Carbon Fiber Market Surges as Demand Soars for Virgin and Recycled Fiber Types

The report "Carbon Fiber Market by Raw Material Type (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type, Modulus (Standard, Intermediate, High), Application (Composites, Non-Composites), End-Use Industry, & Region - Global Forecast to 2033", is estimated at USD 7.1 billion in 2023 and is projected to reach USD 23.2 billion by 2033, at a CAGR of 12.6% from 2023 to 2033. The growth of the carbon fiber market is being driven by several factors, including the increasing demand for lightweight and fuel-efficient materials in the aerospace industry, Growing industrialization and rising disposable income in developing economies have contributed to the growth of the automotive industry and, in turn, the demand for carbon fibers. The high cost of carbon fiber production remains a concern that could hinder market growth. The growing adoption of carbon fibers in wind energy and renewable energy sectors has boosted the carbon fiber market.

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Virgin carbon fiber type segment accounted for largest market share of carbon fiber market in 2022.

The carbon fiber market is segmented based on the fiber types into virgin carbon fiber and recycled carbon fiber. Virgin carbon fibers are produced from precursor materials such as PAN and pitch, whereas recycled carbon fibers are produced from carbon fiber scrap from various industries such as aerospace & defense, wind energy, and transportation. Recycled carbon fiber enables cost savings and energy savings as compared to virgin carbon fiber. The virgin carbon fiber segment dominated the overall carbon fiber market in 2022, owing to its exceptional properties and wide acceptance in end-use industries such as aerospace & defense, wind energy, and sports goods.

Continuous carbon fiber segment is expected to registered highest CAGR during forecasted period

Continuous carbon fiber is a type of carbon fiber that is produced in a form that allows for the creation of continuous strands or fibers. These fibers are extremely stiff, strong, and light, making them ideal for various applications, including aerospace, automotive, and sporting goods industries. Continuous carbon fiber is typically made from polyacrylonitrile (PAN), pitch, or rayon as the precursor. Continuous carbon fiber 3D printing is an emerging technology that allows professionals to produce strong, lightweight parts by mixing continuous strands of carbon fiber with thermoplastic base materials, such as PLA, ABS, Nylon, PETG, and PEEK.

Asia Pacific region is expected to registered second highest CAGR in terms of value during forecasted period

The carbon fiber market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The Asia Pacific carbon fiber market is experiencing explosive growth, fueled by a potent mix of factors. Soaring demand from industries like aerospace, automotive, and wind energy is at the forefront, with China leading the charge. China, the world's largest carbon fiber producer and consumer, is driving the market with its booming domestic aircraft and electric vehicle production.  This insatiable demand for lightweight and fuel-efficient materials is propelling the region's carbon fiber market to new heights. Countries like Japan and South Korea, with their established automotive and electronics industries, are also contributing significantly to the regional market growth. Their focus on technological advancements and sustainability goals aligns perfectly with the advantages of carbon fiber, ensuring continued demand in the years to come.

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Key players

Prominent companies include Toray Industries Inc., (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), Hexcel Corporation (US), Solvay (Belgium), SGL Carbon (Germany), Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Co., Ltd. (China), Kureha Corporation (Japan), DowAksa (Turkey), Jilin Chemical Fiber Group Co., Ltd. (China), Jiangsu Hengshen Co., Ltd. (China), Anshan Sinoda Carbon Fibers Co., Ltd. (China), and China National Bluestar (Group) Co., Ltd. (China) among others.

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