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Carbon Fiber Market

Global Carbon Fiber Market Size, Share & Trends Analysis Report by Raw Material (Polyacrylonitrile (PAN), and Petroleum Pitch & Rayon), By Fiber Type (Virgin Carbon Fiber, and Recycled Carbon Fiber), By Industry Vertical (Aerospace and Defense, Automotive, Construction Infrastructure, and Others) and Forecast 2019-2025

Published: Dec 2019 | Report Code: OMR2020010 | Category : Advanced Material | Delivery Format: /

The global carbon fiber market is estimated to grow at a CAGR of over 11% during the forecast period. Carbo fibers are promising materials for use in high-temperature structural applications. This class of materials offers high strength to density ratios. This benefit leads to simpler component designs and weight savings. These properties of carbon fiber are a prime factor that has increased its adoption rate in the recent past. 

Carbon fibers are widely used in the aerospace & defense industry, automotive industry, construction infrastructure industry, and many others as a whole or as composites with other materials. The carbon fiber composites possess high porosity that makes it an ideal solution for electric insulations. In the case of carbide, oxide, and glass matrix carbon fiber composites, the matrix exhibits excellent high-temperature corrosion resistance. This feature makes it suitable for high-temperature structural applications, which include turbine airfoils and hypersonic thermal protection systems.

Segmental Outlook  

The global carbon fiber market is segmented on the basis of raw material, fiber type, industry vertical, and region. On the basis of raw material, the market is sub-segmented into PAN and petroleum pitch & rayon. Based on the fiber type, the market is classified into virgin carbon fiber and recycled carbon fiber. Based on the industry verticals, the market is classified into aerospace & defense, automotive, construction infrastructure, and others such as sporting goods. 

Global Carbon Fiber Market Share by Industry Verticals, 2018 (%)

Global Carbon Fiber Market Share by Industry Verticals

Automotive Industry to Contribute Significant Share in the Global Carbon Fiber Market in 2018 

The automakers focus on lowering vehicle weight in order to produce highly efficient and low fuel consumption vehicles. Thus, OEM’s are replacing traditional materials with advanced ceramic composite materials including carbon fiber, hence driving the global carbon fiber market. Carbon fibers are widely used in the automobile industry as a whole or with other composites. Various automotive components on which carbon fiber cladding is used include ducting, manifolds, cryogenic assemblies, high-temperature pipework assemblies, high-grade tubing, corrosion-resistant fabricated assemblies, heat shields, exhaust lagging and so on. 

Further, carbon fiber eliminates the major disadvantages of traditional ceramic composites such as brittle failure, poor resistance to fracture, and low resistance to thermal shock. In addition, carob fiber delivers various structural and weight benefits over conventional automotive molded steel and injection parts such as the reduction in cost, weight, and recyclability. 

Regional Outlook 

Geographically, the study of the global carbon fiber market covers the analysis of four major regions including North America (the US and Canada), Europe (Germany, UK, Italy, France, Italy, Spain, and Rest of Europe), and Rest of the World (RoW). Europe is expected to contribute a significant share in the global carbon fiber market. This is due to the strong presence of carbon fiber manufacturers coupled with the well-established aerospace & defense industry and automotive industry. 

Global Carbon Fiber Market Growth, by Region 2019-2025
Global Carbon Fiber Market Share by Region

Asia-Pacific to Witness the Highest Growth Rate Over the Forecast Period

Asia-Pacific is the fastest-growing region in the global carbon fiber market. The growth of the region is supported by expanding aerospace & defense industry, automotive industry, and rapidly growing construction infrastructure industry in economies such as China, India, Japan, South Korea, and many others. China is expected to drive the overall Asia-Pacific carbon fiber market over the forecast period. 

According to IATA, air passenger is expected to increase in the near future and China is expected to be the largest aviation market across the globe. For instance, in September 2019, China opened the Daxing International Airport, a mega-hub with the biggest terminals of the globe. The fast-growing aviation market will increase the burden on the aircraft manufacturers to manufacture advanced and light-weighted aircraft which prominently includes the manufacturing with the lightest and most durable materials such as carbon fiber.

The increased spending and investment in the R&D of the aerospace industry also affects the growth of the market in the region. The carbon fiber and its composites possess several benefits that include lightweight, thermal protection, durability among others. The Commercial Aircraft Corporation of China Ltd. (COMAC), a Chinese state-owned aerospace manufacturer is a large player and key manufacturer in the aerospace industry. 

In May 2017, COMAC launched C919 aircraft with the most advanced technological features and is about to launch more such aircraft including C929 and C939 in the near future. In addition, China also aims to be the leader in the aviation industry as it has opened the largest airport and aims to break Airbus and Boeing’s aviation Duopoly in the region. Thus, such rapid investments by the company as well as the government positively affect the aerospace industry in the region which in turn directly affects the carbon fiber market growth. Moreover, COMAC collaborated with Bombardier Inc., jets, equipment, and aircraft manufacturing company, for the passengers’ jet business.

