Carbon Fiber Market Growth Forecast 2024-2031: Expanding Use in Wind Energy and High-Performance Industrial Applications

Global Carbon Fiber Market reached USD 21,849.45 million in 2024 and is projected to climb to USD 31,065.98 million by 2031, expanding at a CAGR of 8.5% during 2024-2031. The market is strengthening its position as a core material for aerospace, automotive, wind energy, sports equipment, and high-performance industrial applications. Its exceptional strength-to-weight ratio, corrosion resistance, and ability to enhance energy efficiency continue to drive large-scale adoption across advanced manufacturing.

Recent market momentum is creating strong tailwinds. Leading aerospace and EV manufacturers are rapidly integrating carbon fiber to reduce weight and boost performance. Wind turbine developers are switching to carbon-reinforced blades to build longer, more powerful systems. Major producers are expanding capacity through new plants and upgraded production lines to meet surging global demand. At the same time, breakthroughs in recycling and low-energy manufacturing are positioning carbon fiber as a cornerstone of the next generation of sustainable, high-performance materials.

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The Carbon Fiber Market involves high-strength, lightweight fibers used across aerospace, automotive, sports, and industrial applications for superior durability, performance, and fuel efficiency.

Key Developments

United States

✅ August 2025: U.S. carbon-fiber producers expanded capacity for advanced materials used in hydrogen-powered fuel cell vehicle tanks. The initiative strengthens domestic supply for clean-energy mobility and increases demand for high-strength carbon fiber.

✅ June 2025: U.S. composite manufacturers, including leading aerospace suppliers, advanced automation in carbon-fiber layup and curing processes to reduce manufacturing costs and accelerate adoption in aircraft and industrial applications.

Japan

✅ February 2025: A major Japanese carbon-fiber producer introduced next-generation ToraycaTM and sustainable composite innovations, focusing on lightweight applications in aerospace, automotive and renewable-energy industries.

✅ January 2025: Teijin expanded production of TenaxTM carbon fiber using ISCC PLUS-certified sustainable raw materials, accelerating Japan's transition toward low-emission carbon-fiber manufacturing.

Mergers & Acquisitions

United States

✅ March 2025: A leading U.S. composite-materials company completed a strategic investment in a domestic carbon-fiber technology firm to strengthen its position across aerospace, mobility and industrial composite markets.

Japan

✅ February 2025: Japan's major carbon-fiber manufacturers reinforced strategic alignment on sustainable mobility through industry-wide collaboration, focusing on long-term expansion of carbon-fiber use in automotive and energy-transition applications.

Key Players:
Solvay | Toray Industries, Inc. | Teijin Limited | SGL Carbon | Zhongfu Shenying Carbon Fiber Co., Ltd. | Mitsubishi Chemical Holdings Corporation | BASF SE | Hexcel Corporation | Formosa Plastics | DowAksa Advanced Composites Holdings BV

Key Highlights:

• Solvay - A leading global supplier of high-performance carbon fibers and composites, supporting strong demand from aerospace, automotive, and energy applications.
• Toray Industries, Inc. - A dominant player in carbon fiber production, expanding its advanced composite materials portfolio for aircraft, industrial, and sporting goods sectors.
• Teijin Limited - Strengthening its global footprint with high-strength carbon fibers used across automotive lightweighting, aerospace, and defense applications.
• SGL Carbon - Known for specialty graphite and carbon fiber solutions, supporting growth in industrial, wind energy, and mobility sectors.
• Zhongfu Shenying Carbon Fiber Co., Ltd. - One of China's fastest-growing carbon fiber manufacturers, increasing capacity to meet rising domestic and global demand.
• Mitsubishi Chemical Holdings Corporation - Enhancing its advanced materials business with premium carbon fibers and prepregs for aerospace and automotive innovation.
• BASF SE - Expanding composite and structural material solutions through high-performance additives, resins, and engineering plastics for lightweight design.
• Hexcel Corporation - A key supplier of aerospace-grade carbon fibers and honeycomb composites, maintaining strong partnerships with major aircraft OEMs.
• Formosa Plastics - Growing its presence in the carbon fiber value chain with diversified production supporting industrial and sports equipment applications.
• DowAksa Advanced Composites Holdings BV - Focused on large-scale carbon fiber solutions for wind energy, transportation, and infrastructure reinforcement.

