According to Fortune Business Insights the global carbon fiber market size was valued at USD 2.65 billion in 2023 and is projected to grow from USD 2.82 billion in 2024 to USD 6.54 billion by 2032, exhibiting a CAGR of 11.1% during the forecast period. Carbon fiber is produced from carbon atoms with five to ten micrometers diameter. It is also called graphite fiber. These fibers have superior properties such as low thermal expansion, high stiffness, high-temperature tolerance, high-tensile strength, high strength-to-weight ratio, and higher chemical resistance. These excellent properties of the product made it a matter of choice in defense, aerospace, construction, automotive, sports applications, and wind turbines. Increasing demand for lightweight vehicles and rising automotive demand will drive the market growth.
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Fortune Business Insights™ presents a list of reputed manufacturers operating in the global market. They are as follows:
ZOLTEK Corporation (Missouri, the U.S.)
Hexcel Corporation (Connecticut, the U.S.)
TEIJIN LIMITED (Tokyo, Japan)
TORAY INDUSTRIES, INC. (Tokyo, Japan)
Solvay (Brussels, Belgium)
Formosa M Co., Ltd. (Gyeonggi-do, Korea)
Mitsubishi Chemical Carbon Fiber and Composites, Inc. (California, the U.S.)
Nippon Graphite Fiber Co., Ltd. (Hyogo, Japan)
Advanced Composites Inc. (Utah, the U.S.)
HYOSUNG ADVANCED MATERIALS (Seoul, South Korea)
Other Key Players
Drivers & Restraints-
Rising Usage of CFRP to Manufacture Lightweight Vehicles will Favor Growth
Numerous companies are investing huge sums in developing processes to lower the weight of vehicles. Therefore, the usage of carbon fiber reinforced polymer (CFRP) has increased in high-end supercars. CFRP has a density as low as 1.6g/cc and possesses an excellent strength-to-weight ratio. Also, lightweight cars can save around 6% to 8% of fuels and have much better fuel efficiency. These factors are anticipated to accelerate the carbon fiber market growth in the upcoming years. However, the cost of this fiber is very high. It mainly depends on the cost of the precursor and the yield, which, in turn, may obstruct growth.
Carbon Fiber Market Segmentation Market:
Polyacrylonitrile Segment to Lead the Market Share during the Forecast Period
On the basis of precursor, the market is divided into pitch and PAN (polyacrylonitrile). The PAN segment held a reasonable share of the market in 2022 and is expected to lead during the forecast period, owing to growing demand from end-use industries. The increasing demand for PAN-based graphite fiber is attributed to its properties, including high modulus, better fiber quality, costeffectiveness, and high tensile strength.
Small Tow Segment to Lead due to Growing Adoption in the Aerospace & Defense Industry
According to tow, the market is fragmented into small tow and large tow based on tow. The small tow segment accounted for the largest share in 2022. It is widely used in aerospace and defense due to its tensile strength and high modulus. Large tow fibers also held a reasonable share of the market, which is predicted to grow in the near future.
Aviation, Aerospace & Defense Segment to Grip Largest Share of Growing Aircraft Manufacturing
Based on the application, the market is fragmented into automotive, aerospace & defense, aviation, sports & leisure, wind turbines, construction, and others. the aviation, aerospace & defense segment accounted for the highest market share in 2022 and may continue its dominance during the forecast period as composite materials are widely used in the aerospace industry.
Regional Insights-
Europe to Lead Backed by Increasing Presence of Electric Vehicle Manufacturers
Europe: The market in this region stood at USD 756.5 million in 2020 in terms of revenue. It is expected to dominate throughout the forthcoming years because of the rising expenditure of automakers in R&D activities to create affordable and effective carbon composite materials. Besides, the presence of numerous electric car manufacturers in the region would propel growth.
North America: The increasing need to use renewable resources has resulted in the surging installation of wind farms in North America. Additionally, lightweight carbon fiber is extensively used in the aviation sector of this region.
Asia Pacific: The region is expected to showcase considerable growth on account of the rising government spending on multiple infrastructure projects and rapid urbanization. Apart from that, China is exhibiting the higher utilization of construction composites in the construction of houses, bridges, and tunnels.
Competitive Landscape-
Key Companies Aim to Intensify Competition through Acquisitions and New Product Launches
The global market for carbon fiber houses several companies, such as Teijin Limited, Toray Industries, and ZOLTEK Corporation. They are majorly focusing on purchasing local firms, launching state-of-the-art products, or partnering up with reputed organizations. Below is one of the latest industry developments:
June 2019: Liberty Hall Capital Partners announced the execution of an agreement with Sekisui Chemical Group to sell AIM Aerospace worth USD 510 million. This new acquisition would help Sekisui Chemical to expand its geographic reach, diversify its customer base, and broaden its capabilities.
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