Carbon Fiber Based on PAN Market size is estimated to be USD 4.5 Billion in 2024 and is expected to reach USD 10.2 Billion by 2033 at a CAGR of 9.8% from 2026 to 2033.
In 2022, the global carbon fiber market, predominantly derived from polyacrylonitrile (PAN), was valued at approximately USD 2.65 billion and is projected to reach USD 6.54 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.1% during the forecast period. Europe emerged as the largest regional market, accounting for 41.4% of the revenue share, driven by robust demand from the aerospace and automotive sectors. North America followed closely, holding a 35.7% market share, with significant contributions from the U.S. aerospace and defense industries. Asia Pacific accounted for 36.6% of the market share, with countries like China, Japan, and South Korea leading due to rapid industrialization and significant investments in key end use industries. Latin America and the Middle East & Africa held smaller shares, each contributing around 5% to the global market.
The aerospace and defense sector dominated the application landscape, representing 60.4% of the market share in 2022, as manufacturers increasingly adopted PAN based carbon fibers for their high strength to weight ratio and fuel efficiency benefits. The automotive industry also witnessed substantial growth, with a CAGR of 8.7%, driven by the need for lightweight materials to enhance vehicle performance and comply with stringent emission regulations. Additionally, the wind energy sector emerged as a significant consumer, utilizing PAN based carbon fibers in turbine blades to improve efficiency and durability. These trends underscore the expanding opportunities for PAN based carbon fibers across diverse industries, fueled by technological advancements and a growing emphasis on sustainability.
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Toray Industries
SGL Group
Hexcel Corporation
Mitsubishi Rayon
Teijin Limited
Formosa Plastics Corporation
Solvay
Hyosung
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Carbon Fiber Based on PAN Market
Continuous Carbon Fiber
Chopped Carbon Fiber
Prepreg Carbon Fiber
Aerospace and Defense
Automotive
Sports and Leisure
Marine
Construction
Electronics
High-Strength Fiber
Intermediate Strength Fiber
High-Modulus Fiber
Fabric
Composites
Filaments
Dry Spinning Process
Wet Spinning Process
Solvent Spinning Process
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Carbon Fiber Based on PAN Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Carbon Fiber Based on PAN Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Carbon Fiber Based on PAN Market, By Type
6. Global Carbon Fiber Based on PAN Market, By Application
7. Global Carbon Fiber Based on PAN Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Carbon Fiber Based on PAN Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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