Carbon Fiber Market Size, Share, Growth Report 2032

Carbon Fiber Market Insights

According to a report from Zion Market Research, the global Carbon Fiber Market was valued at USD 7.06 Billion in 2023 and is projected to hit USD 19.16 Billion by 2032, with a compound annual growth rate (CAGR) of 11.72% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Carbon Fiber Market industry over the next decade.

Request Free Sample

Carbon Fiber Market: Overview

Carbon fibers have emerged as a key material during the past decade owing to the versatile properties offered by these products. Carbon fibers deliver high strength, low weight, and resistance to environmental parameters, and thus have emerged as a prominent alternative to traditional materials used across multiple end-use industries such as automotive, aerospace and defense, and energy infrastructure. Additionally, carbon fiber is also used across the sports and leisure industry, which is expanding at a prominent rate owing to rising health awareness in the adult and teenage population around the world. The growth of the carbon fiber market is also complimented by the increased demand from the automotive industry owing to the strength and lightweight offered by carbon fiber. The expansion of the automotive industry is expected to further contribute to the growth of the carbon fiber market during the forecast period 2021 - 2028.

Request Free Sample

Carbon Fiber Market: Growth Factors

The regional manufacturers of single-aisle aircraft are focusing on consolidating and acquiring new manufacturing projects. In 2018, Embraer and Boeing formed a joint venture to manufacture regional commercial aircraft. The C Series aircraft was developed in collaboration between Airbus and Bombardier. Further, in 2018, JetBlue bought 60 Airbus A220-300s, the latest name for the old C-Series planes. This has resulted in increased demand for carbon fiber from regional aircraft manufacturers. Additionally, Single-aisle airplanes are anticipated to witness strong demand in coming years and are expected to contribute around 70% of the new aircraft deliveries in near future. This is anticipated to drive the growth of the global carbon fiber market during the forecast period.

Request Free Sample

Carbon Fiber Market: Report Scope

Product type Segment Analysis Preview

Based on product type, the global carbon fiber market is segmented into Polyacrylonitrile (PAN) based, Pitch-based, and Others. Polyacrylonitrile (PAN) based carbon fibers are commonly used in aerospace and defense, automobile, sports and entertainment, wind energy, and other industries, and thus contributed a dominating share to the overall carbon fiber market in 2019. In contrast to other varieties of carbon fibers, this fiber has a high strength modulus. Polyacrylonitrile (PAN) based carbon fiber is more commonly used due to its cost-effectiveness and higher fiber efficiency. This carbon fiber precursor is a great way to get started with carbon fiber. Additionally, with rising expanding automotive, wind energy, and aerospace and defense industries across the globe, the demand for Polyacrylonitrile (PAN) based carbon fiber is anticipated to grow at a prominent rate during the forecast period.

Request Free Sample

End User Segment Analysis Preview

Based on end-user, the global carbon fiber market is segmented into aerospace and defense, wind energy, construction, automotive, sports, and others. The automotive end-user segment is anticipated to be the fastest growing segment during the forecast period owing to rising demand for lightweight and high-strength materials for automobile manufacturing. The emergence of electric vehicles has triggered the demand for low-weight and high-strength materials to improve fuel efficiency without compromising on the strength and safety of an automobile. This is anticipated to be a key factor driving the growth of the carbon fiber market during the forecast period. Additionally, rising demand from aerospace and defense users, along with growing demand for carbon fiber from the construction end-user segment is expected to contribute to the overall growth of the global carbon fiber market during the forecast period.

Request Free Sample

Carbon Fiber Market: Regional Analysis Preview

Europe accounted for a significant share of the global carbon fiber market in 2019 and is anticipated to witness prominent growth during the forecast period 2021 - 2028. The market is expanding as a result of increased demand for products with high strength, lightweight, and chemical and corrosion resistance. The involvement of major aircraft manufacturers, electric car manufacturers, and offshore wind farm installations in the area drives the demand in the region. The region is at the forefront of progress in the aerospace and defense industry, with manufacturers focusing on developing new and advanced products, such as the newly introduced Airbus A320 family and Eurofighter. Additionally, the presence of the most well-known automobile manufacturers, such as BMW, Fiat, and Bentley, in Europe is contributing to the strong demand for carbon fiber, as the carbon fiber composites are used in various structural vehicle components such as bonnets, bumpers, and frontends by these automakers.

The Asia Pacific is anticipated to be the fastest growing region during the forecast period owing to rising demand from multiple industry verticals. The automotive, aerospace and defense, and construction industries in manor Asian countries such as China, India, Japan, Indonesia, and South Korea are expanding rapidly. This is anticipated to be the prime factor driving the growth of the Asia pacific carbon fiber market during the forecast period.

Carbon Fiber Market: Key Players & Competitive Landscape

Some of the key players in the market include:

• Toray Industries
• Cytec Industries
• Mitsubishi Rayon Co., Ltd.
• SGL Group – The Carbon Company
• Hexcel Corporation
• Kemrock Industries
• Exports Ltd.
• Formosa Plastics Corporation
• DowAksa
• Teijin Ltd
• Zoltek Companies, Inc.
• Kureha Corporation and others.

The global carbon fiber market is segmented as follows:

By Product

• Polyacrylonitrile (PAN) based
• Pitch-based
• Others

By End-user

• Aerospace and Defense
• Wind Energy
• Construction
• Automotive
• Sports
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa