Carbon Fiber Composites Market Size, Share, 2032
Carbon Fiber Composites Market Size and Forecast (2025 - 2032), By Raw Material (Polyacrylonitrile (PAN), Pitch, Rayon, Others), By Product Type (Continuous Carbon Fiber, Long Carbon Fiber, Short Carbon Fiber, Others), By End-Use Industry (Aerospace & Defense, Automotive, Wind Energy, Sports & Leisure, Construction, Others), By Manufacturing Process (Lay-up, Filament Winding, Pultrusion, Others), and Geography.
Market Overview:
The global carbon fiber composites market is expected to develop at a 8.8% CAGR from 2025 to 2032, reaching USD 38.5 billion from USD 17.5 billion in 2024. The Asia-Pacific region is likely to dominate the market throughout the forecast period.
The carbon fibre composites market is expanding rapidly, owing to increased demand from a variety of end-use industries, including aerospace, automotive, and wind energy. These lightweight, high-strength materials provide substantial benefits in terms of fuel economy, performance, and durability.
The aerospace sector remains a crucial contributor, with major aircraft manufacturers progressively using carbon fibre composites into their designs to decrease weight and increase fuel efficiency. Furthermore, the automobile industry is quickly adopting these materials to meet strict emissions requirements and improve vehicle performance.
Market Dynamics:
Market Trend: Increasing adoption of carbon fiber composites in electric vehicles
Increased demand for lightweight materials in electric car manufacture. The automotive industry is shifting significantly towards electric vehicles (EVs), which is boosting demand for lightweight materials like carbon fibre composites. These materials play an important role in increasing the range of EVs by reducing overall vehicle weight. Major manufacturers are progressively using carbon fibre components in their electric vehicle designs, including as body panels, chassis components, and battery enclosures. This trend is projected to intensify as EV production increases and manufacturers strive to improve vehicle performance and efficiency.
Market Driver: Rising demand for fuel-efficient vehicles
Stringent pollution rules drive the usage of lightweight materials. The global effort for lower carbon emissions and increased fuel efficiency in the transportation sector is a significant driver of the carbon fibre composites market. Governments throughout the world are enacting increasingly rigorous fuel economy regulations, forcing automobile makers to investigate lightweight materials as a solution.
Carbon fibre composites have the ability to significantly reduce weight when compared to standard materials like steel and aluminium, while maintaining strength and safety. This weight reduction translates directly into increased fuel efficiency and lower emissions, making carbon fibre composites an appealing option for automakers looking to meet regulatory standards and consumer demand for more environmentally friendly automobiles.
Market Restraint: High production costs and complex manufacturing processes
Challenges in increasing production and lowering expenses. Despite the various benefits of carbon fibre composites, their widespread use is hampered by high production costs and complicated manufacturing procedures. Carbon fibre synthesis requires costly raw ingredients, notably precursor compounds such as polyacrylonitrile (PAN).
Furthermore, the energy-intensive manufacturing process and specialised equipment necessary for carbon fibre manufacture add to the total high cost. These features make carbon fibre composites substantially more expensive than traditional materials such as steel or aluminium, restricting their use to high-end applications or industries where the performance benefits offset the costs. Efforts are underway to create more cost-effective production processes and alternative precursor materials, but the sector faces a considerable cost barrier.
Segment Overview:
End-Use Industry: Aerospace & Defence dominates the market
The aerospace and defence industry is the largest end consumer of carbon fibre composites, accounting for over YY% of the market. This supremacy stems mostly from the vital demand for lightweight, high-strength materials in aircraft manufacture. Carbon fibre composites provide significant weight savings, increased fuel efficiency, and improved performance characteristics, making them perfect for usage in a variety of aircraft components such as the fuselage, wings, and interior elements. Commercial aircraft manufacturing is expanding, as is demand for fuel-efficient planes, which is driving the introduction of carbon fibre composites in this sector.
