Carbon Fiber Market
Carbon Fiber Market by Raw Material Type (Pan, Pitch), BFiber Type (Virgin, Recycled), Modulus (Standard, Intermediate, High), Product Type (Continuous, Long, Short), Application (Composites, Non-Composites), End-use Industry (Aerospace & Defense, Automotive, Wind Energy, Pipe, Pressure Vessels, Sporting Goods, Construction & Infrastructure, Medical & Healthcare, and Marine), Region - Forecast to 2030
OVERVIEW
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
The carbon fiber market is projected to reach USD 6.82 billion by 2030 from USD 4.82 billion in 2025, at a CAGR of 7.2% from 2025 to 2030. The carbon fiber market is mainly driven by the increasing demand for lightweight materials in high-performance applications, advancements in manufacturing processes, and growing investments in infrastructural projects. The growing adoption of lightweight and high-performance materials is driving the use of carbon fiber in various end-use industries such as aerospace & defense, wind energy, automotive, pipes, sporting goods, medical & healthcare, construction & infrastructure, pressure vessels, marine, and other end-use industries to improve efficiency, performance, and durability.
KEY TAKEAWAYS
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BY RAW MATERIALThe carbon fiber market is categorized into raw material types: polyacrylonitrile (PAN)-based and pitch-based based. The PAN-based carbon fiber segment held the largest share of the overall market due to its superior properties, including high strength, stiffness, and excellent thermal stability.
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BY FIBER TYPEThe global carbon fiber market is segmented based on fiber type into virgin carbon fiber and recycled carbon fiber. Virgin carbon fiber dominated the market share as it offers better mechanical properties than recycled carbon fiber, which is driving its use in various applications.
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BY MODULUSBased on modulus, carbon fiber market is characterized into standard modulus, intermediate modulus, and high modulus carbon fibers. Standard modulus carbon fiber accounted for the largest share because it is cost effective andoffers tensile strength of 500-700 Ksi.
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BY PRODUCT TYPEThe carbon fiber market is segmented based on product type into continuous carbon fiber, long carbon fiber, and short carbon fiber. The continuous carbon fiber segment dominated the market as it offers high strength and rigidity and most commonly used in the aerospace & defense and automotive industries
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BY APPLICATIONCarbon fiber find applications across composites and non-composites segment. As carbon fiber composites are used in various end-use industries due to its high tesnile strength, it is projected to be the fastest growing application in the market.
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BY END-USE INDUSTRYCarbon fiber is used in wide range of end-use industries which include aerospace & defense, wind energy, automotive, pipes, sporting goods, medical & healthcare, construction & infrastructure, pressure vessels, marine. The aerospace & defense industry held the largest share due to high consumption of carbon fiber by commercial and defense aircraft manufacturers such as Boeing, Airbus, and Lockheed Martin.
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BY REGIONThe carbon fiber market covers Europe, North America, Asia Pacific, Latin America, the Middle East, and Africa. Europe is the largest market for carbon fiber due to the presence of established automotive, aerospace & defense, and wind energy industries in the region.
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COMPETITVE LANDSCAPEMajor market players have adopted both organic and inorganic strategies, including partnerships and investments. For instance, Toray Industries, Inc. (Japan), Hexcel Corporation (US), Teijin Limited (Japan) have entered into a number of agreements and partnerships to cater to the growing demand for carbon fiber across innovative applications.
The carbon fiber market is experiencing significant growth, driven by the increasing demand for lightweight, high-strength, and corrosion-resistant materials across various end-use industries. The market growth is fueled by the aerospace and defense industry, which uses it extensively for fuel-efficient aircraft structures, the automotive sector for vehicle lightweighting to improve fuel economy and electric vehicle range, and the wind energy sector for manufacturing longer, more durable turbine blades. Advancements in recycling technologies, 3D printing integration, and sustainable production methods are also tend to increase the demand for carbon fiber in various applications.
