The global carbon fiber market was valued at $5.5 billion in 2022, and is projected to reach $16.0 billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.
Carbon fibers possess characteristics such as lightweight, high tensile strength, high elastic modulus, thermal & electrical conductivity, low coefficient of thermal expansion (CTE), temperature tolerance, and fire retardancy. These properties make them ideal for various applications across aerospace & defense, sports, wind turbines, molding & compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht, and other industries (misc. energy, oil & gas, medical, and industrial rollers). Detailed description of various raw materials, such as polyacrylonitrile (PAN), petroleum & coal pitch, and rayon used to produce carbon fiber is included in the report. In addition, types such as continuous, long, and short carbon fibers with composite and non-composite forms are also included.
Carbon fiber possess favorable properties such as high tensile strength and greater design flexibility, which make it a preferred solution for manufacturers involved in manufacturing automotive components, such as door module, chassis, bumper beams, hoods, wheels, front gearings, and engines. These automotive components are used by original equipment manufacturers (OEMs), which thereby create high demand in the aftermarket. Use of carbon fibers results in higher weight saving and improves the fuel efficiency of vehicles.
The U.S. Department of Energy (DOE) announced an investment of $19.7 million for the Vehicle Technologies Office to support R&D of advanced vehicle technologies, including batteries and lightweight & low-cost carbon fiber for the development of energy-efficient automobiles. Increased demand for eco-friendly and low volatile organic compounds (VOCs) products in vehicles enhances the need for carbon fiber products in the automotive industry. It is mandatory for vehicle manufacturers to reduce the emission and use of toxic coatings, which are expected to be overcome by use of carbon fiber products. These factors are anticipated to drive the carbon fibers market during the forecast period.
The leading raw material suppliers prefer supplying carbon fiber to these due to the stable and long-term scheduled projects. The use of carbon fiber products in the automotive industry is restricted due to its high cost. Only premium vehicle manufacturers such as Lamborghini, BMW, and Mercedes utilize carbon fiber components, which leads to uncertainty in supply of carbon fiber in this industry. The continued unavailability of carbon fiber is thus anticipated to hamper market growth during the forecast period.
Carbon fiber-reinforced polymer (polyetheretherketone [CFR-PEEK]) implants deliver numerous advantages over traditional metal implants made of stainless steel and titanium alloys. The radiolucent property and lower modulus of elasticity of carbon fiber materials make them ideal for use in the medical industry. The radiolucent property offers efficient artifact-free radiographic imaging and lower modulus of elasticity, which matches well with bone. CFR-PEEK has superior fatigue strength as compared to most metal implants. The elasticity modulus of CFR-PEEK is 3.5 GPA, and it offers high bending strength. Growth in usage of carbon fiber products in implants, spine surgery, orthopedic trauma, high tibial osteotomy, and musculoskeletal oncology is expected to create new avenues for the carbon fiber market in the medical industry.
The carbon fiber market is segmented on the basis of raw material, type, form, end-use industry, and region. On the basis of raw material, the market is bifurcated into PAN-based carbon fiber, and pitch-based & rayon-based carbon fiber. On the basis of type, it is categorized into continuous, long, and short carbon fibers. On the basis of form the market is bifurcated into composite and non-composite carbon fibers.
On the basis of end-use industry, the market is fragmented into aerospace & defense, sports/leisure, wind turbines, molding & compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht building, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global carbon fiber market DowAksa Advanced Composites Holding B.V, Formosa Europe, Solvay, TORAY INDUSTRIES, INC., Nippon Steel Corporation, Mitsubishi Chemical Group Corporation, SGL Carbon, Hyosung Co Public, Teijin Limited, and ZOLTEK. In addition, the market drivers, restraints, and opportunities are explained in the report.
Carbon fibers possess characteristics such as lightweight, high tensile strength, high elastic modulus, thermal & electrical conductivity, low coefficient of thermal expansion (CTE), temperature tolerance, and fire retardancy. These properties make them ideal for various applications across aerospace & defense, sports, wind turbines, molding & compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht, and other industries (misc. energy, oil & gas, medical, and industrial rollers). Detailed description of various raw materials, such as polyacrylonitrile (PAN), petroleum & coal pitch, and rayon used to produce carbon fiber is included in the report. In addition, types such as continuous, long, and short carbon fibers with composite and non-composite forms are also included.
