Carbon Fiber Market Size (2024 - 2029)

Carbon Fiber Market Analysis

The Carbon Fiber Market size is estimated at 149.82 kilotons in 2024, and is expected to reach 241.85 kilotons by 2029, growing at a CAGR of 10.05% during the forecast period (2024-2029).

Due to COVID-19, production in various industries, including automotive, construction, aerospace, etc., decreased in 2020. The global automotive and aerospace industry has been heavily impacted by the pandemic, considering a temporary halt in end-user activities due to government-imposed lockdowns in various parts of the world. However, in the post-pandemic scenario, the industry has recovered and is expected to grow at a significant rate during the coming years.

• In the medium term, the major factors driving the growth of the market studied are recent advancements in the aerospace and defense sector and increasing applications in the wind energy sector.
• On the flip side, supply chain security for recycled carbon fiber and the availability of substitutes have been acting as restraints to the market studied.
• The increasing popularity of recycled carbon fiber and the emphasis on the usage of lignin as raw material for carbon fiber is likely to act as opportunities for the market studied over the forecast period.
• In terms of volume, Asia-Pacific dominated the market studied across the world, with China accounting for most of the demand.

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 carbon fiber market is segmented by raw material, type, application, end-user industry, and geography. By raw material, the market is segmented into polyacrylonitrile (PAN) and petroleum pitch, and rayon. By type, the market is segmented into virgin fiber (VCF) and recycled carbon fiber (RCF). 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. The report also covers the market size and forecasts for the carbon fiber market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (ton) and revenue (USD million).