Status : Published | Published On : Dec, 2023 | Report Code : VRCH2016 | Industry : Chemicals & Materials | Available Format : | Page : 135 |
Industry Overview
The global Carbon Fiber Market was valued at USD 3.68 billion in 2023, growing at a CAGR of 10.8% during 2025-2030. The global carbon fiber market is growing at a significant rate, due to prevalent reorganization of the automotive industry. Growing number of aircraft in response to the rising travelers across the globes is another factor contributed to the growth of the global carbon fiber market. The market has witnessed a high demand for aerospace and automotive sector in current year and is expected to foresee exceptional sales in the environment and renewable energy sector in near future.
Market Segmentation
Insight by Product Type
On the basis of product type, the market is subdivided into the continuous, long, and short. Of all products, the continuous segment is expected to grow at the fastest rate in the market. PAN-based carbon fibers are extensively used in a structural application segment such as aerospace, sports goods, and industrial sectors.
Insight by Raw Material
On the basis of raw material, the market is subdivided into the PAN based, pitch based and rayon based. Of all raw material, the PAN based segment captures almost 90% market share in 2019 in terms of revenue and is expected to grow at the fastest rate in the market due to the escalating demand in the aerospace and automotive industry. It is used in various processes such as layup, weaving, pre-pegging, filament winding, braiding, and protrusion for the manufacturing of various parts of automotive, aerospace, energy, pipelines and tanks, sports goods, and so on.
Insight by Fiber Type
On the basis of fiber type, the market is subdivided into virgin and recycled. Of all fiber types, the recycled segment is expected to grow at the fastest rate in the market due to the escalating demand in emerging industry sectors. Currently, virgin captures more than 90% market share however, it is expected that recycled fiber will grow speedily in the near future
Insight by Modulus
On the basis of modulus, the market is subdivided into the standard, intermediate, and high. Of all moduli, the intermediate segment is expected to grow at the fastest rate in the market due to its high tensile strength with high level and balanced composite properties.
Insight by Application
On the basis of application, the market is bifurcated into composite and non-composite carbon fiber. Of all applications, the composite segment captures the largest market share and is expected to grow at the fastest rate in the market between 2025 to 2030. The composite carbon fiber is further broken down into three types prepreg, woven fabric, and molding compound.
Insight by End Use
On the basis of end-user vertical, the market is segmented into aerospace & defense, automotive, wind energy, sporting goods, electrical & electronics, civil engineering, pipes & tanks, marine, and others. Of all end-user verticals, the aerospace & defense segment captures the largest market size. However, the automotive and wind energy segment is expected to grow at the fastest rate in the market during the forecast period.
Global Carbon Fiber Market Report Coverage
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 3.68 Billion |
Revenue Forecast in 2030 |
U.S.D. XX Billion |
Growth Rate |
10.8% |
Segments Covered in the Report |
By Product Type, By Raw Material, By Modulus, By Fiber Type, By Application, and By End Use |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
Horizontal and vertical market integration among carbon fiber market player to intensify their presence in the global ecosystem are the trends prevailing in the carbon fiber market.
Growth Drivers
Prevalent reorganization of the automotive industry facilitating the growth of the carbon fiber market. There was an extensive reorganization in the automotive sector in the past decade with the introduction of numerous technologies such as electric cars and hybrid vehicles, and regulations related to carbon emission and fuel efficiency. All these factors are encouraging the use of carbon composite materials in the automotive sector.
Besides, the demand for new commercial aircraft with larger capacity is growing rapidly with the rise in the number of air travelers is another driving factor for the market.
Challenges
Although carbon fiber has gained a substantial share in several industries. However, its high cost when compared to metals restricts its penetration in small budget and price-sensitive industries are the major challenges for the growth of the carbon fiber market.
Geographic Overview
Geographically, Asia Pacific is the largest carbon fiber market due to growing industrialization. APAC is the largest carbon fiber market in 2018 surpassing Europe and North America. The region comprises some of the largest economies supporting market growth. Japan is the second-largest carbon fiber manufacturer, with 25 metric tons of capacity in 2016. Numerous carbon fiber organizations based in Japan have supported significant research and development in the advanced material sector while supporting at least some domestic end-use markets such as the automotive sector creating a positive impact on the carbon fiber market growth in the region.
Competitive Insight
Currently, there are a lot of organic as well as inorganic strategies adopted by the market stakeholders to sustain and expand their market presence. There is horizontal market integration among players such as SGL Carbon and Solvay collaboration to develop their composite materials based on large-tow intermediate modulus (IM) carbon fiber composites for aerospace primary structures.
Toray Industries, SGL Group, Mitsubishi Rayon Co., Ltd., Teijin Limited, Hexcel Corporation, Dowaksa, Solvay, Formosa Plastics Corporation, Jiangsu Hengshen Co. Ltd., Hyosung, Kureha, and ELG Carbon Fibre are the key players offering carbon fiber.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Carbon Fiber Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research
Carbon Fiber Market