Carbon fiber possess favorable properties such as high tensile strength and greater design flexibility, which make it a preferred solution for manufacturers involved in manufacturing automotive components, such as door module, chassis, bumper beams, hoods, wheels, front gearings, and engines. These automotive components are used by original equipment manufacturers (OEMs), which thereby create high demand in the aftermarket. Use of carbon fibers results in higher weight saving and improves the fuel efficiency of vehicles.
The U.S. Department of Energy (DOE) announced an investment of $19.7 million for the Vehicle Technologies Office to support R&D of advanced vehicle technologies, including batteries and lightweight & low-cost carbon fiber for the development of energy-efficient automobiles. Increased demand for eco-friendly and low volatile organic compounds (VOCs) products in vehicles enhances the need for carbon fiber products in the automotive industry. It is mandatory for vehicle manufacturers to reduce the emission and use of toxic coatings, which are expected to be overcome by use of carbon fiber products. These factors are anticipated to drive the carbon fibers market during the forecast period.
The leading raw material suppliers prefer supplying carbon fiber to these due to the stable and long-term scheduled projects. The use of carbon fiber products in the automotive industry is restricted due to its high cost. Only premium vehicle manufacturers such as Lamborghini, BMW, and Mercedes utilize carbon fiber components, which leads to uncertainty in supply of carbon fiber in this industry. The continued unavailability of carbon fiber is thus anticipated to hamper market growth during the forecast period.
Carbon fiber-reinforced polymer (polyetheretherketone [CFR-PEEK]) implants deliver numerous advantages over traditional metal implants made of stainless steel and titanium alloys. The radiolucent property and lower modulus of elasticity of carbon fiber materials make them ideal for use in the medical industry. The radiolucent property offers efficient artifact-free radiographic imaging and lower modulus of elasticity, which matches well with bone. CFR-PEEK has superior fatigue strength as compared to most metal implants. The elasticity modulus of CFR-PEEK is 3.5 GPA, and it offers high bending strength. Growth in usage of carbon fiber products in implants, spine surgery, orthopedic trauma, high tibial osteotomy, and musculoskeletal oncology is expected to create new avenues for the carbon fiber market in the medical industry.
The carbon fiber market is segmented on the basis of raw material, type, form, end-use industry, and region. On the basis of raw material, the market is bifurcated into PAN-based carbon fiber, and pitch-based & rayon-based carbon fiber. On the basis of type, it is categorized into continuous, long, and short carbon fibers. On the basis of form the market is bifurcated into composite and non-composite carbon fibers.
On the basis of end-use industry, the market is fragmented into aerospace & defense, sports/leisure, wind turbines, molding & compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht building, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global carbon fiber market DowAksa Advanced Composites Holding B.V, Formosa Europe, Solvay, TORAY INDUSTRIES, INC., Nippon Steel Corporation, Mitsubishi Chemical Group Corporation, SGL Carbon, Hyosung Co Public, Teijin Limited, and ZOLTEK. In addition, the market drivers, restraints, and opportunities are explained in the report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the carbon fiber market analysis from 2022 to 2032 to identify the prevailing carbon fiber market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the carbon fiber market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global carbon fiber market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Continuous carbon fiber
- Long carbon fiber
- Short carbon fiber
By Raw Material
- PAN-Based carbon fiber
- Pitch-Based and Rayon-Based carbon fiber
By Form
- Composite carbon fiber
- Non-Composite carbon fiber
By End Use Industry
- Aerospace amd Dfense
- Sports/Leisure
- Wind Turbines
- Molding and Compounds
- Automotive
- Pressure Vessels
- Civil Engineering
- Marine
- Pultrusion Misc.
- Misc. Consumer
- Sailing/Yacht Building
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- TEIJIN LIMITED.
- Formosa Europe
- Mitsubishi Chemical Group Corporation
- TORAY INDUSTRIES, INC.
- Nippon Steel Corporation
- SGL Carbon
- ZOLTEK
- Solvay
- DowAksa
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CARBON FIBER MARKET, BY TYPE
CHAPTER 5: CARBON FIBER MARKET, BY RAW MATERIAL
CHAPTER 6: CARBON FIBER MARKET, BY FORM
CHAPTER 7: CARBON FIBER MARKET, BY END USE INDUSTRY
CHAPTER 8: CARBON FIBER MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the carbon fiber market was valued at $5.5 billion in 2022, and is estimated to reach $16 billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.Carbon fiber is a lightweight and strong material composed of thin, long strands of carbon atoms, known as fibers. These fibers are woven together to form a fabric or combined with a matrix material (such as epoxy resin) to create carbon fiber composites. The resulting material is exceptionally strong, stiff, and durable, with a high strength-to-weight ratio.
