PAN-based Carbon Fiber Market

The PAN-based carbon fiber market is projected to grow from USD 4.63 billion in 2025 to USD 6.59 billion by 2030, at a CAGR of 7.3% during the forecast period.

The growth of the PAN-based carbon fiber market is influenced by advancements in manufacturing technologies and the growing demand from end-use industries such as aerospace & defense, wind energy, automotive, and sporting goods. Advancements in production technologies, like cost-effective processes and recycling, have improved the accessibility of PAN-based carbon fiber. In industries such as aerospace & defense, companies like Boeing and Airbus employ PAN-based carbon fiber composites for improved fuel efficiency. In the automotive sector, PAN-based carbon fiber is primarily used in electric vehicles and high-end cars due to its lightweight nature and impact strength. Sustainability issues have resulted in the increased adoption of PAN-based carbon fiber because of its ability to minimize carbon emissions and increase energy efficiency, especially in transportation. The renewable energy industry, particularly wind power, also depends on PAN-based carbon fiber for efficient turbine blades. Additionally, its use in sports equipment, consumer electronics, and premium products has boosted its commercial appeal. However, its high production cost and complex processing techniques have limited its widespread acceptance.

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Some of the major manufacturers operating in the PAN-based carbon fiber market are 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), and UMATEX Rosatom Group (Russia).

In the past few years, many of the major players have been adopting various growth strategies to strengthen their position in the global PAN-based carbon fiber market. These growth strategies include agreements, product launches, contracts, collaborations, mergers & acquisitions, partnerships, and research & development activities aimed at expanding their market presence in the PAN-based carbon fiber market even further.

Toray Industries, Inc. (Japan)

Toray Industries, Inc. is a Japanese multinational company specializing in advanced materials and technologies. The company operates across various sectors, including fibers and textiles, performance chemicals, PAN-based carbon fiber composite materials, and environmental and engineering solutions. It offers PAN-based carbon fibers through its carbon fiber composite materials business segment. It is designed to meet the rigorous demands of aerospace and industrial applications. Toray Industries has operations in Japan, China, South Korea, the US, and several European nations. The company’s commitment to innovation and sustainability is evident in its continuous development of advanced PAN-based carbon fiber technologies and its strategic initiatives to reduce CO2 emissions, aiming for carbon neutrality by 2050.

Hexcel Corporation (US)

Hexcel Corporation is a global leader in the PAN-based carbon fiber market, primarily serving the aviation and aerospace industries. The company operates through two main segments: Composite Materials and Engineered Products. The company specializes in developing and marketing lightweight, high-performance materials and structures, such as PAN-based carbon fibers, composites, prepregs, honeycombs, matrix systems, adhesives, and composite structures. These products are used across various sectors, including aerospace, defense, automotive, and industrial applications. Under its Composite Materials segment, Hexcel offers continuous carbon fibers branded as HexTow. The company has a strong global presence, with 22 manufacturing facilities across North America, Europe, and Asia Pacific.

Teijin Limited (Japan)

Teijin Limited is a key player in the global PAN-based carbon fiber market. Teijin Carbon Europe GmbH (a principal subsidiary of Teijin Limited) has been manufacturing high-performance PAN-based carbon fiber. It also offers advanced material solutions, including high-temperature resins, prepreg systems, new fibers, and tailored sizing, among others. Teijin Limited is expanding its global reach by entering into agreements and partnerships with other companies in the market. It is also acquiring major suppliers to boost its production capacity to meet the increasing demand. The company spends significantly on research & development for new products.

Pan-Based Carbon Fiber Market: Market Ranking

The PAN-based carbon fiber market is consolidated, with the top five players accounting for around 60-70% of the total market share. Toray Industries’ leading position in this market can be attributed to its technological innovation, strong research and development capabilities, extensive production capacity, and strategic partnerships across various industries. As one of the pioneers in PAN-based carbon fiber manufacturing, the company has developed high-performance PAN-based carbon fiber materials that are widely used in aerospace, automotive, wind energy, and sporting goods industries. Other prominent companies in the PAN-based carbon fiber industry include Hexcel Corporation and Teijin Limited. These companies have made significant progress in offering competitive products and solutions to meet various PAN-based carbon fiber applications and needs. Companies such as Mitsubishi Chemical Group Corporation and Zhongfu Shenying Carbon Fiber Co., Ltd. are helping diversify the PAN-based carbon fiber market as these companies are pioneering advanced technologies and increasing their manufacturing capacity, which in turn, will also support the growth of the overall PAN-based carbon fiber sector.

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PAN-based Carbon Fiber Market By Modulus (Standard, Intermediate, High), By Application (Composites, Non-Composites), By End-use Industry and Region - Forecast To 2030

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