Carbon Fiber Market Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2025-2032
GMI Research analysis indicates that the Carbon Fiber Market size was estimated at USD 6.4 billion in 2024 and is slated to register a single digit CAGR of 11.1% over the forecast period, and is projected to reach USD 14.9 billion in 2032 supported by a stronger push toward renewable energy along with surging demand from the automotive and sports equipment sectors.
Major Market Drivers and Emerging Trends
Carbon fiber is an exceptionally strong yet lightweight material made from carbon atomic strands. With properties like superior tensile strength along with resilience against heat and corrosion make it highly versatile across industries. Its effectiveness in increasing efficiency and decreasing weight has made it a preferred material in industries focused on efficiency or durability.
The carbon fiber market growth is driven by its increasing use within wind energy systems fueled by the global transition towards renewable energy. The move to reduce fossil fuel dependence is accelerating wind turbine deployment where carbon fiber offers lightweight strength which makes it particularly a suitable material for blade manufacturing. By allowing for extended and aerodynamic blade designs carbon fiber increases wind energy capture and boosts wind farm efficiency.
The carbon fiber market is also expected to experience growth driven by the growing automotive sector coupled with the rising demand for lighter vehicles. Emerging collaborations between major automakers with carbon composite manufacturers are likely to create substantial prospects. The surging demand for lightweight carbon fiber components in vehicles is likely to be a major factor supporting market growth. With increasing focus on environmental sustainability regulatory bodies have introduced policies targeting automotive pollution thereby accelerating market growth.
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Carbon fiber also offers stiffness and high strength which makes it an increasingly popular material in 3D printing which contributes significantly to market growth. Enhanced precision from carbon fiber 3D printing supports its growing adoption in sectors like automotive and aerospace or dentistry.
Furthermore growing concern over lifestyle diseases has led to a greater interest in sports and exercise among the general population. Consequently increased carbon fiber application in sports and leisure products is expected to drive market growth in the coming years.
However carbon fiber requires high cost compared to metals which may pose market challenge. Carbon fiber pricing is largely influenced by the efficiency and price of the raw materials used in its production. The significant financial burden deters small and medium manufacturers which restricts diversification while slowing market growth. Stringent manufacturing regulations have also been enforced in numerous countries driven by harmful emissions during graphite fiber production. Stricter global regulatory measures are placing pressure on product demand thereby limiting overall market growth. Additionally the lengthy and complex production process is expected to further pose a significant challenge to the global carbon fiber market.
Raw Material Insights: Pan-based Carbon Fiber segment is projected to hold the largest market share
Pan-based carbon fiber is expected to lead the market in the forecast years primarily owing to its lower cost compared to pitch based alternatives. Its exceptional tensile strength along with affordability are projected to fuel its use in industries like automotive and aerospace among others which supports its market share.
End Use Industry Insights: Aerospace and Defense segment is projected to capture a larger market share
The aerospace and defense industries are forecast to hold a larger market share fueled by the rising need for lightweight materials. Increased aircraft manufacturing by leading companies like Airbus or Boeing has supported the segment. These companies are seeing increased demand of around nine thousand wide bodied aircraft needed globally in the next two decades. The aerospace sector incorporates composite materials into various parts like cabin interiors or aircraft wings. The push for greener and safer aviation has also led engineers to use fiber composite materials extensively in planes along with space exploration vehicles. Consequently the growing aircraft output is likely to propel the market forward.
The growth in the wind turbines segment is driven by the increasing demand for lightweight and energy efficient solutions. The sporting goods segment has also embraced the market extensively owing to the growing interest in materials that offer strength and reduced weight. Carbon composites in bicycles enhance performance by reducing weight and improving speed which contributes to market growth. Tennis rackets made from these materials are also lighter and have unique shapes which help professional players hit the ball faster and with more precision. Electronic manufacturers are also adopting carbon fiber in their devices to enhance durability while maintaining a lightweight design which caters to consumer demand for portable products without compromising strength.
Product Type Insights: Short Carbon Fiber segment is expected to lead the market share
Short carbon fiber is projected to dominate the carbon fiber market share in the forecast years. Short carbon fiber is gaining traction in the aerospace sector owing to its exceptional strength and modulus which makes it a major contributor to the segment growth. Short carbon fibers are widely used in the automotive sector particularly in manufacturing bumpers and interior components. Construction applications also benefit from short carbon fibers which provide added strength to materials like concrete without compromising on weight. In electronics it is favored for its durability and electrical conductivity with common applications in smartphones or computing devices.
