PAN-based Carbon Fiber Market worth $6.59 billion by 2030
The report "PAN-based Carbon Fiber Market By Modulus (Standard, Intermediate, High), By Application (Composites, Non-Composites), By End-use Industry and Region - Forecast To 2030" The global PAN-based carbon fiber market is expected to reach USD 6.59 billion by 2030 from USD 4.63 billion in 2025, at a CAGR of 7.3% from 2025 to 2030 The market for PAN-based carbon fiber is shaped by several core factors, including the strong presence of established manufacturers, continuous technological advancements, and growing government support across key end-use industries. With a rising number of global producers expanding PAN precursor and carbon fiber capacities, competition has intensified, driving innovation toward lighter, stronger, and cost-efficient fiber grades across standard, intermediate, and high-modulus categories. Industries such as aerospace & defense, automotive, wind energy, pressure vessels, sporting goods, construction & infrastructure, medical, and marine are increasingly adopting PAN-based carbon fiber to enhance structural performance, reduce weight, and meet stringent energy-efficiency targets. Advancements in stabilization, carbonization, and surface treatment technologies have further optimized production efficiency and lowered manufacturing costs, broadening the scope of composites and non-composite applications.
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Additionally, supportive government policies promoting sustainability, renewable energy deployment, and emission reduction, particularly in wind turbine installations and electric vehicle manufacturing, are accelerating market expansion. As production scales up and process innovations mature, the global PAN-based carbon fiber market is poised for robust growth through 2030.
In 2024, the intermediate modulus segment accounted for the second-largest share in the PAN-based carbon fiber market.
Intermediate modulus PAN-based carbon fiber accounted for the second-largest market as it offers a balance between strength and stiffness, making it ideal for high-performance applications. It has a higher tensile modulus than standard modulus PAN-based carbon fiber (typically around 42–49 million psi), but is more flexible than high-modulus fibers. Intermediate modulus PAN-based carbon fiber provides improved strength-to-weight ratio and durability, making it popular in aerospace & defense, automotive, and sporting goods industries. It is commonly used in aircraft structures, high-end bicycles, and performance sports equipment, where both strength and flexibility are needed.
The wind energy industry is expected to register the second-highest CAGR in the PAN-based carbon fiber market during the forecast period.
The wind energy segment is projected to register the second-highest growth rate in the PAN-based carbon fiber market due to its exceptional properties that enhance wind turbine performance and efficiency. Its high strength-to-weight ratio allows for the construction of longer and lighter blades without compromising on durability, thus increasing the overall turbine efficiency. Additionally, the superior mechanical properties of PAN-based carbon fibers help wind turbine blades withstand continuous stress, reducing maintenance costs and extending their lifespan. As the demand for renewable energy grows, PAN-based carbon fiber continues to play a crucial role in improving the efficiency, reliability, and sustainability of wind power technology.
Europe accounts for the largest share of the PAN-based carbon fiber market.
Europe dominates the PAN-based carbon fiber market due to its devotion to sustainability and decarbonization and the rising shift toward the adoption of electric vehicles. The demand for PAN-based carbon fiber is driven by the need for lightweight, durable, and high-performance materials. In the automotive sector, manufacturers are increasingly using carbon fiber to reduce vehicle weight, thereby improving fuel efficiency and lowering CO2 emissions to comply with strict EU regulations. Similarly, the aerospace industry relies on PAN-based carbon fiber composites to manufacture lighter aircraft, which helps reduce fuel consumption and operating costs. Companies like Airbus integrate these materials extensively to meet sustainability targets and enhance aircraft performance. The demand is further fuelled by the European Union’s stringent environmental regulations, which encourage industries to adopt sustainable and recyclable materials.
Key Players
Prominent companies include Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Carbon Fiber & Composites (Japan), Hexcel Corporation (USA), SGL Carbon SE (Germany), ZOLTEK (USA), Aksa Carbon (Turkey), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Fiber Co., Ltd. (China), Jilin Chemical Fiber Group (China), Jiangsu Hengshen Carbon Fibre & Composites (China), Taekwang Industrial (South Korea), Formosa Plastics (Taiwan), UMATEX Rosatom Group (Russia), Weihai Guangwei Composites Co., Ltd. (China), Sinofibers Technology Co., Ltd. (China), Kingfa Science & Technology (China), H Reinforcing Fiber Co., Ltd. (China), Kureha Corporation (Japan), Shanghai Petrochemical Sinopec Carbon Fiber Division (China), Anshan Sinoma Carbon Fiber Co., Ltd. (China), Jiangsu Hengke Advanced Materials (China), and Shandong Yadong Carbon Fiber Technology Co., Ltd. (China).
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