Carbon Fiber Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Carbon Fiber Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Carbon Fiber Global Market Report 2024, The carbon fiber market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to aerospace and defense applications, automotive industry adoption, wind energy sector growth, sports and recreation applications, expanding industrial applications..

The carbon fiber market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to continued aerospace and defense demand, increased electric vehicle production, advancements in renewable energy, innovations in sports equipment, infrastructure and construction projects.. Major trends in the forecast period include advancements in recycling technologies, development of high-performance composites, integration in 3d printing processes, rise in electric vehicles adoption, focus on sustainable sourcing and production..

The growing automotive industry is expected to propel the growth of the carbon fiber market going forward. The automotive industry is a sector that encompasses numerous organizations and firms involved in the design, development, manufacture, marketing, selling, and maintenance of motor vehicles. Carbon fiber makes lightweight and high-strength vehicle body parts and components in the automotive industry, improving fuel efficiency, performance, and weight reduction in vehicles, particularly vehicles. For example, according to Asia Automotive Analysis, an online publication focusing on Asia’s automotive industry, South Korea’s automobile production in 2022 increased by 8.5% from the previous year to 3,756,491 units. Therefore, the growing automotive industry is driving the carbon fiber market.

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The carbon fiber market covered in this report is segmented –

1) By Type: Virgin Fiber (VCF), Recycled Carbon Fiber (RCF)

2) By Raw Material: Polyacrylonitrile (PAN), Petroleum Pitch, Rayon

3) By Tow: Large Tow, Small Tow

4) By Application: Composite Materials, Textiles, Microelectrodes, Catalysis

5) By End-Users: Aerospace And Defense, Automotive, Wind Energy, Pipes And Tanks, Sporting Goods, Other End-Users

Technological innovations are a key trend gaining popularity in the carbon fiber market going forward. Major companies operating in the carbon fiber market are developing innovative technologies to strengthen their position in the market. For instance, in December 2022, Asahi Kasei Corporation, a Japan-based chemical company, developed a recycling technology for inexpensive, high-quality carbon fiber. This innovative recycling technology aims to implement a recycling system using recycled carbon fiber from automobiles to make new carbon fiber-reinforced plastic (CFRP) or carbon fiber-reinforced thermoplastic (CFRTP) for cars. It has made it possible to produce high-quality, reasonably priced CFRTP using recycled carbon fiber from cars. Additionally, it will reduce vehicle weight and save energy.

The carbon fiber market report table of contents includes: