The global carbon fiber market size was valued at USD 4.66 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.9% from 2023 to 2030. This growth is attributed to the growing adoption of carbon fiber in automotive and aerospace applications. Increasing automotive demand coupled with the rising need for lightweight vehicles is expected to fuel the demand over the forecast period. The need for fuel-efficient vehicles along with government regulations limiting or restricting automotive pollution are anticipated to play a key role during the forecast period.

The growing aerospace industry in countries across the Asia Pacific and Europe is also projected to fuel the growth. Rising demand for commercial aviation on account of increased disposable income and globalization has driven growth across the aerospace industry over the last few years. This trend is likely to continue over the forecast period as well. The surge in demand for sports and leisure applications, especially in the Asia Pacific region, is also likely to increase the product scope.

Gather more insights about the market drivers, restrains and growth of the Global Carbon Fiber Market

Carbon Fiber Market Report Highlights

• On the basis of raw materials, the polyacrylonitrile (PAN) segment led the market with a revenue share of 96.2% in 2022. The segment is forecasted to grow at the fastest CAGR of 11.9% by 2030.
• The large tow segment is forecasted to grow at a rate of 10.3% from 2023 to 2030. This growth is due to the growing adaption of carbon fiber across several application industries due to its higher strength-to-weight ratio and its advantages over conventional materials, including metals and alloys.
• The aerospace & defense segment accounted for the largest revenue share of 32.0% in 2022, and the segment is forecasted to grow at a CAGR of 11.3%. The Aerospace & defense sector requires lightweight and robust materials for usage in aircraft, rockets, satellites, and missiles as it assists in improving the performance by reducing the weight of the overall structure.
• The Europe region is forecasted to grow at the fastest growth rate of 11.4% from 2023 to 2030. The presence of aerospace giants such as Airbus and Boeing in Europe and North America has propelled the regional demand for carbon fiber.
• The growing concerns regarding the consumption rates of non-renewable energy sources have driven the demand for fuel-efficient vehicles. This is forecasted to propel the demand for carbon fiber in the automotive application segment over the coming years.

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• The global ballistic composites market size was valued at USD 1.74 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2030.
• The global glass packaging market size was valued at USD 63.2 billion in 2023 and is projected to grow at a CAGR of 4.5% from 2024 to 2030.

Segments Covered in the Report

Grand View Research has segmented the carbon fiber market on the basis of raw material, tow size, application, and region:

Carbon Fiber Raw Material Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• PAN Based
• Pitch Based

Carbon Fiber Tow Size Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• Small Tow
• Large Tow

Carbon Fiber Application Type Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• Automotive
• Aerospace & Defense
• Wind Turbines
• Sports/Leisure
• Molding & Compound
• Construction
• Pressure Vessel
• Others

Carbon Fiber Regional Outlook (Volume, Tons; Revenue, USD Million; 2018 - 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • U.K.
• Asia Pacific
  • China
  • Taiwan
  • Japan
• Central & South America
  • Brazil
• Middle East & Africa

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