What Has Been the Growth of the Carbon Fiber Market So Far?
The carbon fiber market has seen considerable growth due to a variety of factors.
•The market size for carbon fiber has seen a robust increase over the past few years. It is projected to escalate from $5.1 billion in 2024 to $5.57 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%.
This significant rise throughout the historical period is primarily due to its application in aerospace and defense, its acceptance in the automobile industry, growth in wind energy sector, its use in sports and recreation, and its broadening scope in industrial applications.
What Are the Future Growth Projections for the Carbon Fiber Market?
The carbon fiber market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated robust increase is predicted in the carbon fiber market in the forthcoming years, reaching a size of "$7.96 billion by 2029 with a compound annual growth rate (CAGR) of 9.3%.
This surge over the forecast period is largely due to the consistent demand in aerospace and defense sectors, rise in the production of electric vehicles, progress in the renewable energy sector, novel innovations in sports gear, and ventures in infrastructure and construction. The key trends of the forecast period encompass advancements in recycling technologies, the creation of high-performance composites, integration with 3D printing procedures, escalated adoption of electric vehicles, along with a focus on sustainable sourcing and manufacturing processes.
What Factors Are Driving Growth In The Carbon Fiber Market?
The expansion of the automobile industry is anticipated to catalyze the development of the carbon fiber market. The automobile industry is an expansive sector that encompasses a multitude of companies and firms involved in the ideation, production, marketing, sales, and maintenance of motor vehicles. Carbon fiber is used in this industry to create vehicle parts and components that are lightweight yet strong, enhancing fuel efficiency, performance, and weight reduction, particularly in vehicles. As an illustration, Asia Automotive Analysis, a digital publication specializing in the automobile industry of Asia, has stated that the production of cars in South Korea surged by 8.5% in 2022 compared to the previous year, amounting to 3,756,491 units. Consequently, the expansion of the automobile industry is propelling the carbon fiber market.
What Are The Main Segments Of The Global Carbon Fiber Market?
The carbon fiber market covered in this report is segmented –
1) By Type: Virgin Fiber (VCF), Recycled Carbon Fiber (RCF)
2) By Raw Material: Polyacrylonitrile (PAN), Petroleum Pitch, Rayon
3) By Tow: Large Tow, Small Tow
4) By Application: Composite Materials, Textiles, Microelectrodes, Catalysis
5) By End-Users: Aerospace And Defense, Automotive, Wind Energy, Pipes And Tanks, Sporting Goods, Other End-Users
Subsegments:
1) By Virgin Fiber (VCF): PAN-Based Virgin Fiber, Pitch-Based Virgin Fiber, High-Strength Virgin Fiber, High-Modulus Virgin Fiber
2) By Recycled Carbon Fiber (RCF): Melt-Process Recycled Fiber, Recycled Fiber from Polymer Matrix Composites, Recycled Fiber from Thermoset Composites, Chopped Recycled Carbon Fiber
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What Emerging Trends Are Influencing The Growth Of The Carbon Fiber Market?
Technological advancements are proving to be a prevalent trend in the evolution of the carbon fiber market. Prominent firms within the carbon fiber industry are cultivating unique technologies to reinforce their market position. For instance, Asahi Kasei Corporation, a chemical corporation based in Japan, introduced a groundbreaking recycling technology for cost-effective, high-grade carbon fiber in December 2022. This nascent recycling method is designed to create a recycling system using recycled carbon fiber from cars to manufacture new carbon fiber-reinforced plastic (CFRP) or carbon fiber-reinforced thermoplastic (CFRTP) for automobiles. This allows for the production of high-grade, reasonably priced CFRTP using recycled carbon fiber derived from automobiles. Furthermore, it aids in reducing automobile weight and conserving energy.
Who Are the Key Players in the Carbon Fiber Market?
Major companies operating in the carbon fiber market include:
• Toray Industries Inc.
• Solvay S.A.
• Nippon Graphite Fiber Co. Ltd.
• Teijin Limited
• Hexcel Corporation
• Hyosung Advanced Materials Corp.
• Mitsubishi Chemical Carbon Fiber and Composites Inc.
• Formosa M Co. Ltd.
• DowAksa
• SGL Carbon SE
• Zoltek Corporation
• Zhongfu Shenying Carbon Co. Ltd.
• Jiangsu Hengshen Co. Ltd.
• Jilin Chemical Fiber Group Co. Ltd.
• BASF SE
• Covestro AG
• Cytec Solvay Group
• Toho Tenax Co. Ltd.
• Kureha Corporation
• Kordsa Teknik Tekstil A.S.
• AKSA Akrilik Kimya Sanayii A.S.
• Carbon Conversions Inc.
• Carbon-Core Corp.
• Carbon Revolution
• Dexcraft
• Kamenskvolokno JSC
• Rock West Composites
• Plasan Carbon Composites
• ELG Carbon Fibre
• Composites Horizons
• Textum Inc.
• PRF Composite Materials
• Fiberex Glass Corporation
What Is The Most Dominant Region In The Carbon Fiber Market?
Western Europe was the largest region in the carbon fiber market in 2024. The regions covered in the carbon fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
