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.

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Fortune Business Insights™ presents a list of reputed manufacturers operating in the global market. They are as follows:

• ZOLTEK Corporation (Missouri, the U.S.)
• Hexcel Corporation (Connecticut, the U.S.)
• TEIJIN LIMITED (Tokyo, Japan)
• TORAY INDUSTRIES, INC. (Tokyo, Japan)
• Solvay (Brussels, Belgium)
• Formosa M Co., Ltd. (Gyeonggi-do, Korea)
• Mitsubishi Chemical Carbon Fiber and Composites, Inc. (California, the U.S.)
• Nippon Graphite Fiber Co., Ltd. (Hyogo, Japan)
• Advanced Composites Inc. (Utah, the U.S.)
• HYOSUNG ADVANCED MATERIALS (Seoul, South Korea)
• Other Key Players

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.

Carbon Fiber Market Segmentation Market:

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, costeffectiveness, and high tensile strength.