Carbon Fiber Market: Information by Raw Material (PAN, Pitch, Rayon), Form (Composite, Non-Composite), Type (Continuous, Long, Short), Application (Automotive, Aerospace & Defense, Construction, Pressure Vessels), and Region — Forecast till 2030

Global Carbon Fiber Market Synopsis:

Carbon Fiber Market is expected to register a CAGR of 10.6% to reach USD 7.8 billion by 2027.

Carbon fiber is a polymer also known as graphite fiber. It is light in weight and a very strong material—five-times stronger than steel. It is also highly tensile, resistant to chemicals, has the low thermal expansion, and is tolerant to excessive heat. The lightweight makes it an ideal manufacturing material for many parts in the automotive and aerospace & defense industries. Various types of carbon fibers include continuous, long, and short carbon fibers. It is available in two forms, namely composite and non-composite. Composite carbon fiber is the most widely used type of carbon fiber.

It is typically made from polyacrylonitrile (PAN), petroleum pitch-based, and rayon-based raw materials. PAN is widely used raw material for the production of carbon fibers, due to its unique properties such as low density and high tensile strength. The growing demand for high strength-to-weight ratio in carbon fibers, which is mainly offered by PAN, is increasing the adoption of PAN in the global carbon fibers market.

The growing importance for wind energy due to the increasing environmental hazards associated with non-renewable energy production is driving the growth of the product market. Also, the increasing environmental concerns regarding fuel consumption is driving the demand for lightweight and low emission vehicles, which is, in turn, is expected to fuel the demand for carbon fiber in the automotive industry. 

Apart from this, different applications of carbon fibers include wind turbines, sports equipment, molding & compounding, construction, pressure vessels, and others. The automotive segment is expected to contribute to the growth of the global carbon fiber market, owing to the diverse application of the product in the industry. With the rapid growth of the automotive industry, the demand for carbon fiber is expected to rise during the forecast period.

However, the high cost of carbon fiber is expected to restrain the growth of the global market during the forecast period.

Global Carbon Fiber Market, by Application, 2017 (%)

Source: MRFR Analysis

Segmental Analysis:

The global carbon fiber market has been segmented on the basis of raw material, form, type, application, and region.

Based on raw material, the global carbon fiber market has been divided into PAN, pitch, and rayon.

By form, the global carbon fiber market has been classified into composite and non-composite.

By type, the global carbon fiber market has been segmented into continuous, long, and short carbon fibers.

Based on application, the global carbon fiber market has been segmented into automotive, aerospace & defense, wind turbines, sports equipment, molding & compounding, construction, pressure vessels, and others.

Regional Analysis:

The global carbon fiber market has been spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

North America held the largest share of the global carbon fiber market in 2017. The use of carbon fibers has increased in the region in different applications such as aerospace & defense and sports equipment, due to the unique properties offered by it. The North American market is projected to witness remarkable growth during the forecast period.

Asia-Pacific was the fastest growing market in 2017, owing to the increasing demand in the construction and automotive industries. The growth is attributed to its high strength, lightweight, and tensile properties, which are required in automobile and construction applications. The regional market is expected to represent similar growth during the forecast period.

The European market is projected to grow at a faster pace, owing to the increasing application of carbon fiber in 3D printing materials, which is extensively used in the electronics industry. Additionally, the growth in the renewable energy sector is contributing to the growth of the regional market, which is now used in wind turbines. The region is predicted to show considerable growth during the forecast period.

The Latin American market is expected to witness steady growth during the forecast period. The use of carbon fibers in molding & compounding as well as in pressure vessels due to their high strength is contributing to the growth of global carbon fiber market in this region.

The Middle East & Africa market for carbon fibers is expected to show sluggish growth during the forecast period. The growth is attributed to the growing use of carbon fibers in the construction industry.

Market Players:

Toray Industries, Inc (Japan), Teijin Limited (Japan), SGL Group (Germany), Hexcel Corporation (US), Mitsubishi Chemical Corporation (Japan), HYOSUNG (South Korea), Cytec Industries Inc. (US), DowAksa (US), OJSC «SvetlogorskKhimvolokno» (Belarus), Taekwang Industrial Co., Ltd (South Korea), Nippon Graphite Fiber Co., Ltd. (Japan), Formosa Plastics Corporation (US), Carbon Mods (US), and Kureha Corporation (Japan) are some of the major players in the global carbon fiber market.

Intended Audience:

• Manufacturers and Producers of Carbon Fiber


• Traders and Distributors of Carbon Fiber


• Raw Material Suppliers


• Nationalized Laboratories


• Research and Development Organizations

Report Scope:

Report Attribute/Metric	Details
Market Size	2027: USD 7.8 Billion 2030: Significant Value
CAGR	10.6% (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Raw material, Form, Type, Application, and Region
Geographies Covered	Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key Vendors	Toray Industries, Inc (Japan), Teijin Limited (Japan), SGL Group (Germany), Hexcel Corporation (US), Mitsubishi Chemical Corporation (Japan), HYOSUNG (South Korea), Cytec Industries Inc. (US), DowAksa (US), OJSC «SvetlogorskKhimvolokno» (Belarus), Taekwang Industrial Co., Ltd (South Korea), Nippon Graphite Fiber Co., Ltd. (Japan), Formosa Plastics Corporation (US), Carbon Mods (US), and Kureha Corporation (Japan)
Key Market Opportunities	The growing importance for wind energy due to the increasing environmental hazards associated with non-renewable energy production is driving the growth.
Key Market Drivers	The growing demand for high strength-to-weight ratio in carbon fibers. \r\n Expected to fuel the demand for carbon fiber in the automotive industry

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