Carbon Fiber Market Surges to USD 23.2 Billion by 2031, Propelled by 12.6% CAGR – Verified Market Research®

The carbon fiber market is driven by increasing demand in aerospace, automotive, and renewable energy sectors due to its high strength-to-weight ratio, corrosion resistance, and durability. Technological advancements and growing emphasis on fuel efficiency and emission reductions further boost market growth. However, high production costs, complex manufacturing processes, and recyclability challenges restrain market expansion. Additionally, limited raw material availability and dependence on petroleum-based precursors pose significant restraints.

Lewes, Delaware, June 13, 2024 (GLOBE NEWSWIRE) — The Global Carbon Fiber Market is projected to grow at a CAGR of 12.6% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 4.66 Billion in 2024 and is expected to reach USD 23.2 Billion by the end of the forecast period.

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Browse in-depth TOC onGlobal Carbon Fiber Market

202 – Pages

126 – Tables

37 – Figures

Scope Of The Report

STUDY PERIOD 2021-2031
UNIT Value (USD Billion)
KEY COMPANIES PROFILED Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), Dow (USA), Solvay S.A. (Belgium), BASF SE (Germany), SGL Carbon SE (Germany), Formosa Plastics Corporation (Taiwan), ExxonMobil Corporation (USA), Huntsman Corporation (USA)
SEGMENTS COVERED Type, Raw Material, Grade, and Geography
CUSTOMIZATION SCOPE Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Carbon Fiber Market Overview

High Demand in Aerospace and Automotive Industries: The automobile and aerospace industries use carbon fiber, which boosts the market for the material. Because of its excellent strength-to-weight ratio, lighter, more fuel-efficient cars and aircraft can be produced. The adoption of carbon fiber is fueled by the desire for fuel efficiency and performance enhancement, which is creating new market prospects.

Technological Advancements: Continuous technical developments improve the characteristics of carbon fiber and lower its price. Modern resin systems and automated fiber placement are examples of manufacturing process innovations that increase production quality and efficiency. These advancements increase the accessibility and appeal of carbon fiber to a wider range of sectors, driving market expansion.

Growing Emphasis on Sustainability: With the increasing emphasis on sustainability, the carbon fiber market is experiencing a surge in growth. The potential of carbon fiber to decrease emissions by utilizing lightweight construction is in line with worldwide environmental objectives. Carbon fiber wind turbine blades improve efficiency and durability, leading to increased demand in the renewable energy sector. This focus on sustainability expands the market’s range and potential uses.

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High Production Costs: The exorbitant production expenses associated with carbon fiber pose a substantial obstacle to the expansion of the market. Carbon fiber is less competitive than traditional materials due to its intricate manufacturing process and costly raw resources. The expenses associated with it provide a significant obstacle to its general acceptance, especially in industries that prioritize cost-efficiency, so restricting its market reach.

Complex Manufacturing Processes: The complex production methods of carbon fiber present a significant limitation. The use of specialized equipment and highly skilled staff is crucial, as it adds complexity to the production process and leads to higher costs. The intricacies involved can result in extended production times and elevated costs, dissuading certain prospective customers from using carbon fiber into their products.

Recyclability Challenges: The carbon fiber market faces major obstacles due to issues in recyclability. The limited attractiveness of carbon fiber composites in recycling is a significant challenge, particularly as companies transition to circular economy models. It is essential to tackle these problems related to recyclability in order to ensure the long-term viability of the industry and to gain wider adoption.

Geographic Dominance:

North America and Asia-Pacific have significant regional dominance in the carbon fiber market. North America is in the forefront because of its strong aerospace and defense sectors, superior manufacturing capacities, and substantial investments in research and development. Meanwhile, the Asia-Pacific region is experiencing tremendous growth, mostly due to the rising demand in the automotive, construction, and wind energy industries, especially in China and Japan. Europe’s emphasis on automotive innovation and sustainability establishes it as a significant participant in the global market.

Carbon Fiber Market Key Players Shaping the Future

Major players, including Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), Dow (USA), Solvay S.A. (Belgium), BASF SE (Germany), SGL Carbon SE (Germany), Formosa Plastics Corporation (Taiwan), ExxonMobil Corporation (USA), Huntsman Corporation (USA). and more, play a pivotal role in shaping the future of the Carbon Fiber Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.

Carbon Fiber Market Segment Analysis

Based on the research, Verified Market Research® has segmented the global Carbon Fiber Market into Type, Raw Material, Grade, And Geography.

To get market data, market insights, and a comprehensive analysis of the Global Carbon Fiber Market, please Contact Verified Market Research®.

  • Carbon Fiber Market, by Type
    • PAN-Based Carbon Fiber
    • Pitch-Based Carbon Fiber
    • Rayon-Based Carbon Fiber
  • Carbon Fiber Market, by Raw Material
    • Virgin Carbon Fiber
    • Recycled Carbon Fiber
  • Carbon Fiber Market, by Grade
    • Standard Grade
    • Intermediate Modulus Grade
    • High Modulus Grade
  • Carbon Fiber Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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