Carbon Fiber Market to Record CAGR of 11.1% Over 2024-2032; Increasing Product Demand from Aviation and Aerospace & Defense Sectors to Propel Market Growth

The global carbon fiber market size was valued at USD 2.65 billion in 2023 and is predicted to reach USD 2.82 billion in 2024. The market is anticipated to touch USD 6.54 billion by 2032, recording a CAGR of 11.1% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Carbon Fiber Market Size, Share & Industry Analysis, By Precursor (PAN and Pitch), By Tow (Large Tow and Small Tow), By Application (Aviation, Aerospace & Defense, Automotive, Wind Turbines, Sports & Leisure, Construction, and Others), and Regional Forecast, 2024-2032”.

Carbon fiber, often referred to as graphite fiber, is composed of carbon atoms that measure between five and ten micrometers in diameter. This material boasts several advantageous properties, including high stiffness, an excellent strength-to-weight ratio, low thermal expansion, high tensile strength, superior high-temperature resistance, and increased chemical durability.

The COVID-19 pandemic significantly impacted composite businesses, especially in the automotive industry, as nationwide lockdowns and factory closures halted production and hindered growth. During the pandemic, automobile manufacturers globally faced severe impacts. However, the gradual reopening of economies in 2021 resulted in a resurgence of demand for products across various applications.

Teijin Limited Formed Business Partnership with Fuji Design Co., Ltd. in Carbon Fiber Recycling

Teijin Limited announced that it agreed to form a business partnership with Fuji Design Co., Ltd. to establish a business structure for the production, supply, and commercialization of carbon fiber-reinforced plastic produced from recycled CFs using a low-environmental impact process.

Increasing Product Demand from Aviation and Aerospace & Defense Sectors to Propel Market Growth

The growing interest in CF within the aviation and aerospace & defense sectors is driven by its remarkable characteristics, including an exceptional strength-to-weight ratio, resistance to corrosion, and long-lasting durability. In aviation, the lightweight properties of CF contribute to improved fuel efficiency, which translates into lower operational expenses and decreased emissions. In the aerospace realm, it is employed in structural components to boost both performance and safety. Meanwhile, the defense industry utilizes CFs for lightweight armor, ballistic protection, and cutting-edge weapon systems, significantly enhancing mobility and survivability. All these factors together contribute to carbon fiber market growth.

However, the high cost of CF presents challenges for domestic and small-scale manufacturers seeking to enter the market, which may hinder overall market expansion.

Major Producers Adopt Various Strategies to Remain Competitive in Market

The top companies in the global market include TORAY INDUSTRIES, INC., Solvay, Teijin Limited, Hexcel Corporation, and ZOLTEK Corporation. Several major producers are intensifying their efforts to adopt strategies, including acquisition deals, the introduction of new products, and collaborations to remain competitive.

Notable Industry Development:

• October 2023: Toray Industries Inc. announced plans to increase its high modulus and regular tow* medium carbon fibers production plants at French subsidiary Toray Carbon Fibers Europe S.A. Through this expansion, the company aims to address the rising demand for CF in Europe, spurred by the transition to a net-zero society.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/carbon-fiber-market-101719

List of the Companies Profiled in the Report:

• Toray Industries, Inc. (Japan)
• Syensqo (Belgium)
• Nippon Graphite Fiber Co., Ltd. (Japan)
• TEIJIN LIMITED (Japan)
• Hexcel Corporation (U.S.)
• ZOLTEK Corporation (U.S.)
• HYOSUNG ADVANCED MATERIALS (South Korea)
• Advanced Composites Inc. (U.S.)
• Mitsubishi Chemical Carbon Fiber and Composites, Inc. (U.S.)
• Formosa M Co., Ltd. (South Korea)
• SGL Carbon (Germany)

Further Report Findings

• The Asia Pacific region held the dominating carbon fiber market share in 2023 and was valued at USD 0.97 billion. The region’s growth is primarily due to China holding the maximum share of CF worldwide. Additionally, the rapid industrial growth and heavy spending on infrastructure initiatives in the country further drive the region’s growth.
• Europe is projected to grow rapidly in the coming years. The region’s growth is influenced by the strong presence of a well-established aviation industry in Germany. The country is also home to major manufacturing facilities for the aircraft sector, along with numerous material and component distributors, equipment manufacturers, whole system integrators, and engine producers.
• Based on precursor, the PAN segment captured the largest share of the market in 2023 and is expected to lead the global market in the coming years. The segment’s growth is primarily due to heavy demand from various end-use industries.

Table of Segmentation