The Carbon Fiber Market size was USD 6.9 billion in 2023 and is expected to Reach USD 17.82 billion by 2031 and grow at a CAGR of 12.4% over the forecast period of 2024-2031.
Carbon Fiber is a Fiber made up of 90% carbon. Carbon Fiber is the composite material of carbon thread and binder. Carbon Fiber was initially used in light bulbs heated by electricity. After a few more years, researchers worked on developing the tensile strength, heat resistance, and chemical resistance of carbon Fiber.
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Carbon Fiber is made by heating polymers like polyacrylonitrile (PAN) or pitch (a petroleum by-product) to remove impurities, then again at very high temperatures without oxygen (more than 1700 C) to form type I, type II, and type III carbon Fiber. Type I is a superior carbon Fiber to types II and III. The better the quality of carbon Fiber, the higher the temperature at which the polymer is heated. Just like diamond is the hardest material where only carbon bonds are there, carbon Fibers are mostly used in automotive, rocket, and high-end sports cars because of features such as high stiffness, high tensile strength, light weight, high chemical resistance, low thermal expansion, and anticorrosion, which make carbon Fiber material superior to any other metal alloy. In 1970, carbon fiber started manufacturing sport rackets, racing bicycles, and other sports equipment.
Automobile and aerospace industries have experienced exponential growth in the carbon Fiber market, as by substituting Fiber, they reduced weight by 20%–30% and made it stiffer and more anti-corrosive than steel, iron, or any other metal alloy. This Fiber is not completely inert, but it can handle a lot of corrosion in the atmosphere. The aerospace and automobile industries found it a potential material.
KEY DRIVERS:
Carbon Fiber is used in the automotive industry for 3D-printed car parts
In the future, with technological development and research, carbon Fiber will be the strongest material. The main features of these materials, which are light weight, high strength, and anti-corrosive, make carbon Fiber an alternative to almost many materials. Carbon Fiber is used to make automobile springs, racing car bodies, golf club shafts, aircraft and spacecraft parts, bicycle frames, fishing rods, sailboat masts, and many other components. Carbon fiber material has led industries to push the boundaries and create new developments for the future of next generation.
RESTRAIN:
Decline in industrial sector can hinder the market growth
Carbon fiber is a very Expensive material which restrain the market growth
Many sectors such as automotive, rocket, and luxurious cars are made of PAN based carbon fiber but it's an expensive material. There are many researchers who are working on low-cost carbon Fiber. Scarcity of carbon fiber can raise the cost of products.
OPPORTUNITY:
Carbon fiber is a substitute material for many metal components
Growing concern regarding CO2 emissions, global warming, and high fuel consumption has made carbon fiber favourable material
Aerospace, vehicle manufacturers use carbon Fiber extensively to print tools and build parts of high-end, luxurious vehicles that we will use to travel in the future. Recently, sustainable carbon fiber has been manufactured, and they have focused on making bio-based precursors, renewable, eco-friendly, and cost-effective materials. These will lessen the concern about global warming.
CHALLENGES:
The development of substitute product of carbon fiber
FR4 laminated fiberglass and other material similar to carbon fiber which can act as a substitute in upcoming days. Also, if cost is the concern the flame-retardant fiberglass can be used instead of carbon fiber
Ukraine is one of the world's largest producers of carbon Fiber material. The Russia-Ukraine war has had a powerful impact on these industries. Specific consequences influence many industries and are subject to change with time. Supply chain disruption, political instability, and war disrupted infrastructure and routes of supply chain, causing pricing and market volatility, leading to shortages or delays in logistics.
Geopolitical instability leads to changes in trade policy, international trade, regional disputes, and shifts in trade and sourcing. Now countries are focusing on domestic production of carbon Fiber rather than being dependent on other countries, finding alternate substitutes in place of carbon Fiber that are similarly stiff, fuel efficient, and cost effective.
The recession had a great impact on the carbon Fiber industry in terms of supply and demand. Recession itself is a condition of high inflation, and carbon Fiber material is also the most expensive, which reduces sales and demand for the material.