Market Players Outlook

Furthermore, the market consists of several players that are developing carbon fibers to cater to a wide range of customers across the globe. The global carbon fiber industry is fragmented in nature, thereby players operating in the industry faces tough competition. Some of the key players of the market include Kureha Corp., Nippon Carbon Co. Ltd., Solvay SA, SGL Carbon SE, Toray Industries Inc., Hexcel Corp., and many others. In order to remain competitive in the market, these market players adopt various strategies such as mergers and acquisitions, product offering expansion, geographical expansion, partnerships and collaborations, and others.

SGL Group is one of the prominent carbon fiber manufacturing companies operating in the European region. The company is headquartered in Germany and markets its product across the globe. The company has a total carbon fiber production capacity of around 15,000 tons per annum. Moreover, the company plans to expand its production capacity to more than 40,000 tons per annum by 2024. Specifically, in carbon fiber and composites category, the company offers three main products, SIGRAFIL Continuous Carbon Fiber Tows, SIGRAFIL Short Carbon Fibers, and RECAFIL recycled carbon fiber. It caters to a wide range of end-use industries such as automotive, medical, sports, aerospace and defense, and construction infrastructure. 

To capitalize on the market opportunities, SGL Carbon SE adopts various strategies such as mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations, among others. For instance, in February 2018, the company added “Advanced Modulus” 50k carbon fiber SIGRAFIL C T50-4.8 / 280 in its carbon fiber and composites family. The product is intended to mainly serve aviation applications. This enabled the company to offer attractive material solutions for various component classes to the customers in the aerospace industry. 

The Report Covers

  • Market value data analysis of 2018 and forecast to 2025.
  • Annualized market revenues ($ million) for each market segment.
  • Country-wise analysis of major geographical regions.
  • Key companies operating in the global carbon fiber market. Based on the availability of data, information related to products, and relevant news is also available in the report.
  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
  • Analysis of market-entry and market expansion strategies.
  • Competitive strategies by identifying ‘who-stands-where’ in the market.


