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Carbon Fiber Market worth $23.2 billion by 2033 – At a CAGR of 12.6%

Published: February 19, 2024

As per the recently published report by MarketsandMarkets™, The “Carbon Fiber Market by Raw Material Type (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus (Standard, Intermediate, High), Application (Composites, Non-Composites), End-Use Industry, & Region – Global Forecast to 2033″, is estimated at USD 7.1 billion in 2023 and is projected to reach USD 23.2 billion by 2033, at a CAGR of 12.6% from 2023 to 2033. The growth of the carbon fiber market is being driven by a number of factors, including the The increasing demand for lightweight and fuel-efficient materials in the aerospace industry, Growing industrialization and rising disposable income in developing economies have contributed to the growth of the automotive industry and, in turn, the demand for carbon fibers. The high cost of carbon fiber production remains a concern that could hinder market growth. The growing adoption of carbon fibers in wind energy and renewable energy sectors has boosted the carbon fiber market.

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  • 312 Market data Tables
  • 50 Figures
  • 332 Pages and in-depth TOC on “Carbon Fiber Market – Global Forecast to 2033”

This report also provides a comprehensive analysis of the companies listed below:

The major players active in the carbon fiber market as 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) among others.

Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the carbon fiber market.

Recent Developments in Carbon Fiber Market Industry

  1. In June 2023, Solvay and Spirit AeroSystems have cemented their research and technology relationship on the development of composite aerostructures. The collaborators aim to develop advanced manufacturing concepts and secure a step change in composite fabrication, automation and assembly technologies to de-risk and shorten the development cycle. They will also explore further strategic alignment on future innovation.
  2. In April 2023, Solvay and GKN Aerospace have signed an extension to their 2017 collaboration agreement. Under the agreement, both businesses are developing a joint thermoplastic composites (TPC) roadmap to explore new materials and manufacturing processes for aerospace structures, while jointly targeting future strategic high-rate programs. In addition, Solvay will remain a GKN Aerospace preferred supplier for TPC materials.
  3. In March 2023, Solvay and Airborne receive funding for a composite alternative to metal battery enclosures. This collaboration with Airborne, a technology leader in advanced composites manufacturing using automation and digitalization, has already received letters of support from Jaguar Land Rover and Vertical Aerospace. They see great potential in the design of more compact and lightweight enclosures for high-energy batteries in future electric cars and aircraft and are interested in the sustainability aspect of this project which aims to reuse composite waste..
  4. In November 2022, Celanese Corporation completed the acquisition of the majority of the Mobility & Materials (M&M) business of DuPont. Celanese has acquired a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization.
  5. In September 2022, the Mitsubishi Chemical Group Corporation has agreed with the Japan Windsurfing Association to jointly promote recycling activities for carbon fiber used in windsurfing equipment.

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Virgin carbon fiber type segment accounted for largest market share of carbon fiber market in 2022.

The carbon fiber market is segmented based on the fiber types into virgin carbon fiber and recycled carbon fiber. Virgin carbon fibers are produced from precursor materials such as PAN and pitch, whereas recycled carbon fibers are produced from carbon fiber scrap from various industries such as aerospace & defense, wind energy, and transportation. Recycled carbon fiber enables cost savings and energy savings as compared to virgin carbon fiber. The virgin carbon fiber segment dominated the overall carbon fiber market in 2022, owing to its exceptional properties and wide acceptance in end-use industries such as aerospace & defense, wind energy, and sports goods.

Continuous carbon fiber segment is expected to registered highest CAGR during forecasted period

Continuous carbon fiber is a type of carbon fiber that is produced in a form that allows for the creation of continuous strands or fibers. These fibers are extremely stiff, strong, and light, making them ideal for various applications, including aerospace, automotive, and sporting goods industries. Continuous carbon fiber is typically made from polyacrylonitrile (PAN), pitch, or rayon as the precursor. Continuous carbon fiber 3D printing is an emerging technology that allows professionals to produce strong, lightweight parts by mixing continuous strands of carbon fiber with thermoplastic base materials, such as PLA, ABS, Nylon, PETG, and PEEK.

Asia Pacific region is expected to registered second highest CAGR in terms of value during forecasted period

The carbon fiber market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The Asia Pacific carbon fiber market is experiencing explosive growth, fueled by a potent mix of factors. Soaring demand from industries like aerospace, automotive, and wind energy is at the forefront, with China leading the charge. China, the world’s largest carbon fiber producer and consumer, is driving the market with its booming domestic aircraft and electric vehicle production.  This insatiable demand for lightweight and fuel-efficient materials is propelling the region’s carbon fiber market to new heights. Countries like Japan and South Korea, with their established automotive and electronics industries, are also contributing significantly to the regional market growth. Their focus on technological advancements and sustainability goals aligns perfectly with the advantages of carbon fiber, ensuring continued demand in the years to come.

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