The Delay and cancellation of projects in almost every sector due to high inflation reduced production capacity. This period has major effects on the economy's spending capacity, so most companies go through cost savings and budget cuts. Major projects, such as high-end, luxurious vehicle infrastructure projects and many others, are put on hold. They may negotiate for lower pricing or find alternate materials to reduce expenses, creating pricing pressure. This may lead to supply chain disruption due to reduced trade, factory closures, and shipping challenges. Weaker companies may struggle to survive or be acquired by other competitors or strong companies.
By Raw Material
PAN
Petroleum
Pitch
Coal
By Product type
Long
Short
Continuous
By Technology
Stabilizing
Carbonizing
Sizing
Treating the surface
By End user
Defence & Aerospace
Automotive
Electronics & Electrical
Sports
Other
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The Europe region will have the largest market share in the carbon Fiber market by 31.6% in 2023. The growth of the aerospace and defence industries in Europe, North America, and Russia has elevated the use of carbon Fiber. Countries like Germany, the United Kingdom, and France are robust manufacturers of carbon Fiber.
In the Asia-Pacific region, countries like Japan, South Korea, and China are major players in the carbon Fiber market. Aerospace and defence industries demand light-weight and stiff materials in rockets, satellites, aircraft, and missiles. These have elevated share growth in end users, followed by wind, automotive, pipe and tank, and other sectors. PAN-based carbon Fiber is costlier than pitch-based carbon Fiber, but it is still mostly used, especially in wind turbine blades made from PAN-based carbon Fiber. Boeing and Airbus are some aircraft manufacturer companies that are users. Latin America, the Middle East, and Africa have relatively smaller players in the carbon Fiber industry.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin American
Mitsubishi Chemical Corporation, Toray Industries Inc., DowAksa, Solvay, Hexcel Corporation, Hyosung Advanced Materials, Zhongfu Shenying Carbon Co., SGL Carbon Ltd, Teijin Limited, Formosa Plastic Corporation and other key players.
Toray- In 2023 Toray has announced development of a technology that thermally welds carbon fiber reinforced plastics (CFRP) at high speed. The high-rate production and weight reduction of CFRP airframes will be made possible by this technology. In addition to extending CFRP applications, the company will continue with demonstrations with an eye on commercializing airframes after 2030.
Hexcel Corporation- In 2022 Hexcel Corporation has signed an agreement with Dassault to supply carbon fiber prepreg for Dassault F10X program.
Mitsubishi Chemical Corporation- In 2021 A cyanate ester carbon Fiber prepreg* that offers high heat resistance and exceptional strength has been developed by Mitsubishi Chemical Corporation. As demand of tightened environmental regulations for lighter aircraft and many other applications which do not harm environment.
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.9 Bn |
| Market Size by 2031 | US$ 17.82 Bn |
| CAGR | CAGR of 12.4% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Raw material (PAN, petroleum, Pitch, coal) • By product type (Long, Short, Continuous) • By Technology (Stabilizing, Carbonizing, Sizing, Treating the surface) • By End users (Aerospace & Defense, Wind Energy, Automotive, Electronics &Electrical, Sports, Other) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Mitsubishi Chemical corporation, Toray Industries Inc., DowAksa, Solvay, Hexcel Corporation, Hyosung Advanced Materials, Zhongfu Shenying Carbon Co., SGL Carbon Ltd, Teijin Limited, Formosa plastic corporation |
| Key Drivers | • Carbon Fiber is used in the automotive industry for 3D-printed car parts. |
| Market Opportunities | • Carbon fiber is a substitute material for many metal components. • Growing concern regarding CO2 emissions, global warming, and high fuel consumption has made carbon fiber favorable material. |
Ans: The CAGR value of the carbon fiber market is 12.4% over the forecast period 2024-2031.
Ans: Europe is dominating largest market share in carbon fiber market.
Ans. The projected market size of the Carbon Fiber market by 2031 is USD 17.82 billion.
Ans: Opportunities
Ans: The market size of the Carbon Fiber market in 2023 was USD 6.9 billion.
Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
4.3 Supply Demand Gap Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Carbon Fiber Market Segmentation, By Raw Material
8.1 PAN
8.2 petroleum
8.3 pitch
8.4 Coal
9. Carbon Fiber Market Segmentation, By Product Type
9.1 Long
9.2 Short
9.3 Continuous
10. Carbon Fiber Market Segmentation, By Technology
10.1 Stabilizing
10.2 Carbonizing
10.3 Sizing
10.4 Treating the surface
11. Carbon Fiber Market Segmentation, By End user
11.1 Defence & Aerospace
11.2 Wind energy
11.3 Automotive
11.4 Electrical and electronical
11.5 Sport
11.6 Other
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Carbon Fiber Market by Raw Material
12.2.2 North America Carbon Fiber Market by Product Type
12.2.3 North America Carbon Fiber Market by Technology
12.2.4 North America Carbon Fiber Market by End user
12.2.6 USA
12.2.6.1 USA Carbon Fiber Market by Raw Material
12.2.6.2 USA Carbon Fiber Market by Product Type
12.2.6.3 USA Carbon Fiber Market by Technology
12.2.6.4 USA Carbon Fiber Market by End user
12.2.7 Canada
12.2.7.1 Canada Carbon Fiber Market by Raw Material
12.2.7.2 Canada Carbon Fiber Market by Product Type
12.2.7.3 Canada Carbon Fiber Market by Technology
12.2.7.4 Canada Carbon Fiber Market by End user
12.2.8 Mexico
12.2.8.1 Mexico Carbon Fiber Market by Raw Material
12.2.8.2 Mexico Carbon Fiber Market by Product Type
12.2.8.3 Mexico Carbon Fiber Market by Technology
12.2.8.4 Mexico Carbon Fiber Market by End user
12.3 Europe
12.3.1 Europe Carbon Fiber Market by Raw Material
12.3.2 Europe Carbon Fiber Market by Product Type
12.3.3 Europe Carbon Fiber Market by Technology
12.3.4 Europe Carbon Fiber Market by End user
12.3.6 Germany
12.3.6.1 Germany Carbon Fiber Market by Raw Material
12.3.6.2 Germany Carbon Fiber Market by Product Type
12.3.6.3 Germany Carbon Fiber Market by Technology
12.3.6.4 Germany Carbon Fiber Market by End user
12.3.7 UK
12.3.7.1 UK Carbon Fiber Market by Raw Material
12.3.7.2 UK Carbon Fiber Market by Product Type
12.3.7.3 UK Carbon Fiber Market by Technology
12.3.7.4 UK Carbon Fiber Market by End user
12.3.8 France
12.3.8.1 France Carbon Fiber Market by Raw Material
12.3.8.2 France Carbon Fiber Market by Product Type
12.3.8.3 France Carbon Fiber Market by Technology
12.3.8.4 France Carbon Fiber Market by End user
12.3.9 Italy
12.3.9.1 Italy Carbon Fiber Market by Raw Material
12.3.9.2 Italy Carbon Fiber Market by Product Type
12.3.9.3 Italy Carbon Fiber Market by Technology
12.3.9.4 Italy Carbon Fiber Market by End user
12.3.10 Spain
12.3.10.1 Spain Carbon Fiber Market by Raw Material
12.3.10.2 Spain Carbon Fiber Market by Product Type
12.3.10.3 Spain Carbon Fiber Market by Technology
12.3.10.4 Spain Carbon Fiber Market by End user
12.3.11 The Netherlands
12.3.11.1 Netherlands Carbon Fiber Market by Raw Material
12.3.11.2 Netherlands Carbon Fiber Market by Product Type
12.3.11.3 Netherlands Carbon Fiber Market by Technology
12.3.11.4 Netherlands Carbon Fiber Market by End user
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Carbon Fiber Market by Raw Material
12.3.12.2 Rest of Europe Carbon Fiber Market by Product Type
12.3.12.3 Rest of Europe Carbon Fiber Market by Technology
12.3.12.4 Rest of Europe Carbon Fiber Market by End user
12.4 Asia-Pacific
12.4.1 Asia Pacific Carbon Fiber Market by Raw Material
12.4.2 Asia Pacific Carbon Fiber Market by Product Type
12.4.3 Asia Pacific Carbon Fiber Market by Technology
12.4.4Asia Pacific Carbon Fiber Market by end-user
12.4.6 Japan
12.4.6.1 Japan Carbon Fiber Market by Raw Material
12.4.6.2 Japan Carbon Fiber Market by Product Type
12.4.6.3 Japan Carbon Fiber Market by Technology
12.4.6.4 Japan Carbon Fiber Market by End user
12.4.7 South Korea
12.4.7.1 South Korea Carbon Fiber Market by Raw Material
12.4.7.2 South Korea Carbon Fiber Market by Product Type
12.4.7.3 South Korea Carbon Fiber Market by Technology
12.4.7.4 South Korea Carbon Fiber Market by End user