TRENDS & DISRUPTIONS IMPACTING CUSTOMERS' CUSTOMERS
Changes in customer trends or disruptions affect consumers’ businesses. These shifts influence the revenues of end users. As a result, the revenue changes for end users are likely to impact the revenues of carbon fiber suppliers, which, in turn, affect the revenues of carbon fiber manufacturers
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
MARKET DYNAMICS
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Growth in manufacturing of satellite parts
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High usage in aerospace & defense industry
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High production cost
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Lack of standardization in manufacturing technologies
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Increased investments in development of low-cost coal-based carbon fibers
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Potential opportunities in new applications
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Production of low-cost carbon fiber
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Capital-intensive production and complex manufacturing process
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Driver: Increased use in wind energy industry
The increasing demand for carbon fiber in the wind energy industry is the major factor driving market growth. Wind turbine blades are key components in wind power generation systems. Carbon fibers are widely used in the structural spar caps of long wind turbine blades. Carbon fiber and carbon fiber composites are used to manufacture wind blades as they reduce the weight of the turbine blade, resulting in increased length, which enables higher electricity generation. Carbon fibers provide the best combination of stiffness, strength, and weight, helping manufacturers to produce larger blades and thus provide higher energy output. Due to its corrosion resistance properties, carbon fiber has helped the wind energy industry grow by enabling wind turbines to work in the toughest environments
Restraint: High production cost
The high cost of carbon fiber is mostly associated with the cost of raw materials or precursors used in the production. The most commonly used precursor for carbon fiber manufacturing is the exceptionally costly precursor polyacrylonitrile (PAN), which necessitates a highly complex and detailed manufacturing process. Carbon fiber production is still relatively limited in scale compared to metals such as steel and aluminum, which leads to inefficiencies and a significant amount of waste. It requires specialized equipment and skilled personnel to ensure the material’s quality and consistency
Opportunity: Potential opportunities in new applications
The demand for carbon fiber composites is increasing in areas such as wind energy, offshore, automotive, sporting goods, pipes & tanks, and construction industries. In the wind energy industry, carbon fiber is recognized as the only material suitable for developing larger and more powerful generators. Moreover, apart from composite applications, carbon fibers can also be used in commercial supercapacitors due to their environmentally friendly nature, low specific gravity, biodegradability, sustainability, low cost, and easy processing. Carbon fibers function as both the electrode-active material and current collector during the fabrication of supercapacitors. Carbon fibers can easily be integrated with wearable electronic textiles by simple weaving procedures, which has boosted their demand in the development of wearable supercapacitors
Challenge: Capital-intensive production and complex manufacturing process
Carbon fiber manufacturing is highly capital-intensive and requires heavy investments. New technologies need to be developed to produce low-cost carbon fiber and carbon fiber-reinforced plastic to commercialize end products. Production and development projects are undertaken to reduce the manufacturing costs of carbon fiber products through advanced technologies and process solutions. According to some industry experts, the production process of carbon fiber is complex and lengthy compared to other alternative products. The development of low-cost and simpler technologies for the commercial production of low-cost fiber composites is a major challenge for governments, research laboratories, and carbon fiber producers globally
carbon-fiber: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
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Utilizes carbon fiber composites in aircraft fuselage and wings for commercial and defense aviation programs | Lightweight structure for fuel efficiency, high tensile strength, fatigue and corrosion resistance |
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Applies carbon fiber in EV body panels, interior components, and structural reinforcements | Improved range through weight reduction, enhanced performance, structural rigidity |
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Uses carbon fiber in wind turbine blades for large offshore and onshore models | Increased stiffness-to-weight ratio, extended blade length potential, higher energy efficiency |
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Integrates carbon fiber composites in automotive chassis and body structures (e.g., BMW i-series) | Lightweighting for better acceleration and fuel economy, durability, reduced CO2 emissions |
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Employs carbon fiber reinforced polymers in aircraft wings, tail assemblies, and fuselage | High mechanical performance, corrosion resistance, reduced maintenance, longer lifespan |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET ECOSYSTEM
The carbon fiber ecosystem analysis involves identifying and analyzing interconnected relationships among various stakeholders, including raw material suppliers, manufacturers, distributors, and end users. The raw material suppliers provide polymers, such as polyacrylonitrile, to carbon fiber manufacturers. The distributors and suppliers establish contact between the manufacturing companies and end users to streamline the supply chain, increasing operational efficiency and profitability
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET SEGMENTS
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Carbon Fiber Market, By Raw Material
In 2024, PAN-based carbon fiber held the largest market share as it offers a higher carbon yield and better mechanical properties than pitch-based carbon fiber. PAN-based carbon fibers are stronger, stiffer, and more durable, which makes them an ideal choice for a wide range of applications in aerospace & defense, wind energy, automotive, pressure vessels, and sporting goods industries. As PAN-based carbon fibers have the ability to withstand extreme conditions such as high temperatures and stress, it is widely used in the aerospace & defense industry to produce lightweight aircraft structures. Growing investments in renewable energy are further increasing the demand for these lightweight materials
Carbon Fiber Market, By Fiber Type
Virgin carbon fiber led the market in 2024 as it offers higher tensile strength compared to recycled carbon fiber. These fibers can be used in layup, weaving, filament winding, braiding, and pultrusion processes to manufacture composite parts for various end-use industries such as aerospace & defense, automotive, wind energy, pipes, and sporting goods. This fiber is robust enough for handling and processing during the manufacturing process. Virgin carbon fiber has long-term performance potential in terms of fatigue and environmental effects.