1. Report Summary

1.1. Research Methods and Tools

1.2. Market Breakdown

1.2.1. By Segments

1.2.2. By Geography

2. Market Overview and Insights

2.1. Scope of the Report 

2.2. Analyst Insight & Current Market Trends

2.2.1. Key Findings

2.2.2. Recommendations

2.2.3. Conclusion

2.3. Rules & Regulations

3. Competitive Landscape

3.1. Company Share Analysis

3.2. Key Strategy Analysis

3.3. Key Company Analysis

3.3.1. Kureha Corp.

3.3.1.1. Overview

3.3.1.2. Financial Analysis

3.3.1.3. SWOT Analysis

3.3.1.4. Recent Developments

3.3.2. Nippon Carbon Co. Ltd.

3.3.2.1. Overview

3.3.2.2. Financial Analysis

3.3.2.3. SWOT Analysis

3.3.2.4. Recent Developments

3.3.3. Solvay SA

3.3.3.1. Overview

3.3.3.2. Financial Analysis

3.3.3.3. SWOT Analysis

3.3.3.4. Recent Developments

3.3.4. Toray Industries Inc.

3.3.4.1. Overview

3.3.4.2. Financial Analysis

3.3.4.3. SWOT Analysis

3.3.4.4. Recent Developments

3.3.5. Hexcel Corp. 

3.3.5.1. Overview

3.3.5.2. Financial Analysis

3.3.5.3. SWOT Analysis

3.3.5.4. Recent Developments

4. Market Determinants

4.1. Motivators

4.2. Restraints

4.3. Opportunities

5. Market Segmentation

5.1. Global Carbon Fiber Market by Raw Material 

5.1.1. Polyacrylonitrile (PAN)

5.1.2. Petroleum Pitch & Rayon 

5.2. Global Carbon Fiber Market by Fiber Type

5.2.1. Virgin Carbon Fiber

5.2.2. Recycled Carbon Fiber

5.3. Global Carbon Fiber Market by Industry Verticals

5.3.1. Aerospace & Defense

5.3.2. Automotive

5.3.3. Construction Infrastructure

5.3.4. Others (Sporting Goods)

6. Regional Analysis

6.1. North America

6.1.1. United States

6.1.2. Canada

6.2. Europe

6.2.1. UK

6.2.2. Germany

6.2.3. Italy

6.2.4. Spain

6.2.5. France

6.2.6. Rest of Europe

6.3. Asia-Pacific

6.3.1. China

6.3.2. Japan

6.3.3. India

6.3.4. Rest of Asia-Pacific

6.4. Rest of the World

7. Company Profiles

7.1. DowAksa Advanced Composites Holdings BV

7.2. ELG Carbon Fibre Ltd.

7.3. Formosa Plastics Corp.

7.4. Hexcel Corp.

7.5. Hyosung Corp.

7.6. JEC Group (Jiangsu Hengshen Co. Ltd.)

7.7. Kureha Corp.

7.8. Mitsubishi Chemical Carbon Fiber and Composites Inc.

7.9. Muhr und Bender KG

7.10. Nippon Carbon Co. Ltd.

7.11. Osaka Gas Chemicals Co., Ltd.

7.12. RTP Co.

7.13. SGL Carbon SE

7.14. Solvay SA

7.15. Taekwang Industrial Co. Ltd.

7.16. Teijin Ltd.

7.17. Toray Industries Inc.

7.18. UMATEX, ROSATOM State Corp. 

7.19. Weihai Guangwei Composites Co. Ltd.

7.20. Zhongfu Shenying Carbon Fiber Co. Ltd.

  1. GLOBAL CARBON FIBER MARKET RESEARCH AND ANALYSIS BY RAW MATERIAL, 2018-2025 ($ MILLION)
  2. GLOBAL PAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  3. GLOBAL PETROLEUM PITCH & RAYON CARBON FIBER MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  4. GLOBAL CARBON FIBER MARKET RESEARCH AND ANALYSIS BY FIBER TYPE, 2018-2025 ($ MILLION)
  5. GLOBAL VIRGIN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  6. GLOBAL RECYCLED CARBON FIBER MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  7. GLOBAL CARBON FIBER MARKET RESEARCH AND ANALYSIS BY INDUSTRY VERTICALS, 2018-2025 ($ MILLION)
  8. GLOBAL CARBON FIBER IN AEROSPACE & DEFENSE MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  9. GLOBAL CARBON FIBER IN AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  10. GLOBAL CARBON FIBER IN CONSTRUCTION INFRASTRUCTURE MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  11. GLOBAL CARBON FIBER IN OTHER INDUSTRY VERTICALS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
  12. GLOBAL CARBON FIBER MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2018-2025 ($ MILLION)
  13. NORTH AMERICAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)
  14. NORTH AMERICAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY RAW MATERIAL, 2018-2025 ($ MILLION)
  15. NORTH AMERICAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY FIBER TYPE, 2018-2025 ($ MILLION)
  16. NORTH AMERICAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY INDUSTRY VERTICAL, 2018-2025 ($ MILLION)
  17. EUROPEAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)
  18. EUROPEAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY RAW MATERIAL, 2018-2025 ($ MILLION)
  19. EUROPEAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY FIBER TYPE, 2018-2025 ($ MILLION)
  20. EUROPEAN CARBON FIBER MARKET RESEARCH AND ANALYSIS BY INDUSTRY VERTICAL, 2018-2025 ($ MILLION)
  21. ASIA-PACIFIC CARBON FIBER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)
  22. ASIA-PACIFIC CARBON FIBER MARKET RESEARCH AND ANALYSIS BY RAW MATERIAL, 2018-2025 ($ MILLION)
  23. ASIA-PACIFIC CARBON FIBER MARKET RESEARCH AND ANALYSIS BY FIBER TYPE, 2018-2025 ($ MILLION)
  24. ASIA-PACIFIC CARBON FIBER MARKET RESEARCH AND ANALYSIS BY INDUSTRY VERTICAL, 2018-2025 ($ MILLION)
  25. REST OF THE WORLD CARBON FIBER MARKET RESEARCH AND ANALYSIS BY RAW MATERIAL, 2018-2025 ($ MILLION)
  26. REST OF THE WORLD CARBON FIBER MARKET RESEARCH AND ANALYSIS BY FIBER TYPE, 2018-2025 ($ MILLION)
  27. REST OF THE WORLD CARBON FIBER MARKET RESEARCH AND ANALYSIS BY INDUSTRY VERTICAL, 2018-2025 ($ MILLION)
  1. GLOBAL CARBON FIBER MARKET SHARE BY RAW MATERIAL, 2018 VS 2025 (%)
  2. GLOBAL CARBON FIBER MARKET SHARE BY FIBER TYPE, 2018 VS 2025 (%)
  3. GLOBAL CARBON FIBER MARKET SHARE BY INDUSTRY VERTICAL, 2018 VS 2025 (%)
  4. GLOBAL CARBON FIBER MARKET SHARE BY GEOGRAPHY, 2018 VS 2025 (%)
  5. US CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  6. CANADA CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  7. UK CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  8. FRANCE CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  9. GERMANY CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  10. ITALY CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  11. SPAIN CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  12. ROE CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  13. CHINA CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  14. JAPAN CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  15. INDIA CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  16. REST OF ASIA-PACIFIC CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
  17. REST OF THE WORLD CARBON FIBER MARKET SIZE, 2018-2025 ($ MILLION)
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