12.4.8 China
12.4.8.1 China Carbon Fiber Market by Raw Material
12.4.8.2 China Carbon Fiber Market by Product Type
12.4.8.3 China Carbon Fiber Market by Technology
12.4.8.4 China Carbon Fiber Market by End user
12.4.9 India
12.4.9.1 India Carbon Fiber Market by Raw Material
12.4.9.2 India Carbon Fiber Market by Product Type
12.4.9.3 India Carbon Fiber Market by Technology
12.4.9.4 India Carbon Fiber Market by End user
12.4.10 Australia
12.4.10.1 Australia Carbon Fiber Market by Raw Material
12.4.10.2 Australia Carbon Fiber Market by Product Type
12.4.10.3 Australia Carbon Fiber Market by Technology
12.4.10.4 Australia Carbon Fiber Market by End user
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Carbon Fiber Market by Raw Material
12.4.11.2 APAC Carbon Fiber Market by Product Type
12.4.11.3 APAC Carbon Fiber Market by Technology
12.4.11.4 APAC Carbon Fiber Market by End user
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Carbon Fiber Market by Raw Material
12.5.2 The Middle East & Africa Carbon Fiber Market by Product Type
12.5.3 The Middle East & Africa Carbon Fiber Market by Technology
12.5.4 The Middle East & Africa Carbon Fiber Market by End user
12.5.6 Israel
12.5.6.1 Israel Carbon Fiber Market by Raw Material
12.5.6.2 Israel Carbon Fiber Market by Product Type
12.5.6.3 Israel Carbon Fiber Market by Technology
12.5.6.4 Israel Carbon Fiber Market by End user
12.5.7 UAE
12.5.7.1 UAE Carbon Fiber Market by Raw Material
12.5.7.2 UAE Carbon Fiber Market by Product Type
12.5.7.3 UAE Carbon Fiber Market by Technology
12.5.7.4 UAE Carbon Fiber Market by End user
12.5.8 South Africa
12.5.8.1 South Africa Carbon Fiber Market by Raw Material
12.5.8.2 South Africa Carbon Fiber Market by Product Type
12.5.8.3 South Africa Carbon Fiber Market by Technology
12.5.8.4 South Africa Carbon Fiber Market by End user
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Carbon Fiber Market by Raw Material
12.5.9.2 Rest of Middle East & Asia Carbon Fiber Market by Product Type
12.5.9.3 Rest of Middle East & Asia Carbon Fiber Market by Technology
12.5.9.4 Rest of Middle East & Asia Carbon Fiber Market by End user
12.6 Latin America
12.6.2 Latin America Carbon Fiber Market by Raw Material
12.6.3 Latin America Carbon Fiber Market by Product Type
12.6.4 Latin America Carbon Fiber Market by Technology
12.6.5 Latin America Carbon Fiber Market by End user
12.6.6 Brazil
12.6.6.1 Brazil Carbon Fiber Market by Raw Material
12.6.6.2 Brazil Africa Carbon Fiber Market by Product Type
12.6.6.3 Brazil Carbon Fiber Market by Technology
12.6.6.4 Brazil Carbon Fiber Market by End user
12.6.7 Argentina
12.6.7.1 Argentina Carbon Fiber Market by Raw Material
12.6.7.2 Argentina Carbon Fiber Market by Product Type
12.6.7.3 Argentina Carbon Fiber Market by Technology
12.6.7.4 Argentina Carbon Fiber Market by End user
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Carbon Fiber Market by Raw Material
12.6.8.2 Rest of Latin America Carbon Fiber Market by Product Type
12.6.8.3 Rest of Latin America Carbon Fiber Market by Technology
12.6.8.4 Rest of Latin America Carbon Fiber Market by End user
13 Company Profile
13.1 Mitsubishi Chemical corporation
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Toray Industries Inc.
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Dowaksa
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Hexcel Corporation
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Solvay
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Hyosung Advanced Materials
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Zhongfu Shenying
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Formosa plastic corporation
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 SGL Carbon
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Teijin Limited
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. USE Cases and Best Practices
16. Conclusion
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