Carbon Fiber Market

Carbon Fiber Market Study by PAN-, Pitch-, and Rayon-Based for Aerospace & Defense, Sporting Goods, Automotive, Electrical & Electronics, Wind Energy, and Civil Engineering from 2024 to 2034

Analysis of Carbon Fiber Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Carbon Fiber Market Outlook (2024 to 2034)

The latest study by Fact.MR places the global carbon fiber market size at US$ 13.71 billion by 2034-end, up from US$ 5.74 billion in 2024. Market expansion has been projected at a CAGR of 9.1% between 2024 and 2034.

Carbon fiber is a versatile material used in a variety of products such as luxury cars, snowboards, medical equipment, and more. This sleek composite is known for its remarkable strength and rigidity relative to its weight making it suitable for a range of high-performance applications. As technology progresses and the cost of producing carbon fiber decreases, Fact.MR predicts a significant surge in the use of carbon fiber composites across different industries.

The aerospace and defense sectors were among the first to adopt carbon fiber. Due to its resistance to deformation under stress, carbon fiber can replace metals such as titanium and aluminum in structural applications. The aerospace sector has largely embraced carbon fiber because of the weight reduction it offers. This material can be decomposed into several basic building blocks such as yarns, unidirectional braids, weaves, and more to create composite parts.

A carbon fiber component has properties similar to steel but weighs about the same as plastic. As a result, carbon fiber has a much higher strength-to-weight ratio compared to steel or plastic. Carbon fiber is extremely durable. In engineering, it is a common practice to assess a material’s value based on its strength-to-weight and stiffness-to-weight ratios, particularly in structural design, where an increase in weight could lead to higher life-cycle costs or ineffective performance.

Report Attributes Details
Global Carbon Fiber Market Size (2024E) US$ 5.74 Billion
Projected Market Value (2034F) US$ 13.71 Billion
Global Market Growth Rate (2024 to 2034) 9.1% CAGR
China Market Value (2034F) US$ 1.93 Billion
Canada Market Growth Rate (2024 to 2034) 7.2% CAGR
North America Market Share (2024E) 21.6%
East Asia Market Value (2034F) US$ 3.37 Billion
Key Companies Profiled
  • Solvay
  • Toray Industries Inc.
  • Teijin Limited
  • Hexcel Corporation
  • Mitsubishi Chemical Group Corporation
  • SGL Carbon
  • Jilin Chemical fiber
  • DowAksa

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What are the Key Carbon Fiber Market Trends to Watch Out For?

“Quest for Eco-friendly Materials and Growing Adoption of 3D-Printing”

Widespread enforcement of strict environmental regulations in both developed and developing nations is boosting the use of more eco-friendly building materials. Carbon fibers and their composites offer benefits such as weight reduction and improved fuel efficiency. As a result, the market is witnessing increased demand, especially for luxury and sports car production.

In the automotive industry, carbon fiber is widely used for the production of 3D-printed car parts. Carbon fiber’s exceptional strength enhances the filament’s strength and rigidity. This implies that the 3D-printed components are significantly lighter and more dimensionally stable, as the fiber helps prevent the part from shrinking as it cools down. These recent developments in carbon fiber usage are fueling market expansion.

What are the Key Market Restraints Faced by Carbon Fiber Producers?

“High Product Cost and Increasing Availability of Carbon Fiber Alternatives”  

High cost of carbon fiber is a primary issue impacting the expansion of the market. In the automotive industry, carbon fiber composites such as carbon fiber tapes are exclusively used in high-end vehicles. The emergence of alternative carbon fiber composites poses a substantial challenge to the carbon fiber market growth.

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Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that East Asia is projected to hold 24.6% of the global carbon fiber market share by 2034. Carbon fiber manufacturers are available across various global regions, such as Southeast Asia, Central and South America, and Australia. This geographical diversity allows market participants to cater to increasing demand and reduces dependency on particular sourcing locations.

Which Sector Accounts for High Usage of Carbon Fiber in the United States?

“Widespread Use of Carbon Fiber in Aerospace Applications”

Attribute United States
Market Value (2024E) US$ 888.6 Million
Growth Rate (2024 to 2034) 7.1% CAGR
Projected Value (2034F) US$ 1.76 Billion

The United States holds 71.7% of the carbon fiber market share in North America in 2024. Significant advancements in research and development in the country are projected to drive substantial improvements in infrastructure, cost-effectiveness, and product innovation. The United States is a crucial manufacturing center for the aerospace sector, hosting a wide range of entities including suppliers of materials and components, device manufacturers, system integrators, and engine producers.

Carbon fiber provides the necessary strength, endurance, and stability for various aerospace applications, and its use is replacing traditional metal constructions in airplanes. The rise in renewable energy usage such as wind energy is another significant factor. Carbon fiber's strength and low weight make it suitable for wind turbine blades by contributing to their efficiency and longevity. The high cost of research and development and the availability of substitutes may hamper market growth.

