The carbon fiber market is projected to grow USD 7.1 billion in 2023 and is projected to reach USD 23.2 billion by 2033, at a CAGR of 13.2%, in terms of value, from 2023 to 2033. During the forecast period, the global carbon fiber market is expected to grow in the coming years, the demand for carbon fibers is on the rise across diverse end-use industries due unique properties and growing applications of carbon fibers. Industries such as Aerospace & Defense, Wind Energy, autmotive, pipes, sporting goods, medical & healthcare, construction & infrastructure, and Pressure Vessels (Tanks) rely on carbon fibers. The market is also expected to benefit from technological advancements in carbon fiber manufacturing processes, making the material high-quality, vibrant, and durable.
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Based on raw material type, PAN-based segment is expected to have the largest share of the carbon fiber market in 2022 by value. The PAN-based carbon fiber segment dominated the overall carbon fiber market due to its high strength modulus compared to other types of carbon fibers. PAN-based carbon fiber has a higher demand due to its cost-effectiveness and better quality of fiber produced. PAN-based carbon fibers constitute the most important group and are highly desirable in high-performance composites for aircraft, aerospace, and other highly technical applications. Pitch-based carbon fibers possess unique structural characteristics that have offered a variety of new applications.
Based on application, The composite segment is expected to have the largest share of the carbon fiber market in 2022 by value. Carbon fiber's exceptional strength, stiffness, and lightweight nature make it a vital material in composite applications. It enhances the composite's durability, allowing for lighter and stronger designs in aircraft, cars, boats, and even sports equipment. This translates to improved fuel efficiency, increased payload capacity, and enhanced performance across various industries, despite the current challenge of high cost. As technology advances and production becomes more efficient, expected carbon fiber to continue shaping the future of lightweight and sustainable materials.
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The manufacturing process of carbon fiber involves several complex steps that transform the precursor materials into the final carbon fiber product. The high cost of carbon fiber production remains a concern that could hinder its market growth, and future efforts on carbon fiber research will be focused on cost reduction and property enhancement.
Based on Region, Europe was the largest market for the carbon fiber in 2022, with Germany being the largest market in the region. The European market has seen a rise in the demand for lightweight and fuel-efficient vehicles, leading to a higher consumption of carbon fibers in the automotive industry. Additionally, the presence of a wide base of electric car manufacturers in Europe has led to an increased demand for carbon fibers, as these vehicles require lightweight materials for improved efficiency, and the export-oriented nature of its industries contribute to the dynamic growth and development of the carbon fiber market across Europe.
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Major players operating in the carbon fiber market include Toray Industries Inc., (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Hexcel Corporation (US), Solvay (Belgium), SGL Carbon (Germany), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Kureha Corporation (Japan), DowAksa (Turkey), Jilin Chemical Fiber Group Co., Ltd. (China), Jiangsu Hengshen Co., Ltd. (China), Anshan Sinoda Carbon Fibers Co., Ltd. (China), and China National Bluestar (Group) Co., Ltd. (China). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as Asia Pacific, North America, and Europe. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.