Regional Outlook:
Asia-Pacific leads the carbon fiber composite market
Rapid industrialisation and the expanding aerospace sector boost regional growth. The Asia-Pacific region is estimated to lead the carbon fibre composites market throughout the forecast period, with a market share of around 35% by 2031. This regional dominance is due to rising industrialisation, increased investments in aerospace and defence, and the existence of significant carbon fibre manufacturers in countries such as Japan and China.
The region's automotive industry, particularly in China and India, contributes significantly to market growth as manufacturers increasingly use lightweight materials to meet rigorous emissions laws. The Chinese government has declared plans to increase local carbon fibre production capacity, with the goal of reducing dependency on imports and strengthening its worldwide market position.
Competitive Intelligence:
The carbon fibre composites market is highly competitive, with prominent companies focussing on technological improvements, product innovation, and strategic collaborations. Major firms such as Toray Industries, SGL Carbon, and Hexcel Corporation have significant market share because of their strong R&D skills and global presence. To maintain their competitive advantage, these businesses are actively investing in capacity growth and the development of new applications.
Mergers and acquisitions have also been common in the business as corporations attempt to increase their market position and diversify their product offerings. Financial success varies by participant, with larger, diverse enterprises often demonstrating more consistent growth than smaller, specialised manufacturers.
Analyst Opinion:
The carbon fibre composites market is expected to grow significantly in the coming years, driven by rising demand for lightweight and high-strength materials across a wide range of industries. The aerospace and automotive industries will remain the principal growth drivers, with developing applications in renewable energy and construction providing further traction. To fully realise its potential, the sector must overcome issues such as high production costs and recyclability.
Manufacturing process innovation and the development of more cost-effective precursor materials will be critical to expanding the market beyond high-end applications. As governments throughout the world implement stronger emissions laws, the use of carbon fibre composites is projected to increase, particularly in the automotive industry. Companies that can successfully balance performance improvements and cost reductions will be well positioned to capitalise on expanding market opportunities.
Exclusive Trend:
More emphasis on recycling and circular economy activities. The carbon fibre composites sector is placing a greater emphasis on sustainability and circularity. As the number of carbon fiber-reinforced items that reach end-of-life increases, there is an urgent need for effective recycling methods and processes.
The leading firms are investing in research and development of recycling systems for recovering high-quality carbon fibres from composite trash, thereby decreasing environmental impact and perhaps lowering production costs. This trend is likely to gain traction as waste management regulations tighten and consumers want more environmentally friendly items. The creation of a robust recycling ecosystem for carbon fibre composites has the potential to greatly increase the material's attractiveness across several industries and open up new market opportunities in the coming years.
Major Players:
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Toray Industries, Inc.
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SGL Carbon SE
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Hexcel Corporation
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Mitsubishi Chemical Holdings Corporation
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Teijin Limited
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Solvay S.A.
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Formosa Plastics Corporation
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Hyosung Advanced Materials
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DowAksa Advanced Composites Holdings B.V.
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Kureha Corporation
Key Developments:
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In 2023, Toray Industries announced a significant expansion of its carbon fiber production capacity in Mexico to meet growing demand from the aerospace sector.
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Hexcel Corporation launched a new line of high-performance carbon fibres specifically designed for wind turbine blades in 2022, aiming to capture a larger share of the renewable energy market.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking – Key Players
3.3. Market Share Analysis – Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. Company Profiles (Key Companies list by Country)
