Global Carbon Fiber Market, By Precursor Type; By Tow Size; By Modulus; By End User-Estimation & Forecast, 2018-2050

Exploring the Accelerating Growth of the Global Carbon Fiber Market: Poised to Reach US$ 52.16 Bn by 2050 with a CAGR of 11.07%

The Global Carbon Fiber market, valued at US$ 2.79 Bn in 2022, is forecasted to reach a staggering US$ 52.16 Bn by 2050, growing at a Compound Annual Growth Rate (CAGR) of 11.07%. In terms of volume, the market size was at 103.42 thousand tons in 2022, with a CAGR of 10.47%.

Growth Influencers:

The Global Carbon Fiber market's expansive growth trajectory is powered by a multitude of driving factors. The upsurge in the application of carbon fiber in the automotive industry is one of the primary drivers of the market. The unique combination of high strength, light weight, and enhanced damage tolerance of carbon fiber makes it an attractive material for automotive manufacturers seeking to increase efficiency and performance.

Stricter emission control regulations worldwide also play a significant role in propelling the market growth. As countries across the globe strive to minimize carbon footprints and conform to climate commitments, the use of carbon fiber, which helps reduce vehicle weight and consequently emissions, is favored over other heavier materials.

However, the market's growth momentum could be hampered by the high cost associated with carbon fiber. The cost-intensiveness arises from both the raw material required and the production process, which involves advanced technology and high energy consumption. The challenge is to make carbon fiber more affordable without compromising its quality and performance characteristics.

Segment Overview:

The market is segmented by Precursor Type, Tow Size, Modulus, and End User.

By Precursor Type

• PAN Type Carbon Fibre
• Pitch Type Carbon Fibre

By Tow Size

• 1-12 k
• 24-48 k
• >48 k

By Modulus

• Standard Modulus (T300 -T700)
• Intermediate Modulus (T800-T1100)
• High Modulus (M35-M60)

By End User

• Aerospace & Defence
• Civil wide body
• Civil narrow body
• EVtol/drones
• Military
• Other
• Automotive
• Super cars
• Premium vehicles (gasoline)
• Electric vehicles (EVs)
• Pressure vessels/Hydrogen storage
• CNG
• Hydrogen storage Automotive
• Hydrogen storage Aerospace
• Hydrogen storage Ground
• Hydrogen storage Rail
• Wind & Energy
• Wind on-shore
• Wind off-shore
• Tidal power
• Fuel cells
• Other
• Infrastructure/civil
• Buildings
• Concrete re-bar
• Trains
• Other
• Consumer
• Bicycles
• Marine
• Consumer goods
• Other
• Others

PAN Type Carbon Fiber dominates the precursor type segment, holding more than 70% market share in 2022. By Tow Size, the 24-48 k segment is the fastest growing with a CAGR of 11.16%. In terms of Modulus, the Standard Modulus (T300 -T700) holds the largest market share, exceeding 80%. The market's end-users cover a wide range of industries with Aerospace & Defence leading with more than 25% market share in 2022. However, the Automotive segment is growing the fastest, with a CAGR of 11.42%.

Regional Overview:

The Global Carbon Fiber market report provides an extensive regional overview, covering North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Each region's data is further broken down by specific countries to provide detailed insights into the regional market dynamics.

North America

• US
• Canada
• Mexico

Europe

• Western Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Russia
• Poland
• Rest of Eastern Europe

Asia Pacific

• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East & Africa

• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

South America

• Brazil
• Argentina
• Rest of South America

The Asia Pacific region, in particular, stands out as a significant player in the Carbon Fiber market. Holding the largest market share of over 44%, this region is not only a substantial contributor to the current market but also exhibits the fastest growth, with a CAGR of 11.22%.

Several factors contribute to the Asia Pacific's dominant position and impressive growth rate. Rapid industrialization and urbanization, along with robust growth in end-use industries such as automotive and aerospace, drive the demand for carbon fiber in the region. China, in particular, with its thriving manufacturing sector and increasing focus on reducing carbon emissions, is a significant market for carbon fiber. Additionally, emerging economies like India, with growing industrial sectors and infrastructure development, also contribute to the high demand for carbon fiber in the region.

The report's regional overview aims to provide a comprehensive understanding of the market dynamics in these key regions, offering crucial insights into growth trends, opportunities, and challenges in the global Carbon Fiber market.

Competitive Landscape:

The global Carbon Fiber market is dominated by major players, accounting for approximately 77.9% of the total market share. These include Advanced Composites Inc., BASF SE, Formosa M Co. Ltd, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber & Composites Inc., Nippon Graphite Fiber Co. Ltd., SGL Group, Solvay, Teijin Limited, Toray Industries Inc, Zoltek Corporation, and other prominent players.

Report Insights:

• The global Carbon Fiber market is poised to expand at a CAGR of 11.07% from 2023 to 2050.
• Key growth drivers include the increasing use of carbon fiber in the automotive industry and strict emission control regulations.
• PAN Type Carbon Fiber and the Automotive sector are projected to witness significant growth.
• Asia Pacific is the largest and fastest-growing region in the market.

Questions Addressed in the Report:

• What is the forecasted growth rate of the global Carbon Fiber market?
• What are the primary growth drivers and potential challenges?
• Which market segments are expected to see the most growth?
• Who are the key players in this market?