PAN-based Carbon Fiber Precursor Industry Research: at a CAGR of 7.4% during the forecast period

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2025 latest report "PAN-based Carbon Fiber Precursor- Global Market Share and Ranking, Overall Sales and Demand Forecast 2026-2032". Based on current situation and impact historical analysis (2020-2024) and forecast calculations (2026-2032), this report provides a comprehensive analysis of the global PAN-based Carbon Fiber Precursor market, including market size, share, demand, industry development status, and forecasts for the next few years.

The global market for PAN-based Carbon Fiber Precursor was estimated to be worth US$ 1889 million in 2024 and is forecast to a readjusted size of US$ 3.09 billion by 2031 with a CAGR of 7.4% during the forecast period 2025-2031.

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PAN-based Carbon Fiber Precursor Market Overview 2025-2031

According to the latest market research report "PAN-based Carbon Fiber Precursor - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031" from QYResearch, the global market for PAN-based Carbon Fiber Precursor is projected to reach USD 3.09 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period.

What is PAN-based Carbon Fiber Precursor?
Polyacrylonitrile (PAN)-based carbon fiber precursor is a continuous fiber produced primarily from polyacrylonitrile through advanced polymer spinning technology. It serves as the critical intermediate material for manufacturing high-performance carbon fiber. Its favorable molecular structure and thermal stability allow it to be effectively converted into high-strength, high-modulus carbon fiber during subsequent heat treatment processes.

Manufacturing Process Overview
The production involves key steps:

Solution Spinning: PAN is dissolved into a spinning dope and extruded into fibers via wet or dry-jet wet spinning.

Drawing: Fibers are drawn to enhance molecular chain orientation.

Oxidative Stabilization: Treatment in air prevents melting during high-temperature processing.

Carbonization: Heating in an inert atmosphere removes non-carbon elements, forming the final carbon fiber.
The quality and orientation of the precursor directly dictate the mechanical properties of the resulting carbon fiber, making its production one of the most crucial stages in the value chain.

Market Characteristics and Structure

Highly Integrated Value Chain: Few manufacturers externally sell precursor independently. Most are vertically integrated, controlling the chain from acrylonitrile to final composites. Precursor is primarily for internal use, ensuring performance stability and cost control, limiting its open market circulation.

High Technical Barriers: The manufacturing process is complex, requiring advanced technology. PAN-based precursors dominate the market.

Scale and Economics: Typical production lines have an annual capacity of 50,000-60,000 tons, with advanced facilities exceeding 100,000 tons. Feedstock and energy costs comprise 60%-70% of total production cost. Industry gross margins typically range between 20%-30%, benefiting from scale and technological advantages.

Competitive Landscape and Regional Insights
The global market is consolidated, with the top 10 players accounting for approximately 81.0% of revenue in 2024. Key manufacturers include Toray Industries, Inc., Hexcel, Jilin Chemical Fiber Group, Mitsubishi Chemical, and Teijin.
The Asia-Pacific region (especially China, Japan, and South Korea) is the major production and consumption hub. Global leaders hold technological and supply chain advantages, while manufacturers in emerging markets show strong potential in scaling, cost control, and local integration.

Market Segmentation Insights

By Product Type: Small Tow is the dominant segment, holding a share of 75.12%.

By Application: The Aerospace & Military sector is the largest application, accounting for 49.22% of the market. Other key applications include automotive lightweighting, wind turbine blades, and sporting goods.

Growth Drivers and Outlook
Demand is accelerating from key sectors:

Electric Vehicles: Driving the need for lightweight composite materials.

Renewable Energy: Expansion in wind turbine blade production.

Aerospace: Continuous demand for high-performance composites.
This demand is expected to fuel further industry expansion, capacity scaling, and technological advancements in precursor manufacturing. The market's growth is underpinned by the essential role of high-quality precursor in producing the advanced carbon fibers required for next-generation industrial applications.



The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.

The PAN-based Carbon Fiber Precursor market is segmented as below:
By Company
Toray Industries, Inc.
Hexcel
Jilin Tangu Carbon Fiber Co., Ltd.
Mitsubishi Chemical
Teijin
Hyosung Advanced Materials
SGL Carbon
Zhongfu Shenying Carbon Fiber Co.,Ltd.
Weihai Guangwei Composites Co., Ltd.
Newtech Group Co., Ltd.
Aksa Carbon
Sinopec Shanghai Petrochemical Company Limited
Jiangsu Hengshen Co.,Ltd.
Sinofibers Technology Co., Ltd.
Formosa Plastic Group
Shanxi Gangke Carbon Materials Co., Ltd
Syensqo
UMATEX
Changsheng (Langfang) Technology Co., Ltd
Taekwang
Lanzhou Blue Star Fiber Co., Ltd
China National Petroleum Corporation Jilin Petrochemical Branch
Henan Yongmei Carbon Fiber Co., Ltd

Segment by Type
Small Tow
Big Tow

Segment by Application
Aerospace & Military
Wind Turbine Blades
Sports & Leisure
Pressure Vessels
Molding & Composite Materials
Automotive
Carbon-Carbon Composites
Construction
Electronics & Electrical
Others

Each chapter of the report provides detailed information for readers to further understand the PAN-based Carbon Fiber Precursor market:

Chapter 1: Introduces the report scope of the PAN-based Carbon Fiber Precursor report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2021-2032)
Chapter 2: Detailed analysis of PAN-based Carbon Fiber Precursor manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2021-2026)
Chapter 3: Provides the analysis of various PAN-based Carbon Fiber Precursor market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2021-2032)
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2021-2032)
Chapter 5: Sales, revenue of PAN-based Carbon Fiber Precursor in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2021-2032)
Chapter 6: Sales, revenue of PAN-based Carbon Fiber Precursor in country level. It provides sigmate data by Type, and by Application for each country/region.(2021-2032)
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2021-2026)
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Benefits of purchasing QYResearch report:

Competitive Analysis: QYResearch provides in-depth PAN-based Carbon Fiber Precursor competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis: QYResearch provides PAN-based Carbon Fiber Precursor comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.

and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size: QYResearch provides PAN-based Carbon Fiber Precursor market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.

Other relevant reports of QYResearch:
Global PAN-based Carbon Fiber Precursor Market Outlook, InDepth Analysis & Forecast to 2031
Global PAN-based Carbon Fiber Precursor Sales Market Report, Competitive Analysis and Regional Opportunities 2025-2031
Global PAN-based Carbon Fiber Precursor Market Research Report 2025
PAN-based Carbon Fiber Precursor- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031

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