in the region due to growing economy is the factor attributing to the growth of end-use industries such as aerospace and defense, automotive, and renewable energy, which in turn is fueling the growth of the regional market.
North America was the second-largest market for PAN-based carbon fibers in 2018. The expanding aerospace & defense industry and high automobile production in the US are ensuring a stable revenue source for the PAN-based carbon fibers market in the region.
Europe was following North America in terms of the market size in 2018. Developed automotive industry in Germany is contributing to the growth of the product market in the region. The region is likely to showcase remarkable growth during the coming years.
The markets in Latin America and the Middle East & Africa held the least market share of the global PAN-based carbon fibers market in 2018. Slow economic progress in Latin America affected the growth of the PAN-based carbon fibers market in 2018. Moreover, the region is expected to witness healthy growth during the forecast period due to the increasing automotive production in countries such as Brazil and Mexico. The Middle East & Africa countries such as Turkey, Morocco, Egypt, and Iran are the region’s leading motor vehicle producers, while the major sales markets include Iran, Saudi Arabia, Egypt, Turkey, and the UAE with African countries viz. Algeria and Morocco not far behind. The region is projected to register increasing demand for polyacrylonitrile-based carbon fibers during the review period.
Intended Audience
- PAN-based carbon fibers manufacturers
- Traders and distributors of PAN-based carbon fibers
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratories
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