Carbon Fibers Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Growing demand for lightweight aircrafts in the defense industry has boosted high demand for carbon fibers in the market. Carbon fibers are gaining high demand from the global market due to its beneficial properties such as high tensile strength, heat resistant and manufacturing flexibility among others. These properties have led to high demand from various end-user industries in the global market. Automotive industry accounted as the second largest application segment of global carbon fibers market in 2020. Rising concerns for fuel efficient has boosted market demand for carbon fibers due to its lightweight material property. Due to the lightweight property of carbon fibers, automotives consume less amount of fuel giving without compromising on performance. Hence, high demand is reported for carbon fibers from the automotive industry. Manufacturing flexibility is another factor contributing to growth of carbon fiber market especially in Europe. Europe is the hub for major automotive industries in the global market. Hence, Europe is accounted as the fastest growing region for carbon fibers market. Growing construction activities in Asia Pacific has also led to growth of carbon fibers in the market. Carbon fibers have replaced the materials used in the manufacturing of construction equipments. Hence, high demand is reported for carbon fibers from the construction industry. The beneficial properties of carbon fibers are well suited for variety of application based on its precursor type. The raw materials used in manufacturing carbon fibers are known as precursors. PAN based carbon fibers accounted for major share of global carbon fibers market. The beneficial properties such as high strength, heat resistant and manufacturing flexibility among others has led to high demand from wide range of end-user industries.

Carbon fiber market is expected to reach over US$ 7.59 Bn by 2029, growing at a CAGR of more than 9.7% during the forecast period 2021-2029.

Purpose of the Report

The purpose of this strategic research study titled “Global Carbon fiber Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 - 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global carbon fiber market.

Target Audience

• Industry Investors
• Carbon fiber Providers/Vendors
• Research Professionals
• Emerging Companies
• Raw Material Suppliers/ Buyers
• Product Suppliers/ Buyers
• Research Institutes

USP and Key Offerings

The report titled “Global Carbon fiber Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 - 2029” offers strategic insights into the global carbon fiber market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on applications, functions and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading carbon fiber vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:

• Current and future market trends to justify the forthcoming attractive markets within carbon fiber industry
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2018 - 2019)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global carbon fiber market, of growth, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.

On the basis of precursor type, the carbon fiber market is categorized into following categories:

• Pitch Based Carbon Fiber
• PAN Based Carbon Fiber
• Others (Polyolefin Based Carbon Fiber; Rayon Based Carbon Fiber, etc.)

PAN based carbon fiber market dominated the global carbon fiber market in 2020 and is expected to retain its position during the forecast period. The raw materials which are used in the production of carbon fibers are known as precursors. Carbon fibers are produced using materials such as PAN, petroleum and rayon pitch. The carbon fibers produced are mostly made up of 90% of PAN. The remaining 10% are made from petroleum and rayon pitch. In the recent years, carbon fiber industry has been growing steadily to meet the rising demands from various applications in the end-user industries. Carbon fibers used in the end-user industries for different applications depend on the precursor type used to manufacture carbon fibers. The beneficial properties of PAN based carbon fibers such as thermal stability, low density, modulus of elasticity and high strength has led to high demand from various applications in the global market. Therefore, high demand is reported for PAN based carbon fibers in the global market. Pitch is a material which is viscoelastic and is made up of aromatic hydrocarbons. Pitch based carbon fibers are also expected to experience high demand during the forecast period due to its properties such as high strength, withstand high levels of stress and has high elastic modulus among others. Hence, pitch based carbon fibers are also expected to experience high demand in the near future, thereby boosting growth of global carbon fiber market. Other segment is expected to experience sluggish growth but is expected to gain market share during the forecast period due to growing end-user industries in the global market.

On the basis of its application, the carbon fiber market is categorized into following segments:

• Aerospace & Defense
• Wind Turbines
• Sports/Leisure
• Automotive
• Construction
• Others 

Growing demand for lightweight materials in manufacturing large number of products in the end-user industries has led to growth of carbon fibers market. Carbon fiber possess beneficial properties for advanced materials such as high tensile strength, lightweight, heat resistant and manufacturing flexibility. Therefore, high demand is reported for carbon fiber from wide range of end-user industries such as aerospace & defense, energy, automotive, construction and sports among others. Aerospace & defense accounted as the largest application segment of carbon fiber in the market. The demand for lightweight materials in manufacturing aircraft components has led to high demand for carbon fibers. High demand for lightweight aircrafts in the defense industry has led to growth of global carbon fibers market. Fuel efficiency is another factor boosting high demand for carbon fibers in the global market. Lightweight materials help in saving fuel and energy in automotives. Hence, automotive segment is expected to follow aerospace & defense and is expected to fuel high growth of carbon fibers in the market worldwide. Carbon fiber is widely used in other industries such as construction, sports, wind turbines among others. The lightweight property of carbon fibers is the major factor for its growth in the global market. The industries stated above are also expected to drive demand for carbon fibers during the forecast period from 2021 to 2029.

On the basis of geography, the global carbon fiber market is segmented into following categories

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Rest of the World
• Latin America
• Middle East & Africa
• Others 

North America accounted for major share of global carbon fiber market in 2020 and is expected to increase in the near future. Growing demand for carbon fibers from the aerospace & defense industry has led to high demand for carbon fibers from the region. Europe accounted as the second largest market for carbon fibers in 2020. The growing use of carbon fibers in the automotive industries is driving demand for carbon fibers in the region. Growing number of automotive industries have therefore led to the growth of global carbon fibers market. Asia Pacific followed Europe and accounted as the third largest market for carbon fibers. Increasing demand for carbon fibers from construction industry is the major factor boosting growth of carbon fibers in the region. Growing construction activities in the region is the major factor driving growth of carbon fibers market, especially in China and India. High demand for carbon fibers in manufacturing wind turbines has also contributed o the growth of carbon fibers market. Rest of the World which include Latin America and Middle East and Africa are also projected to fuel demand for carbon fibers during the forecast period from 2021 to 2029.


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