Carbon Fiber Market Dynamics, Supply Chain Analysis, and Forecast to 2032
According to Fortune Business Insights the global carbon fiber market was valued at USD 2.65 billion in 2023 and is expected to reach USD 6.54 billion by 2032, growing from USD 2.82 billion in 2024 at a CAGR of 11.1% during the forecast period. Carbon fiber, also called graphite fiber, is made from carbon atoms and has very thin strands, about five to ten micrometers wide. It is known for being very strong yet lightweight, with high stiffness, excellent resistance to heat and chemicals, low expansion when heated, and the ability to handle a lot of tension without breaking.Fortune Business Insights™ provides this information in its research report, titled “Carbon Fiber Market, 2025-2032”.
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Segmentation:
On the basis of precursor, the market is divided into PAN and pitch.
In terms of the tow, the market is classified into small tow and large tow. The small tow segment accounted for the major share in 2020.
By application, the market is categorized into aviation, aerospace & defense, automotive, wind turbines, sports & leisure, construction, and others.
Geographically, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report delivers comprehensive insights to provide the estimated size of the worldwide carbon fiber market. The data utilized to predict the shares for the different segments at the local and global levels is acquired through in-depth interviews with industry professionals. The report also offers coverage of the latest market trends, key market players, ongoing developments, and future predictions.
Drivers and Restraints
Surging Product Usage in Automotive Industries to Fuel Market Growth
Surging car production, coupled with the rising requirement for lightweight vehicles, is probable to drive the market growth. The growing demand from manufacturers to manufacture automobile body parts such as hoods, bumper beams, deck lids, and fenders may favor the product demand. Accepting carbon fibers upsurges the vehicle's sturdiness, thus safeguarding the long life cycle of the automobile's body parts. Composites are principally utilized in motorsports and luxury vehicles, which are directing the carbon fiber market growth.
Regional Insights:
Europe was worth USD 0.76 billion in 2020 and is projected to hold the majority of carbon fiber market share during the forecast period. This is accredited to the existence of a huge base of electric car manufacturers and the rising demand for lightweight and fuel-operative vehicles.
The surging demand for lightweight composite materials in the aviation sector is probable to drive the North American market size.
The occurrence of vital players in the Asia Pacific region has generate a prime market prospect in the construction business, thereby fueling the construction composite market growth.
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:
- December 2023 – Teijin Limited launched its Tenax Carbon Fiber made using sustainable acrylonitrile (AN), derived from recycled materials or biomass-based waste, supporting eco-friendly production practices.
- October 2023 – Toray Industries Inc. expanded production capacity for high modulus and regular tow medium carbon fibers at its French subsidiary, Toray Carbon Fibers Europe S.A., to meet the growing demand for carbon fiber in Europe driven by the push toward a net-zero future.
List of Top Carbon Fiber Companies:
- Toray Industries, Inc. (Japan)
- Syensqo (Belgium)
- Nippon Graphite Fiber Co., Ltd. (Japan)
- TEIJIN LIMITED (Japan)
- Hexcel Corporation (U.S.)
- ZOLTEK Corporation (U.S.)
- HYOSUNG ADVANCED MATERIALS (South Korea)
- Advanced Composites Inc. (U.S.)
- Mitsubishi Chemical Carbon Fiber and Composites, Inc. (U.S.)
- Formosa M Co., Ltd. (South Korea)
- SGL Carbon (Germany)
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