How is the Market Shaping Up in China?

“Market Benefitting from High Production of Lightweight Vehicles”

Attribute China
Market Value (2024E) US$ 728 Million
Growth Rate (2024 to 2034) 10.3% CAGR
Projected Value (2034F) US$ 1.93 Billion

The market in China is poised for substantial growth in the coming years. This growth is fueled by the country’s increasing demand for carbon fiber, which is used extensively in industries such as wind energy and sports. The market in the country is also projected to grow at a significant pace due to the growing need for lightweight vehicles and stringent government regulations on carbon emissions.

Use of construction composites in tunnels, bridges, and residential buildings in China is on the rise due to increased urbanization and government investments in infrastructure projects. Presence of major carbon fiber companies in China has created substantial opportunities in the construction sector. Growth in construction projects is driving the demand for PAN-based carbon fiber in the country. As the world’s largest electronics producer, demand for carbon fiber in the consumer electronics sector is growing at a substantial pace.

Category-wise Insights

What are the Factors Driving Adoption of PAN-based Carbon Fiber?

“Cost-Effectiveness and Superior Material Properties of PAN-based Carbon Fiber”

Attribute PAN-Based
Segment Value (2024E) US$ 1.6 Billion
Growth Rate (2024 to 2034) 9.7% CAGR
Projected Value (2034F) US$ 4.04 Billion

Carbon fibers can be categorized based on the type of precursor material into pitch-based, PAN-based, and rayon-based carbon fibers. The remarkable characteristics of PAN-based carbon fiber are projected to lead to its broader adoption across various applications. PAN-based carbon fiber is widely utilized in the aerospace & defense, industrial, and sporting goods sectors for structural material composites. PAN precursors possess superior material properties and are cost-effective compared to pitch-based carbon fiber.

PAN is mostly used in the manufacturing of lightweight and high-strength materials, making it ideal for sectors such as aerospace, automotive, wind energy, and sporting goods. The PAN segment holds 27.9% market share in 2024 and is projected to dominate the market in the near future owing to increasing demand from end-use industries.

Why is Demand for Carbon Fiber Rising in Aerospace & Defense?

“High Need for Lightweight and High-Strength Materials”

Carbon fibers find applications in various fields such as aerospace & defense, wind energy, sporting goods, civil engineering, automotive, electrical & electronics, among others. The aerospace & defense sector is projected to continue as the main consumer of carbon fiber filaments throughout the forecasted period. The aerospace industry is increasingly adopting carbon fiber due to its excellent strength-to-weight ratio.

It is extensively used in the production of various aircraft components such as vertical stabilizers, engine nacelles wings, floor beams, and elevators. The expansion of the aviation industry has created a demand for lightweight and durable materials for the construction of aircraft components, which is a positive development for the market.

Know thy Competitors

Competitive landscape highlights only certain players
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Competitive Landscape

Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Key players in the carbon fiber market are Solvay, Toray Industries Inc., Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Group Corporation, SGL Carbon, Jilin Chemical Fiber, and DowAksa.

  • In 2021, Toray Industries Inc., a Japanese multinational corporation successfully acquired Tencate Advanced Composites Holding BV. This Dutch company is known for its production and distribution of carbon fiber composite materials. The deal was made possible when TenCate’s parent company, Koninklijke Ten Cate BV agreed to sell the business to Toray for a sum of US$ 1 billion, which included net debt. This strategic acquisition will enable Toray Industries Inc. to expand its product offerings such as polymer technologies and carbon fiber.

Key Segments of Carbon Fiber Market Research

  • By Precursor Material Type :

    • PAN-Based
    • Pitch-Based
    • Rayon-Based
  • By Tow Size :

    • Small Tows
    • Large Tows
  • By End Use :

    • Aerospace & Defense
    • Sporting Goods
    • Automotive
    • Electrical & Electronics
    • Wind Energy
    • Civil Engineering
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

How big is the carbon fiber market in 2024?

The global carbon fiber market is estimated at US$ 5.74 billion in 2024.

Which industries use the most carbon fiber?

Carbon fiber is mainly used in aerospace, defense, aviation, automotive, construction, sports, and marine sectors.

What is the projected revenue from carbon fiber sales for 2034?

By 2034, worldwide revenue from carbon fiber sales is projected to reach US$ 13.71 billion.

How fast are carbon fiber sales projected to grow?

Carbon fiber sales are forecasted to increase at 9.1% CAGR through 2034.

What is the sales forecast for carbon fiber in North America?

Carbon fiber sales in North America are forecasted to increase at 6.8% CAGR from 2024 to 2034.

At what rate is the market projected to expand in East Asia?

The East Asia market is projected to expand at a CAGR of 10.1% from 2024 to 2034.

At what rate are carbon fiber sales forecasted to rise in Japan?

Carbon fiber sales in Japan are forecasted to increase at a CAGR of 9.3% from 2024 to 2034.

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