Carbon Fiber Market earned USD 5.2 billion in 2022 and anticipated to reach USD 12.1 billion in 2030 registering at a CAGR of 11.1% | Size & Forecast

Carbon Fiber Market size was valued at USD 5.2 billion in 2022 and expected to reach USD 12.1 billion in 2030 expanding at a CAGR of 11.1% during 2023-2030.

Carbon Fiber Trends and Drivers

Major factors driving Carbon Fiber market includes the increasing demand for manufacturing satellite parts, increasing environmental concerns and rising usage of carbon fiber across end use industries. Moreover, strict eco-friendly regulations has increased adoption of carbon fiber in automotive industry. Increasing adoption of carbon fiber in automotive and aerospace industries along with the rising need for lightweight vehicles will boost the growth of global carbon fiber market. Growing need for commercial aviation because of increase in disposable income and globalization has boosted aerospace industry. The rising need for fuel efficient vehicles coupled with the increasing government regulations for limiting automotive pollution is expected to propel the carbon fiber market during the forecast period. Leading car players such as Honda, BMW, General motors and Audi are collaborating with carbon composite material manufacturers for mass production and investment to encourage low cost carbon composite material, will create numerous opportunities for the carbon fiber market. However, high cost of Pan-based Carbon Fiber and harmful effect on environment because of hazardous gases released at the time of manufacturing is hindering the Carbon Fiber market growth.

Based on Raw Material, Pan-based carbon fiber segment held the largest market share.

Pan-based carbon fiber driven by the growing demand for end-use industries such as aerospace & defense, automotive and sporting goods. PAN carbon fiber offers superior properties such as high modulus, cost effective and better quality of fiber produced. Increasing acceptance for preparation of polymer matrix composites along with the rising demand for a higher strength-to-weight ratio carbon fiber, will further propel the demand for PAN across the globe.

Based on End-Use Industry, Aerospace & defense segment is expected to increase in near future.

Rising adoption of carbon fiber across aerospace and defense industries due to its unique properties like endurance, stability and strength. In addition, high purchasing power with the constant aging of commercial aircraft is driving the aerospace industry in north America region. Increased demand for carbon fibers for commercial aircraft  especially in emerging economies like Asia Pacific will further support the growth of aerospace segment. In defense industry, carbon fiber-reinforced plastics is used for ground defense, missile defense and for military marine.

Based on Region, North America region is projected to grow at fastest rate in the Carbon Fiber market.

North America Carbon Fiber market is driven by increasing emphasis of aircraft producers such as Airbus and defense instruments producers for advancements in the caron fiber industry along with the growing demand for lightweight composite materials across the aviation sector. Growth of aerospace and defense industry will drive the growth of carbon fiber across the North America region.

Top Market Players

Some of the major companies operating in the Carbon Fiber market are Hexcel Corporation, Formosa Plastics Corporation, TEIJIN Limited, Hyosung, Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Group, Solvay, Jiangsu Hengshen Fibre Materials Co. Ltd., and Dowaksa among others.

Key Developments:
• In 2021, Hyosung Advanced Materials signed an contract with Hanhwa Solutions to offer reinforced carbon fiber which are used in high-pressure containers for the long term.
• In 2021, Mitsubishi Chemical Corporation signed an partnership agreement with Dymon Co. Ltd. Through this agreement, the company planned to provide carbon fiber reinforced plastic components and thermoplastic materials and technical support.
• In 2021, Teijin Limited introduced Tenax PW and Tenax BM brands of carbon fiber intermediate materials for sports applications.
• In 2020, The ANAND Group signed an agreement with FAR-UK to develop carbon fiber composites. The company also planned to reduce carbon emissions.

Market Segmentation

Segmentation by Raw Material

o PAN–based carbon fiber
o Pitch–based carbon fiber
o Rayon–based carbon fiber

Segmentation by Fiber Type
o Virgin carbon fiber
o Recycled carbon fiber

Segmentation by Product Type
o Continuous carbon fiber
o Long carbon fiber
o Short carbon fiber

Segmentation by Modulus
o Standard modulus
o Intermediate modulus
o High modulus

Segmentation by Application
o Composite
     Prepreg
     Molding Compound
     Woven Fabric
o Non-composite

Segmentation by End-Use Industry

• Aerospace &defense
o Commercial Aircraft
o Regional Jets
o General Aviation
o Rotorcraft
o Defense Aircraft
o Others
• Automotive
o Interior Parts
o Exterior Parts

• Wind Energy
• Sporting goods
• Electrical & electronics
• Civil Engineering
• Pipe & Tank
• Marine
o Yachts
o Catamarans
o Racing Boats
• Others

Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE

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Tags: Carbon Fiber Market, Carbon Fiber Market Growth, Carbon Fiber Market Size