Various global governmental and nongovernmental organizations encourage the trend toward achieving environmental sustainability through reduction of greenhouse gases such as carbon dioxide (CO2) emissions from vehicles. For instance, according to an article published by The Council of the EU in March 2023, the council adopted a regulation setting stricter CO2 emission performance standards for new cars and vans.
The new rules set the target of reducing 55% CO2 emissions for new cars and 50% for new vans from 2030 to 2034 compared to 2021 levels. A similar trend is being followed in Mexico, Canada, and Asia-Pacific countries. Replacing iron cast and traditional steel components with lightweight carbon fiber increases vehicle efficiency. Weight saving of an automobile by 10% improves fuel efficiency by 6-8% and reduces CO2 emission. CO2 and other greenhouse gas emission reduction has thus, emerged as a driver for growth of the carbon fiber market.
Carbon fiber products are manufactured through long production cycles, which lead to less production of goods in a specific time interval, limiting the use of carbon fiber in various fast-moving consumer durable goods, such as home appliances, automobiles, and tools & equipment. Carbon fiber is extensively applicable in the aerospace & defense and sports industries, which further boosts its demand.
The leading raw material suppliers prefer supplying carbon fiber to these due to the stable and long-term scheduled projects. The use of carbon fiber products in the automotive industry is restricted due to its high cost. Only premium vehicle manufacturers such as Lamborghini, BMW, and Mercedes utilize carbon fiber components, which leads to uncertainty in supply of carbon fiber in this industry. The continued unavailability of carbon fiber is thus anticipated to hamper market growth during the forecast period.
Carbon fiber is used in the production of sporting goods, including bicycles, tennis rackets, golf clubs, fishing rods, and archery equipment. In these applications, carbon fiber composites provide enhanced strength, stiffness, and reduced weight, resulting in improved performance and better control for athletes. This factor is projected to drive market growth during the forecast period. Furthermore, carbon fiber is used in water sports equipment such as surfboards, paddleboards, kayaks, and canoes. Carbon fiber composites provide lightweight and high-strength solutions, enhancing maneuverability, durability, and performance in water sports.
Carbon fiber-reinforced polymer (polyetheretherketone [CFR-PEEK] implants deliver numerous advantages over traditional metal implants made of stainless steel and titanium alloys. The radiolucent property and lower modulus of elasticity of carbon fiber materials make them ideal for use in the medical industry. The radiolucent property offers efficient artifact-free radiographic imaging and lower modulus of elasticity, which matches well with bone. CFR-PEEK has superior fatigue strength as compared to most metal implants. The elasticity modulus of CFR-PEEK is 3.5 GPA, and it offers high bending strength. Growth in usage of carbon fiber products in implants, spine surgery, orthopedic trauma, high tibial osteotomy, and musculoskeletal oncology is expected to create new avenues for the carbon fiber market in the medical industry.
The carbon fiber market is segmented on the basis of raw material, type, form, end-use industry, and region. On the basis of raw material, the market is bifurcated into PAN-based carbon fiber, and pitch-based & rayon-based carbon fiber. On the basis of type, it is categorized into continuous, long, and short carbon fibers. On the basis of form the market is bifurcated into composite and non-composite carbon fibers.
On the basis of end-use industry, the market is fragmented into aerospace & defense, sports/leisure, wind turbines, molding & compounds, automotive, pressure vessels, civil engineering, marine, pultrusion misc., misc. consumer, sailing/yacht building, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics.
The report covers the strategies adopted by key players in the market to sustain the competitive environment and increase their market share. The key players operating in the global carbon fiber market DowAksa Advanced Composites Holding B. V, Formosa Europe, Solvay, TORAY INDUSTRIES, INC., Nippon Steel Corporation, Mitsubishi Chemical Group Corporation, SGL Carbon, Hyosung Co Public, Teijin Limited, and ZOLTEK. In addition, the market drivers, restraints, and opportunities are explained in the report.
Companies Mentioned
- TEIJIN LIMITED.
- Formosa Europe
- Mitsubishi Chemical Group Corporation
- TORAY INDUSTRIES, INC.
- Nippon Steel Corporation
- SGL Carbon
- ZOLTEK
- Solvay
- DowAksa
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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