Carbon Fiber Market Outlook & Forecast 2032
- Pallavi Garudkar
- 10 hours ago
- 3 min read
Carbon fiber is a high-performance material consisting primarily of carbon atoms (>90%) with filament diameters of 5–10 µm. Its exceptional tensile strength, stiffness, low density (1.75–1.9 g/cm³), chemical resistance, and dimensional stability make it a key material in lightweight structural applications.
The global carbon fiber market size was estimated at USD 2.81 billion in 2024 and is projected to reach USD 6.54 billion by 2032, growing at a CAGR of approximately 11.1% (2024–2032). Key players include Toray Industries, Zoltek Corporation, SGL Carbon, Mitsubishi Chemical Carbon Fiber and Composites, and Teijin Limited.
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Market Segmentation
By Precursor / Raw Material
Polyacrylonitrile (PAN)-based carbon fiber – Dominates the market due to superior strength and modulus.
Pitch-based carbon fiber – Used in high-modulus or thermal conductivity applications such as satellites and aerospace.
By Tow Size
Small Tow (≤ 24K filaments) – Preferred for aerospace and high-performance sectors.
Large Tow (> 24K filaments) – Used for cost-sensitive applications like wind blades and infrastructure.
By Application / End-Use
Aerospace & Defense – Airframes, UAVs, and satellites.
Automotive – Lightweight body panels, structural components, EV battery enclosures.
Wind Energy – Large turbine blades and composite hubs.
Sports & Leisure – Premium sports equipment and bicycles.
Construction & Infrastructure – Retrofitting bridges and seismic reinforcement.
Others – Marine, medical, and industrial equipment.
Drivers & Restraints
Rising Usage of CFRP to Manufacture Lightweight Vehicles will Favor Growth
Numerous companies are investing huge sums in developing processes to lower the weight of vehicles. Therefore, the usage of carbon fiber reinforced polymer (CFRP) has increased in high-end supercars. CFRP has a density as low as 1.6g/cc and possesses an excellent strength-to-weight ratio. Also, lightweight cars can save around 6% to 8% of fuels and have much better fuel efficiency. These factors are anticipated to accelerate the carbon fiber market growth in the upcoming years. However, the cost of this fiber is very high. It mainly depends on the cost of the precursor and the yield, which, in turn, may obstruct growth.
Regional Insights
Asia-Pacific: Strongest growth potential due to automotive and wind industries.
North America: Driven by aerospace and electric vehicles; major carbon fiber producers located here.
Europe: Mature market emphasizing sustainability and recycling.
India: Rapidly emerging as a new carbon fiber consumer hub with automotive and infrastructure growth.
Competitive Landscape
Key Companies Aim to Intensify Competition through Acquisitions and New Product Launches
The global market for carbon fiber houses several companies, such as Teijin Limited, Toray Industries, and ZOLTEK Corporation. They are majorly focusing on purchasing local firms, launching state-of-the-art products, or partnering up with reputed organizations. Below is one of the latest industry developments:
June 2019: Liberty Hall Capital Partners announced the execution of an agreement with Sekisui Chemical Group to sell AIM Aerospace worth USD 510 million. This new acquisition would help Sekisui Chemical to expand its geographic reach, diversify its customer base, and broaden its capabilities.
List of Top Carbon Fiber Companies:
Toray Industries, Inc. (Japan)
Syensqo (Belgium)
Nippon Graphite Fiber Co., Ltd. (Japan)
TEIJIN LIMITED (Japan)
Hexcel Corporation (U.S.)
ZOLTEK Corporation (U.S.)
HYOSUNG ADVANCED MATERIALS (South Korea)
Advanced Composites Inc. (U.S.)
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