Carbon Fiber Industry Overview

The global carbon fiber market size was valued at USD 4.66 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.9% from 2023 to 2030. This growth is attributed to the growing adoption of carbon fiber in automotive and aerospace applications. Increasing automotive demand coupled with the rising need for lightweight vehicles is expected to fuel the demand over the forecast period. The need for fuel-efficient vehicles along with government regulations limiting or restricting automotive pollution are anticipated to play a key role during the forecast period.

The growing aerospace industry in countries across the Asia Pacific and Europe is also projected to fuel the growth. Rising demand for commercial aviation on account of increased disposable income and globalization has driven growth across the aerospace industry over the last few years. This trend is likely to continue over the forecast period as well. The surge in demand for sports and leisure applications, especially in the Asia Pacific region, is also likely to increase the product scope.

Gather more insights about the market drivers, restrains and growth of the Global Carbon Fiber Market

Detailed Segmentation:

Raw Material Insights

Based on raw material, the polyacrylonitrile (PAN) segment dominated the market with a revenue share of 96.2% in 2022 and the segment is further forecasted to grow at the fastest CAGR of 11.9% by 2030. The superior properties of PAN results in wider acceptance in various application industries. Moreover, increasing demand for a higher strength-to-weight ratio carbon fiber, PAN precursor is widely used on account of its superior material properties.

Tow Size Insights

Based on tow size, the carbon fibers industry is categorized into small tow and large tow. The small tow market segment dominated the segment with a revenue share of 77.6% in 2022. The small tow segment is further predicted to grow significantly over the coming years. Small tow fibers are widely used in the aerospace industry owing to their high tensile strength and high modulus when used for manufacturing composites, which are used in numerous applications.

Application Insights

Based on application, the market is segmented into automotive, aerospace defense, wind turbines, sports/leisure, molding compound, construction, pressure vessel, and others. The aerospace defense segment accounted for the largest revenue share of 32.0% in 2022 and the segment is forecasted to grow at a CAGR of 11.3% over the forecast period.

Regional Insights

The Europe region dominated the regional segment and accounted for the highest revenue share of 31.6% in 2022. The growth of the aerospace defense industry in Europe and North America has triggered the growth of the carbon fiber industry over the past few years and this trend is expected to continue over the forecast period. The presence of aerospace giants such as Airbus and Boeing in Europe and North America has propelled the regional demand for carbon fiber.

Moreover, the growth in the commercial aviation sector across the developing countries in the Asia Pacific region including China, India, South Korea, and Vietnam is propelling the growth of the market. The presence of key aircraft manufacturers such as Airbus as well as defense equipment manufacturers such as MBDA in Europe has triggered the demand for carbon fiber across the world.

Browse through Grand View Research's Specialty Glass, Ceramic Fiber Industry Research Reports.

• The global ballistic composites market size was valued at USD 1.74 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2030.

• The global glass packaging market size was valued at USD 63.2 billion in 2023 and is projected to grow at a CAGR of 4.5% from 2024 to 2030.

Key Companies Market Share Insights

The major players operating in the market are integrated throughout the value chain. The companies have streamlined their operations to procure raw materials and also manufacture the product, to reduce the product price. Some prominent players in the global carbon fiber market include:

• AP Technology Inc.
• Anshan Sinocarb Carbon Fibers Co. Ltd
• DowAksa USA LLC
• Formosa Plastics Corporation
• Hexcel Corporation
• Holding company Composite
• Hyosung Advanced Materials
• Jiangsu Hengshen Co. Ltd
• Mitsubishi Chemical Corporation
• Nippon Graphite Fiber Co. Ltd
• SGL Carbon
• Solvay
• Teijin Limited
• Toray Industries Inc.
• Zhongfu Shenying Carbon Fiber Co. Ltd

Segments Covered in the Report

Grand View Research has segmented the carbon fiber market on the basis of raw material, tow size, application, and region:

Carbon Fiber Raw Material Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• PAN Based
• Pitch Based

Carbon Fiber Tow Size Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• Small Tow
• Large Tow

Carbon Fiber Application Type Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• Automotive
• Aerospace Defense
• Wind Turbines
• Sports/Leisure
• Molding Compound
• Construction
• Pressure Vessel
• Others

Carbon Fiber Regional Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • U.K.
• Asia Pacific
  • China
  • Taiwan
  • Japan
• Central South America
  • Brazil
• Middle East Africa

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