PAN-based Carbon Fiber Market to Reach $6.59 Billion by 2030
The global PAN-based carbon fiber market is poised for steady growth, supported by rising adoption across wind energy, automotive, and aerospace industries, alongside strong sustainability-driven demand in Europe.
According to the report “PAN-based Carbon Fiber Market by Modulus, Application, End-use Industry and Region – Forecast to 2030,” the global PAN-based carbon fiber market is expected to grow from USD 4.63 billion in 2025 to USD 6.59 billion by 2030, registering a compound annual growth rate (CAGR) of 7.3% during the forecast period.
Market growth is being shaped by the strong presence of established global manufacturers, continuous technological advancements, and increasing government support across major end-use industries. As more producers expand PAN precursor and carbon fiber production capacities worldwide, competition has intensified, accelerating innovation toward lighter, stronger, and more cost-efficient fiber grades across standard, intermediate, and high-modulus categories.
Market Dynamics
One of the key growth drivers for the PAN-based carbon fiber market is its increasing use in the wind energy industry, where lightweight and high-strength materials are essential for improving turbine efficiency and durability.
However, the market continues to face challenges, including high production costs, capital-intensive manufacturing, and complex production processes. Despite these constraints, significant opportunities are emerging through the development of new applications across multiple industries, supporting long-term market expansion.
Regional Insights
Europe accounts for the largest share of the global PAN-based carbon fiber market. The region’s dominance is driven by its strong focus on sustainability, decarbonization, and the accelerating adoption of electric vehicles. The demand for PAN-based carbon fiber in Europe is fuelled by the need for lightweight, durable, and high-performance materials.
In the automotive sector, manufacturers are increasingly integrating carbon fiber to reduce vehicle weight, improve fuel efficiency, and lower CO₂ emissions in line with stringent EU regulations. Similarly, the aerospace industry relies heavily on PAN-based carbon fiber composites to manufacture lighter aircraft, helping reduce fuel consumption and operating costs. Companies such as Airbus extensively incorporate these materials to meet sustainability targets while enhancing aircraft performance.
The European Union’s strict environmental policies further encourage the adoption of sustainable and recyclable materials, strengthening regional demand for PAN-based carbon fiber.
Key Market Players
- Toray Industries, Inc. (Japan)
- Teijin Limited (Japan)
- Mitsubishi Chemical Carbon Fiber & Composites (Japan)
- Hexcel Corporation (USA)
- SGL Carbon SE (Germany)
- ZOLTEK (USA)
- And others
Source: MarketsandMarkets