PAN-Based Carbon Fibers Market Size was valued at USD 3.28 Billion in 2023. The PAN-Based Carbon Fibers industry is projected to grow from USD 3.72 Billion in 2024 to USD 9.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.78% during the forecast period (2024 - 2032). Carbon fiber is a strong, stiff, and lightweight material, containing at least 95% carbon atoms bonded together. The strands of the carbon fibers are thinner than a human hair and can be twisted together like yarn or woven together to form a cloth. When woven carbon fiber is bonded with polymer, a composite is formed. Carbon fiber is a preferred material across various end-use industries owing to its excellent strength-to-weight ratio, chemical resistance, and low thermal expansion. Some of the major applications of carbon fibers are in end-use industries such as aerospace & defense, automotive, wind energy, construction, and sports & leisure. Carbon fibers are of three types—polyacrylonitrile (PAN)-based carbon fibers, pitch-based carbon fibers, and rayon-based carbon fibers. PAN-based carbon fiber is the most commonly available type of carbon fiber in the market.
The surging demand for carbon fibers in the aerospace & defense industry is primarily driving the global PAN-based carbon fiber market. Additionally, the growth in the wind energy sector is also contributing to the growth of the product market. Furthermore, the increasing demand for lightweight automobiles is projected to offer growth impetus to the market players during the forecast period.
The market players in the PAN-based carbon fibers market are adopting various strategies such as expansion, mergers & acquisitions, supply/distribution agreements, and new product launches to maintain their market dominance and increase their global presence. For instance, in November 2017, Solvay, the parent company of Cytec, acquired European Carbon Fiber GmbH (“ECF”), which is a major manufacturer of high-quality precursor for large tow (50K) polyacrylonitrile carbon fibers.
However, the availability of close substitutes at low cost is a major restraining factor to the growth of the global PAN-based carbon fiber market during the forecast period.
Key Players
Some of the prominent players in the global PAN-based carbon fibers market are Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc (US), SGL Carbon (Germany), Toray Industries Inc. (Japan), and Formosa Plastics Corporation (Taiwan).
Global PAN-based Carbon Fibers Market Share, by Application (2018) 
Source: MRFR Analysis
Market Segmentation
The global PAN-based carbon fiber market has been segmented based on type, applications, and region.
Based on type, the global PAN carbon fibers market has been divided into composites and non-composites.
On the basis of application, the global market has been classified into aerospace & defense, automotive, construction, wind energy, sports & leisure, and others.
Regional Analysis
The global PAN-based carbon fiber market has been analyzed with respect to five regions, namely Asia-Pacific, North America, the Middle East & Africa, Europe, and Latin America.
Asia-Pacific was the largest and fastest growing market for PAN-based carbon fibers in 2018 and is expected to be the leading market during the forecast period. The region accounted for a share of around 37% by value in 2018. Rapid industrialization in the region due to growing economy is the factor attributing to the growth of end-use industries such as aerospace and defense, automotive, and renewable energy, which in turn is fueling the growth of the regional market.
North America was the second-largest market for PAN-based carbon fibers in 2018. The expanding aerospace & defense industry and high automobile production in the US are ensuring a stable revenue source for the PAN-based carbon fibers market in the region.
Europe was following North America in terms of the market size in 2018. Developed automotive industry in Germany is contributing to the growth of the product market in the region. The region is likely to showcase remarkable growth during the coming years.
The markets in Latin America and the Middle East & Africa held the least market share of the global PAN-based carbon fibers market in 2018. Slow economic progress in Latin America affected the growth of the PAN-based carbon fibers market in 2018. Moreover, the region is expected to witness healthy growth during the forecast period due to the increasing automotive production in countries such as Brazil and Mexico. The Middle East & Africa countries such as Turkey, Morocco, Egypt, and Iran are the region’s leading motor vehicle producers, while the major sales markets include Iran, Saudi Arabia, Egypt, Turkey, and the UAE with African countries viz. Algeria and Morocco not far behind. The region is projected to register increasing demand for polyacrylonitrile-based carbon fibers during the review period.
Intended Audience
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.28 Billion |
| Market Size 2024 | USD 3.72 Billion |
| Market Size 2032 | USD 9.87 Billion |
| Compound Annual Growth Rate (CAGR) | 11.78% (2024 - 2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Countries Covered | The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc (US), SGL Carbon (Germany), Toray Industries Inc. (Japan), and Formosa Plastics Corporation (Taiwan) |
| Key Market Opportunities | The growth in the wind energy sector is also contributing to the growth of the product market |
| Key Market Dynamics | The surging demand for carbon fibers in the aerospace & defense industry is primarily driving the market |
PAN Based Carbon Fibers Market Highlights:
Frequently Asked Questions (FAQ) :
PAN Based Carbon Fibers Market is predicted to grow at 11.78% through forecast period of 2024-2032.
The forecast period for PAN Based Carbon Fibers Market research report is 2024-2032.
PAN Based Carbon Fibers Market is dominated by APAC region.
The major players are Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc (US), SGL Carbon (Germany), Toray Industries Inc. (Japan), and Formosa Plastics Corporation (Taiwan)
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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