Carbon Fiber Market by Raw Material Type (PAN-based Carbon Fiber, Pitch-based Carbon Fiber), Fiber Type (Recycled Fiber, Virgin Fiber), Modulus, Application, End-Use - Global Forecast 2024-2030

Carbon Fiber Market by Raw Material Type (PAN-based Carbon Fiber, Pitch-based Carbon Fiber), Fiber Type (Recycled Fiber, Virgin Fiber), Modulus, Application, End-Use - Global Forecast 2024-2030

The Carbon Fiber Market size was estimated at USD 9.02 billion in 2023 and expected to reach USD 10.09 billion in 2024, at a CAGR 11.99% to reach USD 19.95 billion by 2030.

Carbon fiber is a lightweight & high-strength type material that encompasses very thin strands of carbon atoms bonded together in microscopic crystals which are further aligned parallel to fiber's long axis. This crystal alignment provides fiber a high strength-to-volume ratio, making it strong for its size. The fibers are typically combined with other materials to form a composite, which can be molded into various shapes and structures. Increasing applications across industries such as aerospace, automotive, sports equipment, and construction have fueled the market demand for carbon fiber owing to its superior strength, stiffness, and low-weight properties. Furthermore, advancements in technology and governmental regulations pushing for fuel efficiency and reduced emissions also contribute to the increasing adoption of carbon fiber in vehicle production. However, the high cost of production, processing complexities, and competition from alternative materials such as glass fiber and aluminum may pose challenges for the market. Nevertheless, the development of low-cost production methods and expanding applications in energy storage & transmission may present opportunistic growth for the market. Moreover, Innovations in recycling carbon fiber could also open new avenues in various sectors.

Regional Insights

In the Americas, the United States leads the carbon fiber market, leveraging its advanced aerospace and automotive industries. A combination of technological innovation, a well-established industrial base, and the presence of significant market players drives the market. The demand for high-performance and lightweight materials for use in the automotive, defense, and wind energy sectors further stimulates the market growth in this region. The EMEA region features a diverse market with strong carbon fiber demand from the automotive, aerospace, and wind energy industries. Europe registers a high demand for carbon fibers owing to the many economies being hub for automotives and stringent environmental regulations driving the need for lightweight materials. The development of green energy solutions, including wind and solar energy infrastructure, is poised to boost the carbon fiber demand in the realm of renewable energy markets. The Asia Pacific region depicts opportunistic landscape for the carbon fiber market, with demand from industries of economies of China, Japan, and South Korea. The expanding middle class and a corresponding rise in consumer goods production, as well as increased infrastructure development projects, demand the strength and lightweight characteristics of carbon fiber composites. High growth rates in the region’s automotive, aerospace, and construction industries are the major drivers of carbon fiber demand. R&D investments in carbon fiber technology and scaling production capabilities are vital opportunities for growth, with the potential to reduce overall production costs and increase adoption in various industries.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Carbon Fiber Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Need for lightweight and strong composites in the automotive and aerospace industry
• Demand for eco-friendly composite products and manufacture of carbon fiber from sustainable materials
• Government initiatives for the development of carbon fiber and scaling carbon fiber recycling activities

Market Restraints

• Recall of products containing carbon fiber

Market Opportunities

• Technological advancements to improve performance and expand the applications of carbon fiber
• Expanding need for carbon fiber components in renewable energy projects

Market Challenges

• Technical failures and operational constraints of working with carbon fiber

Market Segmentation Analysis

• Raw Material Type: High suitability of PAN-based Carbon Fiber owing to their high strength-to-weight ratio and exceptional tensile properties
• Fiber Type: Emerging preferences for use of recycled carbon owing to environmental benefits
• Application: Increasing suitability of carbon fiber as composite materials in various end use industries including automotive & aerospace
• End-Use: High penetration in aerospace and defense industry owing to lightweight & high-strength materials

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Carbon Fiber Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Carbon Fiber Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Hexcel Announced the Launch of Advanced Carbon Fiber for Aerospace Use

Hexcel Corporation unveiled the launch of a new HexTow continuous carbon fiber, titled IM9 24K, which aims to provide a lightweight, strong, and durable carbon fiber solution with enhanced value for the world’s most advanced and extreme aerospace composite applications. HexTow IM9 24K has an average tow tensile strength of over 6,300 megapascals (MPa) and also provides a 12% improvement in tensile strength over the previous Hexcel baseline IM7 fiber.

Reliance to Expand Carbon Fiber Facility in Gujarat, India

At the Vibrant Gujarat Global Summit, Reliance announced its intentions to build a carbon fiber facility in Hazira, Gujarat. The project aims to facilitate the company’s objective of fulfilling at least 50% of Gujarat’s energy and power requirements through renewable sources, reflecting the company’s commitment to sustainability.

Toray and Lenovo Collaborate to Incorporate Recycled Carbon Fiber into ThinkPad Line

Toray Industries and Lenovo have established a partnership, utilizing advanced recycled carbon fiber (rCF) to reinforce Lenovo's ThinkPad X1 Carbon Gen 12. This collaboration emphasizes both companies' commitment to environmental sustainability. Toray's TORAYCA rCF acts as a robust reinforcement in thermoplastic resins, demonstrating high retention of mechanical properties post-recycling. Such strategic initiatives advance the concept of circular economy, in this case, seamlessly integrating aerospace-grade technology into consumer electronics while minimizing environmental footprints and aligning with global ambitions towards carbon neutrality.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Carbon Fiber Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Carbon Fiber Market, highlighting leading vendors and their innovative profiles. These include ACP Composites, Inc., Advanced Composites Inc., Avient Corporation, CeraMaterials, Clearwater Composites, LLC, Composite Manufacturing Inc, DowAksa Advanced Composites Holdings BV, EPSILON COMPOSITE SA, Gen 2 Carbon Limited, Hexcel Corporation, HYOSUNG ADVANCED MATERIALS, Kureha Corporation, Mid-Mountain Materials, Inc., Mitsubishi Chemical Corporation, Nippon Graphite Fiber Co., Ltd., Osaka Gas Chemicals Co., Ltd., SGL Carbon SE, Solvay S.A., Spartec Composites Inc, Taekwang Industries Co. Ltd., Teijin Limited, TIP composite Co., Ltd., Toray Industries, Inc., Umatex Group, and Zhongfu-Shenying Carbon Fiber Co. Ltd..

Market Segmentation & Coverage

This research report categorizes the Carbon Fiber Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Raw Material Type
• PAN-based Carbon Fiber
• Pitch-based Carbon Fiber
• Fiber Type
• Recycled Fiber
• Virgin Fiber
• Modulus
• High Modulus
• Intermediate Modulus
• Standard Modulus
• Application
• Catalysis
• Composite Materials
• Microelectrodes
• Textiles
• End-Use
• Aerospace & Defense
• Automotive
• Construction & Infrastructure
• Medical & Healthcare
• Renewable Energy

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year