Fiber Type Insights: Virgin Carbon Fiber segment is projected to lead the market share
The virgin segment is expected to lead the market owing to its superior properties over recycled types in numerous applications. They generally possess higher tensile strength and rigidity which makes them suitable for applications that require durability and low weight. It is especially important in industries where minimizing weight without compromising strength is critical for ensuring optimal functionality.
The recycled carbon fiber market offers a lightweight material that provides substantial benefits. A major advantage is its affordability with costs up to 30 percent lower than virgin fiber while also helping to reduce landfill waste. It is also gaining traction in the automotive sector with manufacturers seeking lighter materials to enhance fuel efficiency. Ongoing innovations in recycling technologies are streamlining carbon fiber recovery while improving its economic feasibility.
Application Insights: Composite segment is expected to experience the fastest CAGR
The composites are formed by integrating carbon fiber with resins which leads to a material that offers enhanced performance. These materials outperform wood and metal in many industries because they offer enhanced durability. CRFP composites can surpass steel by up to ten times in strength and are significantly lighter. These materials are widely recognized for their excellent corrosion resistance and durability.
Regional Insights: Asia Pacific present a significant opportunity market
Asia Pacific is experiencing strong growth with infrastructure investments within China driving market demand.
Europe is expected to grow driven by the rising need for lightweight materials that offer exceptional strength along with corrosion resistance. Rising offshore wind developments and the regional base of major automotive companies like Fiat or BMW are significantly contributing to market growth. Regional growth is projected to be fueled by rising carbon fiber adoption in aerospace and defense along with strict environmental regulations.
North America region is growing rapidly driven by growing efforts by major aerospace and defense players to advance carbon fiber applications. Increasing reliance on lighter composite materials within aerospace is projected to create significant opportunities. The shift toward renewable energy sources has significantly contributed to the growth within wind farm installations across the region.
Top Market Players
Various notable players operating in the market, include Hexcel Corporation, Formosa Plastics Corporation, TEIJIN Limited, Hyosung, Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Group, Solvay, Jiangsu Hengshen Fibre Materials Co. Ltd., and Dowaksa, among others.
 Key Developments:Â
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- In 2023, Toray Industries has reinforced its European operations by expanding its facilities for producing regular tow medium and high modulus carbon fibers in France.
- In 2021, Hyosung signed a long term agreement with Hanwa Solutions to supply reinforced carbon composite for high pressure storage units.
- In 2021, Hyosung Advanced Materials entered into a contract with Hanhwa Solutions to provide reinforced carbon fiber used in high-pressure containers for the long term.
- In 2021, Mitsubishi Chemical Corporation joined forces with Dymon Co. Ltd, the robot and space development venture. Under this agreement, MCC will provide carbon fiber reinforced plastic (CFRP) components and thermoplastic materials and technical support.
- In 2021, Teijin Limited launched its new Tenax PW and Tenax BM brands of carbon fiber intermediate materials for sports applications. Tenax PW is the latest aircraft-quality material that helps in maximizing power and speed owing to its exceptional durability and toughness.
- In 2020, CFK Valley Stade Recycling GmbH & Co. KG (CFK) and carboNXT, two German carbon fiber recycling companies were Mitsubishi Chemical Corporation to expand its product portfolio
- In 2020, The ANAND Group entered into a strategic partnership with FAR-UK for the development of carbon fiber composites and to reduce carbon emission. FAR-UK manufactures and designs lightweight structural composite solutions.
- In 2020, TEIJIN Limited announced to build its new Teijin Automotive Center Europe GmbH (TACE) base in Germany for technical functions within the company’s automotive composite business.
- In 2020, Toray Industries, Inc., entered into an agreement with Lilium GmbH to supply carbon fiber and composite materials for the Lilium Jet. Lilium will emphasize on the development of all-electric, vertical take-off and landing aircraft to deliver clean, regional air mobility by 2025. Carbon fiber composite materials are important to lighten such vehicles as the Lilium Jet.
- In 2020, Mitsubishi Chemical Corporation declared the acquisition of German carbon fiber prepreg manufacturer, c-m-p GmbH through its subsidiary, Mitsubishi Chemical Advanced Material, with the main focus to strengthen its presence in the carbon fiber and composite material business
- In 2019, Hyosung announced to expand its current annual production of carbon fiber from 2,00 tons on a single line to 24,000 tons on ten lines by 2028. The company entered into a partnership with South Jeolla Province and Jeonju City to install and extendthe production facilities and investment support.
