The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global carbon fiber market is set to experience robust growth, evolving from $4.27 billion in 2022 to $4.69 billion in 2023, showcasing an impressive Compound Annual Growth Rate (CAGR) of 9.9%. As we look ahead, the market is projected to reach a substantial $6.57 billion in 2027, reflecting a commendable CAGR of 8.8%. Let’s delve into the driving force behind this growth—the expanding automotive industry—and explore the pivotal role played by technological innovations in shaping the carbon fiber market.

Driving Forces: The Automotive Industry’s Impact

1. Automotive Industry’s Scope: The automotive industry, encompassing design, development, manufacturing, and more, is a pivotal sector influencing the carbon fiber market.
2. Carbon Fiber in Vehicles: Carbon fiber finds application in crafting lightweight, high-strength vehicle body parts and components, contributing to improved fuel efficiency, enhanced performance, and reduced vehicle weight.
3. Sales Statistics: Notably, according to the Bureau of Transportation Statistics (BTS), new vehicle sales witnessed an increase from 11,041 in 2020 to 11,741 in 2021, emphasizing the sector’s growth.
4. Market Implication: The expanding automotive industry serves as a significant driver for the growth of the carbon fiber market.

Industry Leaders: Key Players Steering Progress

1. Major Players: Leading entities in the carbon fiber market include Toray Industries, Solvay, Nippon Graphite Fiber, Teijin, Hexcel Corporation, Mitsubishi Chemical Carbon Fiber, SGL Carbon, Zoltek Corporation, and others.
2. Strategic Contributions: These companies play a crucial role in providing advanced carbon fiber solutions catering to the diverse needs of industries.

Innovation Unleashed: Asahi Kasei’s Recycling Technology

1. Key Trend: Technological innovations stand out as a key trend gaining popularity in the carbon fiber market.
2. Asahi Kasei’s Breakthrough: In December 2022, Asahi Kasei Corporation developed a recycling technology for high-quality, inexpensive carbon fiber.
3. Recycling System: The innovative recycling system focuses on using recycled carbon fiber from automobiles to create new carbon fiber-reinforced plastic (CFRP) or carbon fiber-reinforced thermoplastic (CFRTP) for cars.
4. Benefits: The technology enables the production of high-quality, reasonably priced CFRTP, promoting vehicle weight reduction and energy savings.

Segmentation Dynamics: Unveiling Market Categories

1. Type Differentiation:
   • Virgin Fiber (VCF)
   • Recycled Carbon Fiber (RCF)
2. Raw Material Variation:
   • Polyacrylonitrile (PAN)
   • Petroleum Pitch
   • Rayon
3. Tow Specification:
   • Large Tow
   • Small Tow
4. Application Landscape:
   • Composite Materials
   • Textiles
   • Microelectrodes
   • Catalysis
5. End-User Diversity:
   • Aerospace and Defense
   • Automotive
   • Wind Energy
   • Pipes and Tanks
   • Sporting Goods
   • Other End-Users

Regional Influence: Western Europe at the Helm

1. Dominant Region: In 2022, Western Europe emerged as the largest region in the carbon fiber market, indicating the region’s prominence in steering industry dynamics.
2. Forecasted Growth: As we move forward, Western Europe is expected to maintain its stronghold and continue influencing the global carbon fiber market.

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The Carbon Fiber Global Market Report 2023  provides an overview of the carbon fiber market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The carbon fiber market forecast analyzes carbon fiber market size, carbon fiber market share, leading competitor and their market positions.

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