Carbon Fiber Market Projected to Surpass USD 17.82 Billion by 2031, Driven by Surging Demand in Automotive and Aerospace Industries

“The adoption of lightweight, fuel-efficient vehicles and the expanding aerospace sector are driving the carbon fiber market towards significant growth.”

The carbon fiber market is experiencing extraordinary growth due to its exceptional properties and increasing adoption across diverse industries. A report from SNS Insider indicates a remarkable expansion potential, with the market size poised to reach USD 17.82 billion by 2031 from USD 6.9 billion in 2023. This represents a compound annual growth rate (CAGR) of 12.4% between 2024 and 2031.

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Some of the Key Players Included are:

• Mitsubishi Chemical Corporation
• Toray Industries Inc.
• DowAksa
• Solvay
• Hexcel Corporation
• Hyosung Advanced Materials
• Zhongfu Shenying Carbon Co.
• SGL Carbon Ltd
• Teijin Limited
• Formosa Plastic Corporation

Growing Demand Across Industries

The rising demand for carbon fiber is fueled by its widespread applications in a variety of sectors, including:

• Automotive: The need for lightweight, fuel-efficient vehicles drives the integration of carbon fiber into various automotive components.
• Aerospace and Defense: The product’s superior strength-to-weight ratio, durability, and corrosion resistance make it invaluable for aircraft, spacecraft, and defense equipment.
• Renewable Energy: Carbon fiber’s lightweight properties enhance wind turbines’ efficiency and power generation.
• Sports and Leisure: The demand for high-performance sports equipment boosts the utilization of carbon fiber.

Several key factors are contributing to the carbon fiber market’s dynamic trajectory:

• The urgent need to address the energy crisis promotes using carbon fiber to optimize energy efficiency across various applications.
• wind energy installations are fueling demand for carbon fiber-based wind turbines.
• The growth of the commercial aviation sector creates significant demand for carbon fiber in aerospace applications.
• The need for fuel-efficient vehicles and regulatory focus on emissions reduction are key drivers in the automotive industry’s adoption of carbon fiber.

Europe and Asia Pacific are key regional forces in the carbon fiber market.

Europe dominated the carbon fiber market with the highest revenue share of more than 32.5% in 2023 stemming from its extensive electric car manufacturing base and a strong emphasis on lightweight, fuel-efficient vehicles. The region’s thriving aerospace and defense industry, focusing on innovative graphite fiber applications, further fuels its growth.  Significant R&D investment by automakers in developing cost-effective carbon composites also strengthens Europe’s position. Germany’s robust aviation sector, exemplified by the manufacturing presence of Airbus and Eurofighter, creates additional demand. Meanwhile, Asia Pacific’s rapid growth is driven by swift urbanization, increased government infrastructure spending, and the construction industry’s adoption of construction composites.  The region’s investments in aviation, aerospace, defense, and renewable energy sectors further propel demand for carbon fiber.

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Segment Analysis

By Raw Material

• PAN
• Petroleum
• Pitch
• Coal

By Product type

• Long
• Short
• Continuous

By Technology

• Stabilizing
• Carbonizing
• Sizing
• Treating the surface

By End user

• Defence & Aerospace
• Wind Energy
• Automotive
• Electronics & Electrical
• Sports
• Other

Raw Material Analysis

The PAN (polyacrylonitrile) segment currently dominates the carbon fiber market, and this trend is likely to continue. PAN-based graphite fiber’s popularity is driven by its cost-effectiveness, superior tensile strength, high modulus, and overall excellent fiber quality. The aerospace & defense, automotive, and sporting goods industries are major consumers of PAN-based carbon fiber, fueling this segment’s growth.

End-User Analysis

The aerospace & defense segment is the leader in carbon fiber consumption. Composite materials are essential in aircraft interiors, engine blades, propellers, brackets, and even wings for single-aisle and wide-body jets. Fiber composites are crucial as aerospace engineers strive to make air travel safer and more sustainable. This focus, coupled with increasing aircraft production, positions the aerospace & defense industry as the primary driver of carbon fiber market growth.

Impact of the Russia-Ukraine War

The ongoing Russia-Ukraine conflict has significantly impacted the carbon fiber market. Disruptions in supply chains, price volatility of raw materials, and sanctions have created challenges for manufacturers and suppliers. The conflict has hindered the expansion of the aerospace and defense sectors, particularly in Europe, leading to fluctuating demand for carbon fiber composites.

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Recent Developments by the key players of the carbon fiber industry:

• June 2023: Solvay and Spirit AeroSystems strengthen their partnership on composite aerostructure development, aiming for automation, cost-reduction, and innovation.
• April 2023: Solvay and GKN Aerospace extend their collaboration, targeting high-rate thermoplastic composite (TPC) programs.
• December 2022: Solvay partners with Trillium on bio-based acrylonitrile for carbon fiber production across industries.
• November 2022: Celanese Corporation acquires DuPont’s Mobility & Materials (M&M) business, expanding its portfolio and global reach.

Key Takeaways for the Carbon Fiber Market Study

• The carbon fiber market offers substantial growth opportunities due to its expanding applications across diverse industries.
• Increasing emphasis on lightweight materials and energy efficiency fuels demand.
• Innovations and cost-reduction strategies will be crucial for broader market accessibility.
• Market volatility due to geopolitical events and economic factors poses potential challenges.

Table of Contents – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
   • COVID-19 Impact Analysis
   • Impact of Ukraine- Russia war
   • Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Carbon Fiber Market Segmentation, By Raw Material
9. Carbon Fiber Market Segmentation, By Product Type
10. Carbon Fiber Market Segmentation, By Technology
11. Carbon Fiber Market Segmentation, By End user
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion

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