Press Releases

The global carbon fiber market was valued at USD 3.68 billion in 2023 and is expected to grow at a CAGR of 10.8% during the forecast period. Carbon fiber being a high-strength fiber with comparatively lightweight is increasingly used in applications such as sports products, automotive, aerospace, wind turbines blade, pressure vessels, and so on. For industrial grades of carbon fiber, manufacturing costs can vary between USD10 to USD25 per kilogram depending on the type and quality of fiber produced.

Carbon fiber with a large number of technological advancements and additional features has increased the demand of these fibers in various emerging markets. As a result, companies are adopting new strategies on expand their presence in the market. In January 2020, Hexel signed a merger agreement with Woodward, Inc., an aircraft and industrial parts maker to form an integrated system provider for the aerospace and industrial sectors.

Continuous carbon fiber accounted for the largest share of the carbon fiber market in 2023

Based on product type, the market is subdivided into continuous, long, and short. Of all the product types, continuous carbon fiber accounted foremost share in the carbon fiber market due to offer high tensile strength as compared to other fiber types. These fibers can be combined with all thermoset and thermoplastic resin systems. These fibers exist in the form of packets also known as tows. The number of fibers in a tow varies, however, it is typically in the thousands or tens of thousands.

Global Carbon Fiber Market Segmentation and Key Players

Segment / Key Players	Categorization
Product Type	Continuous, Long, Short
Raw Material	PAN Based, Pitch Based, Rayon Based
Modulus	Standard, Intermediate, High
Fiber Type	Virgin, Recycled
Application	Composite [Prepreg, Woven Fabric, Molding Compound], Non-Composite
End Use	Aerospace & Defense, Automotive, Wind Energy, Sporting Goods, Electrical & Electronics, Civil Engineering, Pipes & Tanks, Marine, Others
Key Players	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

Geography Insight

Geographically, Asia Pacific is the largest carbon fiber market as the region is the largest producer as well as consumer of carbon fiber derivatives. In addition, expanding the geriatric population, escalating government emphasis on funding and R&D initiatives, and mounting number of industries led to surging consumption of carbon fiber in the APAC region.

Competitive Insight

Some of the key players operating in the global carbon fiber market are 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.

Key Takeaway from the Report:

• Among all the raw materials, the PAN-based segment captured 90% market share in terms of revenue in 2023 and is expected to grow at the fastest rate in the market.
• Of all fiber types, the virgin accounted foremost share in the carbon fiber market in the current year however, the trend will change by the next decade as recycled carbon fibers are rapidly growing.

The Report Offers:

• Historical market estimate for the years 2018–2023 and forecast for the years 2025–2030
• Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
• Market insights by in-depth segmentation with industry dynamics.
• Competitive analysis and benchmarking of the industry leaders and their product offerings
• Profiles of leading players and innovators, their financial overview, and product portfolio
• Analysis of key industry trends and recent developments
• Value chain analysis and distribution channel analysis with opportunity assessment
• Market share analysis of major players

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The report provides the market value for the base year 2023 and a yearly forecast till 2030 in terms of volume (Kiloton) and revenue (USD Billion). The report segments the global carbon fiber market based on product type, raw material, modulus, fiber type, application, end-user, and region.

Global Carbon Fiber Market Coverage

Product Type Insight and Forecast 2025-2030

• Continuous
• Long
• Short

Raw Material Insight and Forecast 2025-2030

• PAN-based
• Pitch Based
• Rayon Based

Fiber Type Insight and Forecast 2025-2030

• Virgin
• Recycled

Modulus Insight and Forecast 2025-2030

• Standard
• Intermediate
• High

Application Insight and Forecast 2025-2030

• Composite
  • Prepreg
  • Woven Fabric
  • Molding Compound
• Non-Composite

End Use Insight and Forecast 2025-2030

• Aerospace & Defence
• Automotive
• Wind Energy
• Sporting Goods
• Electrical & Electronics
• Civil Engineering
• Pipes & Tanks
• Marine
• Others

Geographical Segmentation

Carbon Fiber Market by Region

North America

• By Product Type
• By Raw Material
• By Modulus
• By Fiber Type
• By Application
• By End Use
• By Country – U.S., Canada, and Mexico

Europe

• By Product Type
• By Raw Material
• By Modulus
• By Fiber Type
• By Application
• By End Use
• By Country – Germany, U.K., France, Italy, Spain, Russia, Poland, and Rest of Europe

Asia-Pacific (APAC)

• By Product Type
• By Raw Material
• By Modulus
• By Fiber Type
• By Application
• By End Use
• By Country – China, Japan, India, South Korea, Australia, Indonesia, and the Rest of Asia-Pacific

Rest of the World (RoW)

• By Product Type
• By Raw Material
• By Modulus
• By Fiber Type
• By Application
• By End Use
• By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries