Carbon Fiber Market: Size, Share, Trends & Forecast (2024-2029)
The market report offers a detailed analysis segmented by Precursor (Pan, Pitch); by Tow (Large Tow, Small Tow); by Application (Aviation, Automotive, Wind Turbines, Sports & Leisure, Construction); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Outlook
- The carbon fiber market is estimated to be at USD 5,011.12 Mn in 2024 and is anticipated to reach USD 8,996.67 Mn in 2029.
- The carbon fiber market is registering a CAGR of 12.42% during the forecast period of 2024-2029.
- The global carbon fiber market is experiencing significant growth, driven by its increasing application across various industries. Carbon fiber is known for its high strength-to-weight ratio, corrosion resistance, and excellent performance in extreme conditions.
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Ecosystem
- The global carbon fiber industry participants are constantly developing strategies to preserve a competitive advantage.
- These companies dominate the market through extensive product lines, strong brand recognition, and global distribution networks.
- Several important entities in the carbon fiber market include Toray Industries, Inc.; Nippon Carbon Co., Ltd.; Teijin Ltd.; Hexcel Corp.; Zoltek Co., Inc.; and others.
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Findings
| Attributes | Values |
|---|---|
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 5,011.12 Mn |
| Market Size (2029) | USD 8,996.67 Mn |
| Growth Rate | 12.42% CAGR from 2024 to 2029 |
| Key Segments | Precursor (Pan, Pitch); Tow (Large Tow, Small Tow); Application (Aviation, Automotive, Wind Turbines, Sports & Leisure, Construction); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | Toray Industries, Inc.; Nippon Carbon Co., Ltd.; Teijin Ltd.; Hexcel Corp.; Zoltek Co., Inc. |
| Key Countries | The US; Canada; Mexico; Brazil; Argentina; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Israel; UAE; Saudi Arabia; Egypt; South Africa |
| Largest Market | Asia Pacific |
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Trends
- Use in the Automotive Industry: The automotive industry is increasingly adopting carbon fiber for vehicle parts to reduce weight and improve fuel efficiency. For instance, BMW’s i3 and i8 models utilize carbon fiber for structural components, showcasing the material’s growing role in electric vehicle (EV) design and lightweighting strategies.
- Recyclable Carbon Fiber: Environmental concerns are prompting the development of recyclable carbon fiber materials. Companies are investing in technologies that enable carbon fiber recycling to reduce waste and environmental impact.
- Sporting Goods and Luxury Products: Using carbon fiber in sporting goods and luxury products, such as high-performance bicycles, golf clubs, and watches, is expanding. The material’s lightweight, durable, and premium qualities are highly valued in these markets. For instance, in 2023, several high-end bicycle brands introduced new models featuring full carbon fiber frames, appealing to professional athletes and enthusiasts alike.
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Catalysts
- Rising Demand for Lightweight Materials: The increasing emphasis on fuel efficiency and reducing emissions across the aerospace, automotive, and wind energy industries is driving the demand for lightweight materials like carbon fiber. The material’s high strength-to-weight ratio is critical for improving performance while lowering energy consumption.
- Growing Wind Energy Installations: The global expansion of wind energy installations is a key driver for carbon fiber demand, as it is essential for manufacturing large, lightweight turbine blades that can withstand extreme environmental conditions. The shift towards offshore wind farms, where larger blades are required, further boosts the demand for carbon fiber.
- Rising Consumer Demand for High-Performance Products: Consumer demand for high-performance, durable products in sectors like sports equipment, luxury goods, and automotive is driving the adoption of carbon fiber. The material’s premium qualities make it desirable for manufacturers aiming to deliver superior products. For instance, in 2023, the luxury watch market saw an increase in carbon fiber components due to their lightweight and modern appeal.
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Restraints
- High Production Costs: Despite advancements, the high cost of producing carbon fiber remains a significant barrier to widespread adoption, especially in cost-sensitive industries. For instance, in 2023, automotive manufacturers highlighted the challenge of incorporating carbon fiber into mass-market vehicles due to cost constraints.
- Supply Chain Disruptions: The carbon fiber market is vulnerable to supply chain disruptions, particularly concerning the availability of raw materials like polyacrylonitrile (PAN) and pitch. Global events such as the COVID-19 pandemic and geopolitical tensions have exacerbated these disruptions, affecting production and delivery timelines.
- Environmental Impact and Recycling Challenges: The environmental impact of carbon fiber production, including high energy consumption and difficulty in recycling, poses significant challenges. While research into recyclable carbon fiber is ongoing, the current methods are not widely adopted, leading to concerns about sustainability.
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Table of Contents
| 1.       Introduction 1.1.    Research Methodology 1.2.    Scope of the Study 2.       Market Overview / Executive Summary 2.1.    Global Carbon Fiber Market (2018 – 2022) 2.2.    Global Carbon Fiber Market (2023 – 2029) 3.       Market Segmentation 3.1.    Global Carbon Fiber Market by Precursor 3.1.1. Pan 3.1.2. Pitch 3.2.    Global Carbon Fiber Market by Tow 3.2.1. Large Tow 3.2.2. Small Tow 3.3.    Global Carbon Fiber Market by Application 3.3.1. Aviation 3.3.2. Automotive 3.3.3. Wind Turbines 3.3.4. Sports & Leisure 3.3.5. Construction 4.       Regional Segmentation 4.1.    North America 4.1.1. The US 4.1.2. Canada 4.1.3. Mexico 4.2.    South America 4.2.1. Brazil 4.2.2. Argentina 4.2.3. Colombia 4.2.4. Chile 4.2.5. Rest of South America 4.3.    Asia Pacific 4.3.1. China 4.3.2. India 4.3.3. Japan 4.3.4. South Korea 4.3.5. Rest of Asia Pacific 4.4.    Europe 4.4.1. The UK 4.4.2. Germany 4.4.3. Italy 4.4.4. France 4.4.5. Spain 4.4.6. Rest of Europe 4.5.    The Middle East 4.5.1. Turkey 4.5.2. UAE 4.5.3. Saudi Arabia 4.5.4. Rest of the Middle East 4.6.    Africa 4.6.1. Egypt 4.6.2. South Africa 4.6.3. Rest of Africa 5.       Value Chain Analysis of the Global Carbon Fiber Market 6.       Porter Five Forces Analysis 6.1.    Threats of New Entrants 6.2.    Threats of Substitutes 6.3.    Bargaining Power of Buyers 6.4.    Bargaining Power of Suppliers 6.5.    Competition in the Industry 7.       Trends, Drivers and Challenges Analysis 7.1.    Market Trends 7.1.1.    Market Trend 1 7.1.2.    Market Trend 2 7.1.3.    Market Trend 3 7.2.    Market Drivers 7.2.1.    Market Driver 1 7.2.2.    Market Driver 2 7.2.3.    Market Driver 3 7.3.    Market Challenges 7.3.1.    Market Challenge 1 7.3.2.    Market Challenge 2 7.3.3.    Market Challenge 3 8.       Opportunities Analysis 8.1.    Market Opportunity 1 8.2.    Market Opportunity 2 8.3.    Market Opportunity 3 9.       Competitive Landscape 9.1.    Toray Industries, Inc. 9.2.    Nippon Carbon Co., Ltd. 9.3.    Teijin Ltd. 9.4.    Hexcel Corp. 9.5.    Zoltek Co., Inc. 9.6.    Company 6 9.7.    Company 7 9.8.    Company 8 9.9.    Company 9 9.10.  Company 10 |
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Carbon Fiber Market – FAQs
1. What is the current size of the carbon fiber market?
Ans. In 2024, the carbon fiber market size is USD 5,011.12 Mn.
2. Who are the major vendors in the carbon fiber market?
Ans. The major vendors in the carbon fiber market are Toray Industries, Inc.; Nippon Carbon Co., Ltd.; Teijin Ltd.; Hexcel Corp.; Zoltek Co., Inc.
3. Which segments are covered under the carbon fiber market segments analysis?
Ans. The carbon fiber market report offers in-depth insights into Precursor, Tow, Application, and Geography.