Carbon fibers are fibers about 5 to 10 micrometers in diameter and are collected mostly from carbon atoms. Carbon fibers have various advantages including high stiffness, high-temperature resistance, high tensile strength, low weight, high chemical resistance, and low thermal expansion. These properties of carbon fiber have made them very preferable in civil engineering, military, aerospace, and motorsports, along with other competition sports. However, they are comparatively costly when compared with similar fibers, such as glass fibers or plastic fibers. The global market size for Carbon Fiber Market growth is expected to register a CAGR of 10.6% to reach USD 7.8 billion by 2027. However, factory shutdowns interspersed supply chains and a reduced ultimatum from end-use industries have negatively affected the market for carbon fibers.
Global Carbon Fiber Market, by Application, 2017 (%)
Source: MRFR 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.
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 outlook in 2020. 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 2020, 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.
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.Recent Development
August 2023: Airbus announced that it will use carbon fiber in the manufacturing of its new A350F freighter aircraft. The A350F is expected to enter service in 2025 and will be the largest twin-engine freighter aircraft in the world.
August 2023: BMW announced that it will use carbon fiber in the manufacturing of its new i7 electric sedan. The i7 is expected to be released in 2024 and will be BMW's most luxurious electric vehicle to date.
Intended Audience:
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â 2027: USD 7.8 Billion |
| Â Â CAGR | Â Â 10.6% (2024-2030) |
| Â Â Base Year | Â Â 2021 |
| Â Â Forecast Period | Â Â 2024-2030 |
| Â Â Historical Data | Â Â 2019Â &Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Raw material, Form, Type, Application, and Region |
| Â Â Geographies Covered | Â Â 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) |
| Â Â Key Market Opportunities | Â Â The growing importance for wind energy due to the increasing environmental hazards associated with non-renewable energy production is driving the growth. |
| Â Â 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 |
Frequently Asked Questions (FAQ) :
The global carbon fiber market is expected to expand at 10.6% CAGR from 2024-2027
The global carbon fiber market size can touch USD 7.8 billion by 2027.
FRP Services & Company, TGV Group, The Good Scents Company, MSSA, Evonik Industries AG, Fenix Process Technologies Pvt Ltd, Brenntag NV, BASF SE, Supra Group of Companies, Inner Mongolia Lantai Industrial Co., Ltd, Desatec, Alfa Aesar, Gelest, Inc., and American Elements are major players of the global sodium methylate market.
The global carbon fiber market is restrained due to its high production costs.
Establishment of wind energy facilities is the major driver of the global carbon fiber market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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