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Asia-Pacific Carbon Fiber Market Size (2024 - 2029)

The Asia-Pacific carbon fiber market is anticipated to experience growth, driven by its expanding application in the aerospace, defense, and wind energy sectors. Despite challenges such as supply chain security for recycled carbon fiber, the market is poised for expansion, with opportunities arising from the increasing use of recycled materials and lignin as a raw material. China holds a significant portion of the market share and is expected to maintain its leading position throughout the forecast period.

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Market Size of Asia-Pacific Carbon Fiber Industry

Asia-Pacific Carbon Fiber Market - Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 13.00 %
Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in no particular order

Asia-Pacific Carbon Fiber Market Analysis

The Asia-pacific carbon fiber market is projected to register a CAGR of more than 6% during the forecast period (2022-2027).

Due to COVID-19, the production in various industries, including automotive, construction, aerospace, etc., decreased. The Asia-pacific automotive supply industry has been heavily impacted by the COVID-19 pandemic. The aerospace and defense industry, a major end user of the carbon fiber market, took a major hit in 2021, owing to COVID-19. However, the market is excepted to retain its growth trajectory in 2022.

  • In the medium term, the major factors driving the growth of the market studied are accelerating usage in the aerospace and defense sector and the increasing application in the wind energy sector.
  • On the flip side, supply chain security for recycled carbon fiber has been acting as a roadblock to the growth of the market studied.
  • Increasing application in the wind energy sector, the increasing popularity of recycled carbon fiber, and emphasis on the usage of lignin as raw material for carbon fiber are likely to act as opportunities in the future.
  • China accounted for the largest market share and is expected to continue domination during the forecast period.

Asia-Pacific Carbon Fiber Industry Segmentation

Carbon fiber is composed of carbon atoms bonded together to form a long chain. The fibers are extremely stiff, strong, and light and are used in many processes to create excellent building materials. The Asia-pacific carbon fiber market is segmented by raw material, type, application, end-user industry, and geography. By raw material, the market is segmented into polyacrylonitrile and petroleum pitch and rayon. By type, the market is segmented into virgin fiber and recycled fiber. The applications of carbon fiber comprise composite materials, textiles, microelectrodes, and catalysis. By end-user industry, the market is segmented into aerospace and defense, alternative energy, automotive, construction and infrastructure, sporting goods, and other end-user industries (marine, electrical, and electronics). By geography, the market is segmented by China, India, Japan, South Korea, ASEAN Countries, and the Rest of Asia-Pacific. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton) and value (USD million).

Raw Material
Polyacrtlonitrile (PAN)
Petroleum Pitch and Rayon
Type
Virgin Fiber (VCF)
Recycled Fiber (RCF)
Application
Composite Materials
Textiles
Microelectrodes
Catalysis
End-user Industry
Aerospace and Defense
Alternative Energy
Automotive
Construction and Infrastructure
Sporting Goods
Other End-user Industries (Marine, Electrical, and Electronics)
Geography
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
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Asia-Pacific Carbon Fiber Market Size Summary

The Asia-Pacific carbon fiber market is poised for significant growth, driven by its expanding applications across various industries such as aerospace, defense, and wind energy. Despite the challenges posed by the COVID-19 pandemic, which impacted production in sectors like automotive and aerospace, the market is expected to regain its growth momentum. The aerospace and defense sector, in particular, remains a dominant end-user, with carbon fibers being increasingly used to replace conventional metal structures due to their superior strength and lightweight properties. This trend is further supported by China's robust aircraft manufacturing sector and India's initiatives to boost domestic aviation, which are expected to sustain the market's growth trajectory.

Japan emerges as the fastest-growing market within the region, fueled by its advanced automotive and electronics industries. The demand for carbon fiber in Japan is anticipated to rise, driven by the automotive sector's expansion and the electronics industry's technological advancements. The market landscape is highly consolidated, with major players like Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon, Solvay, TEIJIN LIMITED, and TORAY INDUSTRIES INC. leading the charge. Strategic partnerships, such as Hyosung Advanced Materials' long-term supply agreement with Hanwha Solutions, highlight the ongoing efforts to innovate and meet the growing demand for carbon fiber applications, particularly in emerging sectors like hydrogen vehicles.

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Asia-Pacific Carbon Fiber Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Fuel-efficient and Lightweight Vehicles

    2. 1.2 Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Raw Material

      1. 2.1.1 Polyacrtlonitrile (PAN)

      2. 2.1.2 Petroleum Pitch and Rayon

    2. 2.2 Type

      1. 2.2.1 Virgin Fiber (VCF)

      2. 2.2.2 Recycled Fiber (RCF)

    3. 2.3 Application

      1. 2.3.1 Composite Materials

      2. 2.3.2 Textiles

      3. 2.3.3 Microelectrodes

      4. 2.3.4 Catalysis

    4. 2.4 End-user Industry

      1. 2.4.1 Aerospace and Defense

      2. 2.4.2 Alternative Energy

      3. 2.4.3 Automotive

      4. 2.4.4 Construction and Infrastructure

      5. 2.4.5 Sporting Goods

      6. 2.4.6 Other End-user Industries (Marine, Electrical, and Electronics)

    5. 2.5 Geography

      1. 2.5.1 China

      2. 2.5.2 India

      3. 2.5.3 Japan

      4. 2.5.4 South Korea

      5. 2.5.5 ASEAN Countries

      6. 2.5.6 Rest of Asia-Pacific

Asia-Pacific Carbon Fiber Market Size FAQs

The Asia-Pacific Carbon Fiber Market is projected to register a CAGR of greater than 13% during the forecast period (2024-2029)

Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon, Solvay, TEIJIN LIMITED and TORAY INDUSTRIES, INC. are the major companies operating in the Asia-Pacific Carbon Fiber Market.

Asia-pacific Carbon Fiber Market Report Snapshots

Asia-Pacific Carbon Fiber Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)