Carbon Fiber Market, By Modulus
Standard modulus carbon fiber domianted the overall carbon fiber market in 2024 due to its tensile strength of 500-700 Ksi. These are the most cost-effective fibers measured by tensile strength or modulus per unit cost. It is te most commonly used grade across industries and available in tow sizes, from 1K to 24K. Standard modulus carbon fiber is used in sporting goods, automotive, aerospace, and general-purpose tubing applications.Some of the major manufacturers provides an industry-standard standard modulus carbon fiber that possesses excellent processing characteristics for filament winding, weaving, and prepregging.
Carbon Fiber Market, By Product Type
In 2024, continuous carbon fiber accounted for the largest share in the global carbon fiber market. It is composed of long, continuous strands of carbon atoms bonded together in a crystal alignment that provides the fibers with exceptional strength and stiffness. These fibers differ from chopped or short fibers in their superior mechanical properties due to the uninterrupted nature of the fibers. Continuous carbon fiber offers a high strength-to-weight ratio, making it stronger and lighter than steel or aluminum, making them crucial in industries where strength and weight are essential, such as aerospace & defense, automotive, and sporting goods.
Carbon Fiber Market, By Application
Composites application led the market in 2024. Carbon fiber composites are valued for their superior strength, rigidity, tensile properties, and low weight, making them ideal for aerospace & defense, automotive, wind energy, sporting goods, medical, construction, and marine industries. In aerospace, they replace metals like aluminum and titanium to reduce weight in next-generation aircraft, while in automotive they enhance fuel efficiency through lightweight components. Applications extend to large wind turbine blades for efficiency, FRP, CNG, and hydrogen tanks for NGVs and FCEVs, and high-performance sporting equipment such as rackets, golf clubs, helmets, and shoes. They are available in forms like prepregs, molding compounds, and woven fabrics, and offer high stiffness, impact strength, corrosion resistance, and thermal stability.
Carbon Fiber Market, By End-use Industry
In 2024, the aerospace & defense industry dominated the carbon fiber market due to its critical need for lightweight, high-strength materials that improve fuel efficiency, reduce emissions, and enhance performance and safety in aircraft and defense systems. Carbon fiber is widely used in the structural components of aircraft and advanced weaponry, lightweight armor and ballistic protection, boosting mobility and survivability. Strong investments in next-generation aerospace technologies and the high value placed on durability and structural integrity drive its leading demand for carbon fiber composites.
REGION
Asia Pacific to be fastest-growing region in global carbon fiber market during forecast period
The Asia Pacific region is expected to register highest growth rate in the carbon fiber market during the forecast period due to industrialization in major countries such as China, Japan, and South Korea. These countries are experiencing significant growth in industries such as automotive, aerospace & defense, wind energy, sporting goods, and construction & infrastructure, which rely on carbon fiber for its strength, lightweight properties, and durability. Due to growing environmental issues, consumers are shifting toward sustainable solutions, which has increased the demand for electric vehicles. The region is witnessing huge demand for carbon fiber from the automotive industry for the production of electric vehicles, which helps improve battery efficiency and vehicle performance.
carbon-fiber: COMPANY EVALUATION MATRIX
In the carbon fiber market matrix, Toray Industries, Inc. (Star) leads with a strong market share and extensive product footprint, which are widely adopted in aerospace & defense, automotive, sporting goods, and wind energy industries. Zhongfu Shenying Carbon Fiber Co., Ltd. (Emerging Leader) is gaining visibility as it focuses on innovation and backs this with high perforamance carbon fibers for wind blades, sports, pressure vessels, and construction sector. While Toray Industries, Inc. dominates through scale and a diverse portfolio, Zhongfu Shenying Carbon Fiber Co., Ltd. shows significant potential to move toward the leaders’ quadrant as demand for carbon fiber continues to rise.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
KEY MARKET PLAYERS
MARKET SCOPE
| REPORT METRIC | DETAILS |
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| Market Size in 2024 (Value) | USD 4.48 Billion |
| Market Forecast in 2030 (value) | USD 6.82 Billion |
| Growth Rate | CAGR of 7.2% from 2025-2030 |
| Years Considered | 2022-2030 |
| Base Year | 2024 |
| Forecast Period | 2025-2030 |
| Units Considered | Value (USD Million), Volume (Kiloton) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments Covered |
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| Regions Covered | North America, Asia Pacific, Europe, Latin America, Middle East & Africa |
WHAT IS IN IT FOR YOU: carbon-fiber REPORT CONTENT GUIDE
DELIVERED CUSTOMIZATIONS
We have successfully delivered the following deep-dive customizations:
| CLIENT REQUEST | CUSTOMIZATION DELIVERED | VALUE ADDS |
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| APAC-based Carbon Fiber Manufacturers |
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| Composite Component Manufacturers / OEMs |
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| Raw Material Suppliers |
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| End-Users (Aerospace, Automotive, Wind, Construction) |
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RECENT DEVELOPMENTS
- March 2024 : Hexcel Corporation launched a new HexTow continuous carbon fiber, IM9 24K, providing the market with lightweight, strong, and durable carbon fiber with enhanced value for the world’s most advanced aerospace composite applications
- February 2024 : Syensqo partnered with Trillium Renewable Chemicals to develop sustainable raw materials for carbon fiber applications. Trillium's bio-based acrylonitrile (Bio-ACN) is being evaluated by Syensqo for its potential in carbon fiber manufacturing, aiming to advance sustainable solutions from bio-based or recycled sources
- January 2024 : Toray Industries, Inc. launched a high-performance carbon fiber that is 20% stronger than other fibers in the TORAYCA MX series. TORAYCA M46X exhibits a high tensile modulus exceeding 350 GPa, making it suitable for demanding applications where weight is a major concern.
Table of Contents
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Methodology
The study involves two major activities in estimating the current market size for the carbon fiber market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering carbon fiber and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the carbon fiber market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the carbon fiber market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as chief experience officers (CXOs), vice presidents (VPs), business development/marketing directors, product development/innovation teams, related key executives from the carbon fiber industry, system integrators, component providers, distributors, and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to raw material type, fiber type, modulus, product type, application, end-use industry, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customers/end users who are seeking carbon fiber services, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of carbon fiber and future outlook of their business which will affect the overall market.
Breakup of Primary Research:
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Market Size Estimation
The research methodology used to estimate the size of the carbon fiber market includes the following details. The market sizing was undertaken from the demand side. The market was upsized based on the demand for carbon fiber in different applications at the regional level. Such procurements provide information on the demand aspects of the carbon fiber industry for each application. For each application, all possible segments of the carbon fiber market were integrated and mapped.
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Carbon fiber is a long, thin strand of material made from carbon. It is produced by baking precursors, such as polyacrylonitrile (PAN), pitch, and rayon, in an inert atmosphere to dissociate elements other than carbon through a process called pyrolysis. Carbon fiber is lightweight and has excellent strength, low specific gravity, excellent modulus of elasticity, and high corrosion resistance. There are different types of carbon fibers, including high-strength (HS)/standard modulus, intermediate modulus, and high-modulus, each with varying mechanical properties. Carbon fibers used as composite materials are used to make aircraft & spacecraft parts, bicycle frames, pipes & tanks, wind blades, golf shafts, badminton rackets, automobile springs, sailboat masts, automotive structural parts, and various other parts where lightweight and high strength are required. Non-composite applications of carbon fiber include filtration materials, conductive electrodes in batteries and supercapacitors, heat shields, industrial brushes, and electrical components, utilizing its strength, conductivity, and heat resistance in various industries.
Stakeholders
- Carbon Fiber Manufacturers
- Carbon Fiber Distributors and Suppliers
- Universities, Governments, and Research Organizations
- Associations and Industrial Bodies
- R&D Institutes
- Environmental Support Agencies
- Investment Banks and Private Equity Firms
- Research and Consulting Firms
Report Objectives
- To define, describe, and forecast the carbon fiber market size in terms of volume and value
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing the market growth
- To analyze and project the global carbon fiber market by raw material type, fiber type, modulus, product type, application, end-use industry, and region
- To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America, and analyze the significant region-specific trends
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
- To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
- To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and product developments/product launches, to draw the competitive landscape
- To strategically profile the key market players and comprehensively analyze their core competencies
Key Questions Addressed by the Report
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