Carbon Fiber Market Size & Share, by Type (Virgin, Recycled Fiber); Raw Material (Polyacrylonitrile, Petroleum Pitch, Rayon); End-user (Aerospace and Defense, Alternative Energy, Automotive, Construction, Sporting Goods) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3429
  • Published Date: Apr 28, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Carbon Fiber Market size is poised to cross USD 6.8 Billion by the end of 2035, growing at a CAGR of 8.5% during the forecast period, i.e., 2023-2035. In the year 2022, industry size of carbon fiber was over USD 2.3 Billion. The forthcoming advancements in the vehicle, aviation and defense, and wind energy sectors would boost market development. The entire market is expected to be driven by rising automobile demand and an increased desire for compact automobiles. The demand for fuel-efficient vehicles, as well as stringent government laws governing carbon emissions, are boosting the market landscape. As of 2020, the wind energy industry accounted for around 23% of global carbon fiber consumption, making it the largest carbon fiber-using industry. The aircraft sector was the second-largest carbon fiber consumer, accounting for 20% of world consumption. As of 2020, the wind energy industry accounted for around 23% of global carbon fiber usage, making it the largest carbon fiber-using industry. The aircraft sector was the second-largest carbon fiber consumer, accounting for 20% of world consumption.

The market growth is also attributed to the growing need for commercial aviation as a consequence of increased financial resources and globalization has fueled expansion in the aerospace industry over the past decade. This tendency is expected to endure during the predicted period. The growth in demand for recreational and sports applications, particularly in Asia Pacific, is also expected to broaden the product reach.

Carbon Fiber Market
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Carbon Fiber Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand for Carbon Fibers from Wind Energy and Aerospace Industries- As an industry driver, the aerospace sector uses tiny tow fibers. The application of this tiny tow manufacturing capacity for aerospace manufacturing potential is concentrated in Asia, with production taking place in significant supply chains. Carbon-fiber usage in the corporate aerospace business is swiftly followed by the launch of carbon fiber composite rubber by Airbus for the A300 and A310. This type of breakthrough has continued until the present day, with the market's utilization of high composite content carbon fiber. Based on the Boeing Commercial Outlook 2022-2041, the total worldwide deliveries of new planes are expected to reach 41,170 by 2041. As a result of a large number of scheduled deliveries, demand for carbon fibers during aircraft construction is predicted to rise globally. According to the India Brand Equity Foundation, India has the globe's third-largest domestic aviation sector. With a rise of 104.24% in air traffic movements from 300,405 in 2021-2022 to 613,566 in 2022-2023.
  • Growing Usage of Carbon Fiber in 3D Printing-  The technique of 3D printing involves layering lightweight substances to build a three-dimensional object from a digital model. This is a cutting-edge technology with various uses that do not necessitate a lengthy setup time for big devices. This technology allows for the rapid printing of several items. Continuous carbon fibers are more resilient as well as more durable than other metallic components, based on their use in 3D printing. The customizable characteristics of the carbon fiber's composition and orientation simplify the optimization procedure. Carbon fiber 3D printing also allows for the precise fabrication of Raw Material Types for a wide range of applications, including aerospace, automobiles, and dental. The latest National Additive Manufacturing Forward project set the path for rapid implementation of 3D printing by the country's small and medium-sized enterprises in the United States in 2022.
  • Increasing Growth in Defense Sector- In 2021, global defense spending surpassed USD 2 trillion for the first time. In 2021, expenditure worldwide was 0.7% higher than in 2020. The top five defense-spending nations were the United States, China, India, the United Kingdom, and Russia.
  • Expanding Product Usage in the Automotive Industry- In 2021, the automotive production sector earned around 2.86 trillion US dollars in revenue.
  • The increasing demand of recycled carbon fibers- The rising requirement for carbon fiber as well as the increased emphasis on the use of Carbon Fiber as a base material for carbon fiber, are projected to present prospects for the market under consideration throughout the forecast period. The yearly worldwide carbon fiber extraction in the pulp and paper production sector is projected to be over 70 106 tons.


  • Excessive product costs will slow market growth slightly-Carbon composites are used extensively in the automobile, aerospace, building, oil and gas, and wind power sectors owing to their excellent performance and compact qualities. However, the item's cost is exorbitant when contrasted with metal. The price of the product is an essential obstacle to the broad use of carbon composites in numerous industries.
  • Decrease in Demand for Carbon Fibers from Luxury Cars Industry .
  • The availability of alternatives

Carbon Fiber Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 2.3 Billion

Forecast Year Market Size (2035)

~ USD 6.8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Carbon Fiber Segmentation

The global carbon fiber market is segmented and analyzed for demand and supply by source into Polyacrylonitrile, Petroleum Pitch, and Rayon. Out of these, the polyacrylonitrile segment is estimated to gain the largest market share of about ~48% in the year 2035. The major basic material used in the manufacturing of carbon fiber is polyacrylonitrile. Because of its superior properties, polyacrylonitrile is expected to be more extensively accepted in a wide range of applications. Owing to its better material properties, polyacrylonitrile precursor is commonly utilized to meet the expanding demand for carbon fiber market with a greater strength-to-weight ratio. The reduced cost of polyacrylonitrile in comparison with pitch-based carbon fiber is also expected to assist segment expansion. Carbon fibers constructed from polyacrylonitrile are widely used in the production of aircraft parts, as well as missile and space-related uses. Commercial airlines are increasingly using carbon fiber composites to manufacture aircraft structures. For instance, the Boeing 787 Dreamliner and the Airbus A350 XWB resulted in this regard. 