5. COMPANY PROFILES
5.1. Toray Industries, Inc.
5.2. SGL Carbon SE
5.3. Hexcel Corporation
5.4. Mitsubishi Chemical Holdings Corporation
5.5. Teijin Limited
5.6. Solvay S.A.
5.7. Formosa Plastics Corporation
5.8. Hyosung Advanced Materials
5.9. DowAksa Advanced Composites Holdings B.V.
5.10. Kureha Corporation
5.11. Zhongfu Shenying Carbon Fiber Co., Ltd.
5.12. Weihai Guangwei Composites Co., Ltd. (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Increasing adoption in aerospace and automotive industries
6.1.2. Growing demand for lightweight and high-strength materials
6.1.3. Advancements in carbon fiber manufacturing technologies
6.2. Market Drivers
6.2.1. Rising demand for fuel-efficient vehicles
6.2.2. Expanding wind energy sector
6.2.3. Increasing use in sports and leisure applications
6.3. Market Restraints
6.3.1. High production costs and complex manufacturing processes
6.3.2. Limited recyclability and environmental concerns
6.4. Porter's Five Forces Analysis
6.4.1. Threat of New Entrants
6.4.2. Bargaining Power of Buyers/Consumers
6.4.3. Bargaining Power of Suppliers
6.4.4. Threat of Substitute Products
6.4.5. Intensity of Competitive Rivalry
6.5. Supply Chain Analysis
6.6. Value Chain Analysis
6.7. Trade Analysis
6.8. Pricing Analysis
6.9. Regulatory Analysis
6.10. Patent Analysis
6.11. SWOT Analysis
6.12. PESTLE Analysis
6.13. Market Opportunities
7. BY RAW MATERIAL (MARKET VALUE (US$ MILLION) – 2025-2032*)
7.1. Polyacrylonitrile (PAN)
7.1.1. Standard modulus
7.1.2. Intermediate modulus
7.2. Pitch
7.2.1. Isotropic pitch
7.2.2. Mesophase pitch
7.3. Rayon
7.3.1. Viscose rayon
7.3.2. Lyocell rayon
7.4. Others
7.4.1. Recycled carbon fiber
7.4.2. Bio-based carbon fiber
8. BY PRODUCT TYPE
8.1. Continuous Carbon Fiber
8.1.1. Woven fabric
8.1.2. Non-woven fabric
8.2. Long Carbon Fiber
8.2.1. Thermoplastic long fiber
8.2.2. Thermoset long fiber
8.3. Short Carbon Fiber
8.3.1. Milled fiber
8.3.2. Chopped fiber
8.4. Others
8.4.1. Carbon fiber prepreg
8.4.2. Carbon fiber tow
9. BY END-USE INDUSTRY
9.1. Aerospace & Defense
9.1.1. Commercial aircraft
9.1.2. Military aircraft
9.2. Automotive
9.2.1. Structural components
9.2.2. Interior components
9.3. Wind Energy
9.3.1. Blades
9.3.2. Nacelles
9.4. Sports & Leisure
9.4.1. Sporting goods
9.4.2. Recreational equipment
9.5. Construction
9.5.1. Reinforcement materials
9.5.2. Structural elements
9.6. Others
9.6.1. Marine
9.6.2. Industrial equipment
10. BY MANUFACTURING PROCESS
10.1. Lay-up
10.1.1. Hand lay-up
10.1.2. Spray-up
10.2. Filament Winding
10.2.1. Wet winding
10.2.2. Prepreg winding
10.3. Pultrusion
10.3.1. Thermoset pultrusion
10.3.2. Thermoplastic pultrusion
10.4. Others
10.4.1. Resin transfer molding
10.4.2. Compression molding
11. REGION
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the country mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
BY RAW MATERIAL:
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Polyacrylonitrile (PAN)
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Pitch
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Rayon
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Others
BY PROUDCT TYPE:
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Continuous Carbon Fiber
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Long Carbon Fiber
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Short Carbon Fiber
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Others
BY END USER:
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Aerospace & Defense
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Automotive
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Wind Energy
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Sports & Leisure
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Construction
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Others
BY MANUFACTURING PROCESS:
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Lay-up
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Filament Winding
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Pultrusion
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Others
BY REGION:
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North America
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South America
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Europe
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Asia-Pacific
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Middle-East
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Africa
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