Carbon Fiber Market to Reach US$ 31.07 Billion by 2031, Growing at 8.5% CAGR, Driven by Surging Demand in Aerospace, Automotive, and Wind Energy Sectors | DataM Intelligence

According to DataM Intelligence, the global Carbon Fiber market reached US$ 21.85 billion in 2024 and is expected to reach US$ 31.07 billion by 2031, growing at a CAGR of 8.5% during the forecast period 2024-2031. This growth is propelled by increasing lightweighting requirements in aerospace and automotive industries, rapid expansion of wind energy installations requiring high-performance blades, rising adoption of PAN-based and high-modulus fibers, strong demand for small tow carbon fiber in premium applications, growing use in sports equipment and marine structures, and continuous advancements in bio-based and cost-effective production technologies.

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United States Key Industry Developments
☑️ January 2026: Hexcel Corporation expanded production of high-modulus carbon fiber prepregs, securing major contracts with U.S. aerospace OEMs for next-generation aircraft wings and structures.
☑️ January 2026: Toray Industries reported increased supply of small tow carbon fiber for automotive drive shafts and components, supporting EV lightweighting initiatives.
☑️ December 2025: Solvay advanced its bio-based and recycled carbon fiber offerings, gaining traction in sustainable sports equipment and marine applications.
☑️ December 2025: SGL Carbon launched updated large tow fibers for wind turbine blades, with new partnerships in renewable energy projects across the U.S.

Japan Key Industry Developments
☑️ January 2026: Teijin Limited and Toray Industries accelerated carbon fiber production for automotive and aerospace, supported by government subsidies for advanced materials and lightweight composites.
☑️ January 2026: Mitsubishi Chemical Holdings showcased next-generation intermediate and high-modulus fibers at major composites expos in Tokyo, targeting wind energy and defense sectors.
☑️ December 2025: Growing adoption of PAN-based carbon fiber in sports equipment and construction, driven by rising demand for high-strength, durable materials in Asia-Pacific.

Key Mergers and Acquisitions
✦ Toray Industries acquired a specialized carbon fiber recycling technology firm to enhance its sustainable and bio-based production capabilities (early 2026 integration).
✦ Hexcel Corporation completed a strategic acquisition of a high-performance composites innovator to strengthen its aerospace and defense portfolio.
✦ SGL Carbon secured a licensing agreement with an advanced precursor developer to advance cost-effective large tow carbon fiber manufacturing.

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Market Segmentation Analysis
By Material: Polyacrylonitrile (PAN) dominates; followed by Petroleum Pitch, Rayon, Bio-Based, and Others.
By Modulus: Standard modulus leads; followed by Intermediate and High modulus.
By Tow Size: Small Tow holds the primary share; followed by Large Tow.
By Application: Aircraft Wings, Automotive Drive Shafts, and Wind Energy components are prominent; followed by Bike Frames, Tubing, Containers, Propeller Blades, Car Components, and Others.
By End-User: Aerospace & Defense, Automotive, and Wind Energy lead; followed by Sports, Construction, Marine, Electrical & Electronics, and Others.

Regional Insights
Asia-Pacific commands the largest market share in the global Carbon Fiber market, supported by massive aerospace and automotive manufacturing hubs in China, Japan, and South Korea, rapid growth in wind energy installations, strong demand for lightweight composites in electric vehicles, aggressive capacity expansions by regional leaders like Toray and Teijin, and government initiatives for advanced materials and sustainability. Asia-Pacific also remains the fastest-growing region, fueled by increasing investments in renewable energy, rising adoption in construction and sports, expanding exports, and continuous innovation in bio-based and high-modulus carbon fiber technologies.

Growth Drivers
✦ Escalating demand for lightweight materials in aerospace, automotive, and wind turbine blades
✦ Rapid expansion of electric vehicles requiring high-strength carbon fiber components
✦ Growing wind energy sector needing durable, large tow fibers for blades
✦ Advancements in PAN-based, bio-based, and cost-effective production methods
✦ Increasing focus on sustainability and recycled carbon fiber solutions

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Key Players
The market includes leading companies such as Solvay, Toray Industries, 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, and others.

Key Highlights (Top 5 Key Players)
✦ Toray Industries - Leading with extensive PAN-based and high-modulus carbon fiber production.
✦ Teijin Limited - Dominating in automotive and aerospace lightweight composites.
✦ Hexcel Corporation - Strong in prepregs and advanced carbon fiber for aircraft structures.
✦ SGL Carbon - Advancing large tow fibers for wind energy and industrial applications.
✦ Mitsubishi Chemical Holdings - Providing comprehensive solutions across automotive and defense.

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