The global carbon fiber market is also segmented and analyzed for demand and supply by application into Virgin, and Recycled Fiber. Amongst these segments, the recycled fiber segment is expected to garner a significant share of around ~35% in the year 2035. Recycled carbon fiber has qualities identical to new carbon fiber, which is used to make materials used in the aerospace and defense industries. These carbon fibers provide special benefits to aerospace and defense components, such as durability in extreme environments and at extreme temperatures, resilience to abrasion, and resisting corrosion. Therefore the recycled fiber segment is expected to major growth over the upcoming decades. To enhance fuel economy, carbon fiber has substituted aluminum in aircraft. With regards to compact materials and frameworks, military aircraft can carry greater quantities of fuel and payload than commercial aircraft. Furthermore, the aerospace sector is increasingly preferring carbon fiber to address the huge problem of aviation trash. As a result, the recycled fiber category is expected to increase rapidly over the projection period.

Our in-depth analysis of the global market includes the following segments:

    By Type

  • Virgin Fiber
  • Recycled Fiber

   By Raw Material

  • Polyacrylonitrile
  • Petroleum Pitch
  • Rayon

    By End User

  • Aerospace and Defense
  • Alternative Energy
  • Automotive
  • Construction
  • Sporting Goods
  • Others

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Carbon Fiber- Regional Synopsis

Europe Market Forecast

The market in Europe is estimated to occupy the largest share over the forecast period on the back of the growing demand for fuel-efficient and lightweight vehicles, and the large base of electric car manufacturers in the region. For instance, more than 22 million units of lightweight vehicles were produced in Europe in 2019, which is calculated to increase to 24 million by the end of the year 2024. Apart from these, increasing investments of automotive manufacturers to develop cost-effective carbon composite materials and rising usage of carbon fibers in the region's aviation industry is also expected to boost the market growth in the coming years. 

APAC Market Statistics

Additionally, the carbon fiber market in Asia Pacific is evaluated to witness the highest CAGR during the forecast period owing to the rapidly growing urbanization, escalating government spending on infrastructure projects in India and China, and the presence of key market players in the region. Increased potential in the wind energy industry and renewable energy sector growing acceptance of carbon fiber, and emphasizing the use of carbon fiber as a raw substance for carbon fiber are all likely to present opportunities in the future. China held the greatest market share and is likely to maintain dominance during the projection period.

North American Market Forecast

Carbon fiber market is likely to be dominated by the North American area. Regarding GDP, the United States is the region's biggest economy. The United States and Canada are among the globe's fastest-growing economies. The rapidly expanding aerospace and automobile sectors are propelling the expansion of the North American market under consideration. Strategic advancements, the existence of established vehicle manufacturers, prominent carbon fiber producers, and breakthroughs in technology in carbon fiber products all lead to the region's market growth. The United States leads the region in carbon fiber usage, which is employed by major companies. In response to the increasing requirement for lightweight substances that decrease vehicle weight, the region's deployment of carbon fiber in the automotive and aerospace end-use sectors has expanded.

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Carbon Fiber Market Size
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Companies Dominating the Global Carbon Fiber Landscape

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Hexcel Corporation
    • Mitsubishi Chemical Corporation
    • SGL Carbon
    • Solvay SA
    • Formosa M Co., Ltd.
    • ZOLTEK Corporation
    • Advanced Composites, Inc.

In the News

  • Hexcel Corporation and Dassault struck a long-term agreement in  to provide carbon fiber prepreg for the Falcon 10X programme. This is the initial Dassault business jet program to use sophisticated carbon fiber composites in the fabrication of its aircraft wings.
  • Hexcel Corporation and Archer Aviation Inc. signed a memorandum of intent outlining a prospective agreement for delivering high-performance carbon fiber material for Archer's manufacturing aircraft.

Author Credits:  Rajrani Baghel

  • Report ID: 3429
  • Published Date: Apr 28, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving market growth are increasing demand for carbon fibers from wind energy and aerospace industries and growing usage of carbon fiber in 3D printing.

The market is anticipated to attain a CAGR of ~8.5% over the forecast period, i.e., 2023 – 2035.

Decrease in demand for carbon fibers from luxury cars industry is estimated to hamper the market growth.

Asia Pacific region will provide more business opportunities for market growth owing to the growing demand for fuel-efficient and lightweight vehicles, and large base of electric car manufacturers.

The major players in the market are TORAY INDUSTRIES INC., Hexcel Corporation, Mitsubishi Chemical Corporation, TEIJIN LIMITED, SGL Carbon, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, raw material, end user, and by region.

The aerospace and defense segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Carbon Fiber Market Report Scope

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