Carbon Fiber Market Projected Worth of .7 Billion by 2032 with a 12.9% CAGR

Posted by Jack Martin on October 9th, 2023

The carbon fiber market size is estimated to be USD 3.7 billion in 2020 and is projected to reach USD 8.9 billion by 2031, at a CAGR of 8.6% during the forecast period. The demand for clean fuels such as CNG and hydrogen is increasing globally, resulting in increase in demand for carbon fibers in CNG and hydrogen tanks manufacturing. Also, the growth in number of on-shore and off-shore wind capacity installations is driving the growth of carbon fibers in wind energy industry. 

Companies operating in the carbon fiber market have strengthened their position by adopting expansions and new product/technology launches from 2015-2020. Expansions, joint ventures, acquisitions, and new product launches were among the key growth strategies adopted by the market players between January 2015 and November 2020. Toray Industries, Inc. (Japan), Teijin Ltd. (Japan), Mitsubishi Chemical Holdings (Japan), Hexcel Corporation (US), SGL (Germany), Solvay (Belgium), and Formosa (Taiwan), and Hyosung Corporation (South Korea)  are some of the key players in the carbon fiber market. 

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In April 2021, Hyosung Advanced Materials signed a contract with Hanhwa Solutions. The company announced that it signed a long-term contract to supply reinforced carbon fiber to be used for strengthening fuel tanks in hydrogen vehicles for six years beginning 2021. The total supply is worth about 160 billion won. This agreement will boost the sales of carbon fiber. 

In November 2020, SGL Carbon and Koller Kunststofftechnik partnered to manufacture novel carbon fiber profiles for use in windshields for a future high-volume model of BMW Group. This helped SGL Carbon to improve their application in automobile applications and increase the carbon fiber demand.

In the carbon fiber market, Europe currently has the biggest market share. This demonstrates that the European region is a leading player in carbon fiber material production, consumption, and use. The region's strong presence in industries like aerospace, automotive, renewable energy, and construction has contributed to its market leadership in carbon fiber. Europe's commitment to sustainability and lightweight materials in a variety of applications has increased demand for carbon fiber products, cementing the continent's large market dominance in this industry.

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North America emerges as the second-largest region in terms of value in the carbon fiber market throughout the projection period. This indicates that North America is a significant player in the carbon fiber business, trailing only Europe. Factors such as strong demand from industries like as aerospace, automotive, and sports and recreation, as well as an increasing emphasis on lightweight and high-performance materials, all contribute to North America's dominant position in this market. While Europe has the greatest market share, North America remains a substantial presence and a key player in the global carbon fiber industry.