Carbon Fiber Market to Grow with a CAGR of 7.25% through 2029
Growing Demand in Automotive
and Aerospace Industries and Sustainability and Environmental Regulations are
factors driving the Global Carbon Fiber Market in the forecast period 2025-2029.
According to
TechSci Research report, “Carbon Fiber Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029”, the Global Carbon
Fiber Market stood at USD 7.25 Billion in 2023 and is anticipated to grow with
a CAGR of 7.25% in the forecast period, 2025-2029. The global
carbon fiber market has experienced remarkable growth in recent years, driven
by a combination of technological advancements, increasing demand across
various end-use industries, and a growing emphasis on sustainability. Carbon
fiber, renowned for its lightweight yet strong characteristics, has found
extensive applications in sectors ranging from aerospace and automotive to wind
energy and sporting goods.
One of the
primary drivers propelling the growth of the global carbon fiber market is
continuous innovation and technological advancements in manufacturing
processes. Over the years, significant progress has been made in the production
of carbon fibers, resulting in improved quality, enhanced properties, and cost
efficiencies. Advanced manufacturing techniques such as carbonization,
spinning, and weaving have enabled the production of carbon fibers with
tailored characteristics suitable for diverse applications. As technology
continues to evolve, the scalability and affordability of carbon fiber
production are expected to further drive market expansion.
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"Global Carbon Fiber Market”
Beyond
automotive and aerospace, carbon fiber is finding diverse applications in
emerging sectors such as renewable energy, construction, and sports equipment.
In wind energy, carbon fiber is utilized for manufacturing turbine blades,
enabling larger and more efficient wind turbines. The construction industry is
exploring carbon fiber-reinforced concrete and structural elements for enhanced
durability and earthquake resistance.
Furthermore,
carbon fiber's unique properties have led to its widespread adoption in
sporting goods such as bicycles, tennis rackets, and fishing rods, where
lightweight, strength, and performance are paramount. As research and
development continue to unlock new possibilities, the market for carbon fiber
is poised to expand into previously uncharted territories.
Global Carbon
Fiber market is segmented into raw material, product type, fiber type, modulus,
application, end-use industry, regional distribution, and company.
Based
on modulus, standard segment is the fastest growing segment in the Global Carbon
Fiber market. Standard modulus carbon fibers possess a balanced combination of
strength, stiffness, and affordability, making them suitable for a broad range
of applications. They find extensive use in sectors such as automotive,
aerospace, wind energy, sporting goods, and construction. The versatility of
standard modulus carbon fibers allows manufacturers to meet diverse performance
requirements across different industries, driving significant demand growth. In
the automotive industry, standard modulus carbon fibers are preferred for their
ability to achieve significant weight reduction without compromising structural
integrity. Automakers are increasingly turning to carbon fiber-reinforced
plastics (CFRP) made from standard modulus fibers to manufacture lightweight
vehicle components, including body panels, chassis structures, and interior
parts. The push towards electric vehicles (EVs) further amplifies the demand
for lightweight materials like carbon fiber, boosting the growth of the
standard modulus segment. Standard modulus carbon fibers offer a cost-effective
alternative to higher modulus fibers while still providing substantial
performance benefits. They strike a balance between performance and
affordability, making them more accessible to a broader range of industries and
applications. As manufacturing technologies improve and economies of scale kick
in, the cost-effectiveness of standard modulus carbon fibers becomes more
pronounced, driving increased adoption.
Based on region,
Asia Pacific is the fastest-growing region during the forecast period. Asia Pacific is experiencing significant
industrialization and economic growth, particularly in countries like China,
Japan, South Korea, and India. This growth has stimulated demand for advanced
materials like carbon fiber across multiple industries including automotive,
aerospace, wind energy, electronics, and construction. As industries expand and
modernize, there is a corresponding increase in the use of carbon fiber for
lightweight and high-strength applications. The automotive and aerospace
industries in Asia Pacific are major drivers of carbon fiber consumption. In
countries like Japan and South Korea, renowned automotive manufacturers are
increasingly adopting carbon fiber composites to produce lightweight vehicles
with improved fuel efficiency and performance. Similarly, Asia Pacific's
aerospace sector is witnessing rapid growth with a surge in aircraft production
and demand for carbon fiber-reinforced components. Many countries in Asia
Pacific have implemented policies and initiatives to promote the adoption of
advanced materials and technologies. Governments are investing in research and
development, incentivizing local manufacturing, and supporting industries that
utilize carbon fiber for innovation and sustainability. These efforts create a
conducive environment for market growth and technological advancements in
carbon fiber production.
Major companies
operating in Global Carbon Fiber Market are:
- Hexcel Corporation
- Nippon Graphite Fiber Co., Ltd.
- Toray Composite Materials America, Inc.
- SGL Carbon SE
- 3M Co.
- Mitsubishi Chemical Corporation
- Teijin Carbon Europe GmbH
- Arrow Technical Textiles Private Limited
- DowAksa Advanced Composites Holdings BV
- Kureha Corporation
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“The global
carbon fiber market is propelled by a confluence of factors, including
technological advancements, increased demand from key industries,
sustainability imperatives, and expanding applications. As manufacturers invest
in scaling up production capacities and improving cost efficiencies, carbon
fiber is becoming increasingly accessible across a spectrum of industries.
Looking ahead, the trajectory of the carbon fiber market remains optimistic,
driven by ongoing innovation and a growing recognition of its transformative
potential in shaping the future of materials engineering and industrial design.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Carbon
Fiber Market- Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Raw Material (Pan-Based, Pitch-Based, Rayon-Based), By Product
Type (Continuous, Long, Short), By Fiber Type (Virgin, Recycled), By Modulus
(Standard, Intermediate, High), By Application (Composite, Non-Composite), By
End Use Industry (Automotive, Aerospace & Defense, Wind Energy, Marine, Others),
By Region and Competition, 2019-2029F”, has evaluated
the future growth potential of Global Carbon Fiber Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Carbon Fiber Market.
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