Carbon Fiber
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
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[193 Pages Report] 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.

Carbon Fiber Market
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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

    Acrylonitrile (PAN)-based carbon fiber is the most widely used type of carbon fiber, derived from polyacrylonitrile and known for its high strength-to-weight ratio and exceptional tensile properties, thus making it favorable for use in aerospace, automotive, and sports equipment industries. The manufacturing process involves the stabilization and carbonization of PAN precursor fibers, which is a complex and costly process but results in fibers with high carbon content levels, typically above 90%. PAN-based carbon fibers exhibit excellent fatigue resistance, good vibration damping, and low thermal expansion, which are beneficial for applications that demand high-performance and lightweight materials. Pitch-based carbon fiber is manufactured from pitch, a polyaromatic hydrocarbon-based precursor, a byproduct of petroleum or coal processing. This type of carbon fiber is known for its exceptionally high thermal conductivity and can be engineered to possess highly oriented graphite crystals. Pitch-based carbon fibers are particularly well-suited for applications requiring high thermal and electric conductivity, such as heat dissipation materials in electronic devices and as reinforcement in high-performance carbon composites for brake pads and clutches in motorsport.

  • Fiber Type: Emerging preferences for use of recycled carbon owing to environmental benefits

    Recycled carbon fiber emerges from both post-industrial and post-consumer sources. Post-industrial sources typically consist of scrap material from the production process, whereas post-consumer sources comprise end-of-life products that utilize carbon fiber. The main advantage of recycled carbon fiber is its environmental benefit, as it demands significantly less energy to produce compared to its virgin counterpart and reduces waste sent to landfills. On the performance front, while recycled fibers might display slightly lower mechanical properties than virgin fibers due to the damage sustained during the recycling process, ongoing advancements in recycling technology are narrowing this gap. Recycled fibers are increasingly used in various applications that do not require the ultimate tensile strength of virgin carbon fibers, emphasizing sustainability in the automotive, sporting goods, and industrial sectors. Virgin carbon fiber refers to fibers freshly produced from precursor materials such as Polyacrylonitrile (PAN), rayon, or pitch without going through any lifecycle. These fibers are known for superior strength-to-weight ratio, rigidity, and durability compared to other reinforcement materials. Virgin carbon fiber's consistency and quality make it the preferred choice in high-performance applications such as aerospace, military, and high-end automotive industries. Moreover, virgin carbon fiber can be tailored to specific mechanical properties by controlling factors such as fiber modulus during the manufacturing process.

  • Application: Increasing suitability of carbon fiber as composite materials in various end use industries including automotive & aerospace

    Carbon fibers play an important role in the field of catalysis owing to their large surface area, excellent conductivity, and chemical stability. Activated carbon fibers, in particular, are employed as support materials for various catalysts due to their ability to facilitate electron transfer and to spread catalytically active components uniformly. They can be used in both gas-phase and liquid-phase reactions, including those in environmental applications such as the removal of NOx gases from exhaust streams or the purification of industrial wastewater. Composite materials represent one of the most significant areas where carbon fibers are utilized. By reinforcing polymers with carbon fibers, the resulting composite materials feature an extraordinary strength-to-weight ratio, stiffness, and durability, which makes them ideal for applications in aerospace, automotive, military, and sports equipment. In the automotive sector, carbon fiber composites aid in reducing vehicle weight which improves fuel efficiency and reduces emissions without compromising safety or performance.Carbon fibers have been miniaturized into microelectrodes that are extensively used in bioelectrical applications such as neural and muscular tissue stimulation and in the measurement of electrophysiological signals. Their small diameter allows for high spatial resolution, while their inert nature minimizes the tissue response making them suitable for chronic implants.The textile industry leverages carbon fibers for their high tensile strength, low weight, and thermal conductivity, which can be woven into fabrics for specialized uses. These textiles are flame-retardant and display reduced thermal expansion, making them stable under varying temperature conditions. Such properties make carbon fiber textiles highly valuable for fireproof military or racing uniforms, heat-resistant gloves, and protective gear for firefighters.

  • End-Use: High penetration in aerospace and defense industry owing to lightweight & high-strength materials

    The aerospace and defense industry is one of the primary end-users of carbon fiber due to its crucial need for lightweight and high-strength materials. In this sector, carbon fiber composites are extensively used in aircraft and spacecraft manufacturing, where weight reduction is paramount. The materials contribute significantly to fuel efficiency and effective performance, especially in commercial, military, and private aircraft structures, including wings, fuselage components, and empennages. In the automotive industry, carbon fiber is valued for its lightweight properties, proven to improve vehicle dynamics, reduce emissions, and enhance fuel efficiency. High-performance vehicles and premium automakers use carbon fiber to decrease overall car weight and for aesthetic purposes, given its modern and high-tech appearance. Furthermore, with the transition towards electric vehicles and the demand for longer battery ranges, carbon fiber's role in reducing car weight and thus enabling extended range is just as critical. Carbon fiber finds utility in the construction and infrastructure sector primarily due to its strength, durability, and lightweight characteristics. It's used to reinforce concrete and other construction materials through carbon fiber reinforced polymers (CFRPs), contributing to the longevity and resilience of buildings and infrastructure. These composites are particularly advantageous in seismic retrofitting, bridge construction, and reinforcement of aging structures. Carbon fiber's application in the medical and healthcare sectors is growing, mainly due to its biocompatibility, radiolucency, and lightweight properties. It is used in surgical instruments and diagnostic equipment, including imaging tables, prosthetic limbs, and support structures for patients undergoing scans with MRI or CT machines. The high-strength-to-weight ratio of carbon fiber composite materials also makes them ideal for mobilization aids such as wheelchairs, providing mobility solutions with less effort due to the material's lighter weight. The renewable energy industry, particularly wind energy, significantly benefits from using carbon fiber. It is utilized to manufacture wind turbine blades where its high strength and lightweight properties allow for larger and more efficient blade designs that can operate at lower wind speeds and deliver higher energy output. Carbon fiber's durability also contributes to the longevity and reduced maintenance costs of wind turbines. Moreover, in solar panel frameworks and other renewable energy equipment, carbon fiber composites help reduce transportation and installation costs due to their lightness and resistance to environmental degradation.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Carbon Fiber Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Carbon Fiber Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Carbon Fiber Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Carbon Fiber Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Carbon Fiber Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Carbon Fiber Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Carbon Fiber Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Carbon Fiber Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Carbon Fiber Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Carbon Fiber Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

The Carbon Fiber Market Research Report by 360iResearch provided invaluable insights and actionable strategies, particularly regarding the expanding need for carbon fiber components in renewable energy projects. Before discovering this report, we struggled with understanding market dynamics and implementing effective strategies. The report's comprehensive analysis enabled us to address such challenges swiftly. As a result, we optimized our operations and significantly increased our market share. We are extremely satisfied with the positive impact of this report on our organization.
Taekwang Industries Co. Ltd.
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. [Published On: 2024-03-05]

  • 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. [Published On: 2024-01-10]

  • 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. [Published On: 2023-12-18]

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.

Before discovering the Carbon Fiber Market Research Report by 360iResearch, our company, DowAksa Advanced Composites Holdings BV, faced significant challenges in tapping into the growing demand for eco-friendly composite products and manufacturing carbon fiber from sustainable materials. The report provided us with invaluable insights and actionable strategies that transformed our approach. Specifically, the market trends and detailed analysis helped us to innovate and adapt swiftly, ensuring our products meet the heightened environmental standards. Thanks to the precise data and well-researched findings, we successfully overcame our previous hurdles and witnessed a notable improvement in our operational efficiency and market positioning. We are extremely satisfied with how 360iResearch’s report steered our organization towards better strategic decisions and sustainable growth.
DowAksa Advanced Composites Holdings BV
Key Company Profiles

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

Carbon Fiber Market - Global Forecast 2024-2030
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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

As a company in the automotive and aerospace industry, we needed lightweight and strong composites. The Carbon Fiber Market Research Report by 360iResearch provided invaluable insights and strategies to address this challenge. The report’s detailed analysis revealed emerging trends and tailored recommendations. Thanks to it, we optimized our materials and achieved enhanced performance and cost-efficiency, significantly boosting our operational success.
Spartec Composites Inc
This research report offers invaluable insights into various crucial aspects of the Carbon Fiber Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Carbon Fiber Market, by Raw Material Type
  7. Carbon Fiber Market, by Fiber Type
  8. Carbon Fiber Market, by Modulus
  9. Carbon Fiber Market, by Application
  10. Carbon Fiber Market, by End-Use
  11. Americas Carbon Fiber Market
  12. Asia-Pacific Carbon Fiber Market
  13. Europe, Middle East & Africa Carbon Fiber Market
  14. Competitive Landscape
  15. Competitive Portfolio
  16. List of Figures [Total: 26]
  17. List of Tables [Total: 468]
  18. List of Companies Mentioned [Total: 25]
Frequently Asked Questions
  1. How big is the Carbon Fiber Market?
    Ans. The Global Carbon Fiber Market size was estimated at USD 9.02 billion in 2023 and expected to reach USD 10.09 billion in 2024.
  2. What is the Carbon Fiber Market growth?
    Ans. The Global Carbon Fiber Market to grow USD 19.95 billion by 2030, at a CAGR of 11.99%
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