According to Fortune Business Insights the global carbon fiber market size was valued at USD 2.65 billion in 2023 and is projected to grow from USD 2.82 billion in 2024 to USD 6.54 billion by 2032, exhibiting a CAGR of 11.1% during the forecast period. Carbon fiber is produced from carbon atoms with five to ten micrometers diameter. It is also called graphite fiber. These fibers have superior properties such as low thermal expansion, high stiffness, high-temperature tolerance, high-tensile strength, high strength-to-weight ratio, and higher chemical resistance. These excellent properties of the product made it a matter of choice in defense, aerospace, construction, automotive, sports applications, and wind turbines. Increasing demand for lightweight vehicles and rising automotive demand will drive the market growth.

Fortune Business Insights provide this information in its report titled "Carbon Fiber Market, 2025-2032."

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Segmentations Analysis:

Polyacrylonitrile Segment to Lead the Market Share during the Forecast Period

On the basis of precursor, the market is divided into pitch and PAN (polyacrylonitrile). The PAN segment held a reasonable share of the market in 2022 and is expected to lead during the forecast period, owing to growing demand from end-use industries. The increasing demand for PAN-based graphite fiber is attributed to its properties, including high modulus, better fiber quality, cost-effectiveness, and high tensile strength.

Small Tow Segment to Lead due to Growing Adoption in the Aerospace & Defense Industry

According to tow, the market is fragmented into small tow and large tow based on tow. The small tow segment accounted for the largest share in 2022. It is widely used in aerospace and defense due to its tensile strength and high modulus. Large tow fibers also held a reasonable share of the market, which is predicted to grow in the near future.

Aviation, Aerospace & Defense Segment to Grip Largest Share of Growing Aircraft Manufacturing

Based on the application, the market is fragmented into automotive, aerospace & defense, aviation, sports & leisure, wind turbines, construction, and others. the aviation, aerospace & defense segment accounted for the highest market share in 2022 and may continue its dominance during the forecast period as composite materials are widely used in the aerospace industry.

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints:

Growing Demand and Increasing Usage in Automotive Industry to Propel Market Growth