Segments Covered in the Report:
The Carbon Fiber Market has been segmented on the basis of Raw Material, Fiber Type, Product Type, Application, End-Use Industry and Regions. Based on Raw Material, the market is segmented into PAN–based carbon fiber and Pitch–based carbon fiber. Based on Fiber Type, the market is segmented into Virgin carbon fiber and Recycled carbon fiber. Based on Product Type, the market is segmented into Continuous carbon fiber, long carbon fiber, and Short carbon fiber. Based on Application, the market is segmented into Composite and Non-composite. Based on End-Use Industry, the market is segmented into Aerospace & Defense, Automotive, Wind Energy, Sporting Goods, Electrical & Electronics, Civil Engineering, Pipe & Tank, Marine and Others.
Report Coverage |
Details |
 Market Revenues (2024) |
USD 6.4 billion |
 Market Base year |
2024 |
 Market Forecast Period |
2025-2032 |
 Base Year & Forecast Units |
Revenues (USD Billion) |
 Market Segment | By Raw Material, By Fiber Type, By Product Type, By Application, By End-Use Industry, By Region |
 Regional Coverage | Asia Pacific, Europe, North America, and RoW |
 Companies Profiled | Hexcel Corporation, Formosa Plastics Corporation, TEIJIN Limited, Hyosung, Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Group, Solvay, Jiangsu Hengshen Fibre Materials Co. Ltd., and Dowaksa, among others; a total of 10 companies covered. |
 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Carbon Fiber Market by Raw Material
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- PAN–based carbon fiber
- Pitch–based carbon fiber
Global Carbon Fiber Market by Fiber Type
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- Virgin carbon fiber
- Recycled carbon fiber
Global Carbon Fiber Market by Product Type
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- Continuous carbon fiber
- Long carbon fiber
- Short carbon fiber
Global Carbon Fiber Market by Application
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- Composite
- Non-composite
Global Carbon Fiber Market by End-Use Industry
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- Aerospace & defense
- Automotive
- Wind Energy
- Sporting goods
- Electrical & electronics
- Civil Engineering
- Pipe & Tank
- Marine
- Others
Global Carbon Fiber Market by Region
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North America Carbon Fiber Market(Option 1: As a part of the free 25% customization)
- By Raw Material
- By Fiber Type
- By Product Type
- By Application
- By End-Use Industry
- US Market All-Up
- Canada Market All-Up
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Europe Carbon Fiber Market(Option 2: As a part of the free 25% customization)
- By Raw Material
- By Fiber Type
- By Product Type
- By Application
- By End-Use Industry
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
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Asia-Pacific Carbon Fiber Market(Option 3: As a part of the free 25% customization)
- By Raw Material
- By Fiber Type
- By Product Type
- By Application
- By End-Use Industry
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
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RoW Carbon Fiber Market(Option 4: As a part of the free 25% customization)
- By Raw Material
- By Fiber Type
- By Product Type
- By Application
- By End-Use Industry
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region)Market All-Up
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Major Players Operating the Carbon Fiber(Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Hexcel Corporation
- Formosa Plastics Corporation
- TEIJIN Limited
- Hyosung
- Cytec Industries Inc.
- Mitsubishi Rayon Co. Ltd.
- Toray Industries Inc.
- SGL Group
- Solvay
- Jiangsu Hengshen Fibre Materials Co. Ltd.
- Dowaksa
Frequently Asked Question About This Report
Carbon Fiber Market
GMI Research estimates the Carbon Fiber Market at USD 6.4 billion in 2024, with projections indicating a CAGR of 11.1%, bringing the market to USD 14.9 billion by 2032.
The market is experiencing growth due to increasing momentum in renewable energy adoption along with rising demand from the automotive and sports industries.
Aerospace and defense are expected to dominate the market share over the forecast period.
Key players in the market include Hexcel Corporation, Formosa Plastics Corporation, TEIJIN Limited, Hyosung, Cytec Industries Inc., Mitsubishi Rayon Co. Ltd., Toray Industries Inc., SGL Group, Solvay, Jiangsu Hengshen Fibre Materials Co. Ltd., and Dowaksa along with several others.
Related Reports
- Published Date: May-2025
- Report Format: Excel/PPT
- Report Code: CF09A-00-0719
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Carbon Fiber Market Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2025-2032
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