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Market Drivers & Growth

• Rising demand from aerospace, automotive, and wind energy sectors for lightweight and high-strength materials.
• Growing focus on fuel efficiency and emission reduction is accelerating the shift toward carbon-fiber-reinforced composites.
• Increasing use in sports equipment, construction, and industrial applications due to superior tensile strength and durability.
• Expansion of electric vehicle production is boosting demand for lightweight structural components.
• Advancements in low-cost precursor materials and improved manufacturing processes are supporting wider adoption.

Industrial Advances & Developments

• Introduction of high-modulus and ultra-high-strength carbon fibers for advanced aerospace and defense applications.
• Development of recycled carbon fiber solutions to reduce waste and support circular material use.
• Innovations in automated fiber placement (AFP) and 3D weaving technology to enhance composite manufacturing efficiency.
• Increasing integration of carbon fiber in hydrogen storage tanks and renewable energy systems.
• Strategic collaborations between composite manufacturers and OEMs to scale up production capacity.

Regional Insights

• North America: Strong demand led by aerospace OEMs, defense programs, and EV manufacturing growth.
• Europe: Major consumption driven by automotive lightweighting, renewable energy, and industrial applications.
• Asia-Pacific: Fastest growth due to expanding aerospace capabilities, wind energy installations, and automotive production in China, Japan, and South Korea.
• Latin America: Moderate growth supported by adoption in wind energy and high-performance industrial equipment.
• Middle East & Africa: Emerging opportunities in construction, energy, and defense modernization projects.

Key Segments:

➥ By Material
Petroleum Pitch | Polyacrylonitrile (PAN) | Rayon | Bio-Based | Others
PAN-based carbon fibers dominate due to superior strength-to-weight ratio and wide industrial usage. Petroleum Pitch is preferred in high-thermal conductivity applications, while Bio-Based materials gain traction for sustainability.
Market Attractiveness: PAN - High | Petroleum Pitch - Moderate | Rayon - Emerging | Bio-Based - Emerging

➥ By Modulus
Standard | Intermediate | High
Standard Modulus leads due to extensive industrial applications. Intermediate Modulus grows with rising demand in automotive and wind energy. High Modulus carbon fibers remain critical in aerospace and defense for high-stiffness requirements.
Market Attractiveness: High - High | Intermediate - Moderate | Standard - Moderate

➥ By Tow Size
Small Tow | Large Tow
Small Tow dominates in aerospace, defense, and high-precision applications. Large Tow is expanding in automotive, wind energy, and industrial sectors due to cost advantages and mass production capability.
Market Attractiveness: Small Tow - High | Large Tow - Moderate

➥ By Application
Automotive Drive Shafts | Bike Frames | Aircraft Wings | Tubing | Containers | Propeller Blades | Car Components | Others
Aircraft Wings and Automotive Drive Shafts lead due to the need for lightweight, high-strength materials. Bike Frames and Propeller Blades show strong adoption as performance-focused applications grow.
Market Attractiveness: Aircraft Wings - High | Drive Shafts - High | Car Components - Moderate | Bike Frames - Moderate

➥ By End-User
Wind Energy | Automotive | Construction | Aerospace & Defense | Sports | Marine | Electrical & Electronics | Others
Aerospace & Defense remains the largest consumer due to strict performance requirements. Wind Energy and Automotive sectors grow rapidly with a push toward lightweight and high-efficiency materials. Sports and Marine sectors adopt carbon fibers for durability and weight reduction.
Market Attractiveness: Aerospace & Defense - High | Wind Energy - High | Automotive - High | Sports - Moderate | Marine - Moderate

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