CARBON FIBER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Carbon Fiber Market Size and Trends

Carbon fiber market is estimated to be valued at USD 5.22 Bn in 2024 and is expected to reach USD 9.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.

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Carbon fibers witness huge demand from industries, such as aerospace & defense, wind energy, automotive & transportation, and others, due to its lightweight and high tensile strength properties. Key factors boosting the demand for carbon fiber include growing aerospace industry with increased aircraft deliveries and development of low-cost carbon fibers. Stringent environmental regulations mandating the reduction of vehicular weight also boosts the adoption of carbon fiber composites in the automotive industry. Other trends include the development of low-cost carbon fiber manufacturing processes and increased R&D investments by manufacturers.

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Top Strategies Followed by Carbon Fiber Market Players

• Established players in this market focus heavily on research and development to maintain an edge over competitors. Industry leaders like Teijin, Toray Industries and Hexcel Corporation invest over 5% of their annual revenue in R&D. This helps them introduce high-performance carbon fiber materials for applications in aerospace, e-mobility, and wind energy.
• Mid-sized players strive to enhance efficiency and cut costs. For example, Celanese Corporation focuses on process innovation to commercialize low-cost carbon fiber solutions. This makes carbon composites accessible for mass applications in automotive and consumer goods.
• Small-scale players often specialize in highly specific applications or customized solutions, such as artisanal or design-focused uses of carbon fiber. This allows them to serve unique client needs without competing on scale. Being smaller, these companies can quickly adapt to changes in demand or pivot to new applications, which gives them an edge in experimental and prototype-driven markets.

Emerging Startups in the Carbon Fiber Market

In terms of innovative technologies, startups like Anthropic, Gramatite, and Carbice are developing advanced materials using artificial intelligence and data analytics. Anthropic focuses on using AI to design fibers with tailored thermal, electrical and mechanical properties. These startups have the potential to disrupt existing materials and manufacturing methods used across industries.

Some startups are working on sustainability. For example, U.S.-based, Pyrograph, is commercializing a novel approach to produce carbon fiber from wood waste or agricultural residues. This offers an eco-friendly solution to manufacture carbon composites.

New entrants also address specific niche areas. For instance, Canada-based, Plasma Waste Recycling, focuses on upcycling carbon fiber scrap and composites using plasma technology. Greece-based C-Crete manufactures cementless, carbon-enhanced concrete using recycled carbon fibers.