Carbon Fiber Market worth $9.07 billion by 2031 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., May 21, 2026 /PRNewswire/ -- According to MarketsandMarkets, 'Carbon Fiber Market by Raw Material Type (Pan, Pitch), By Fiber Type (Virgin, Recycled), By Modulus (Standard, Intermediate, High), By Product Type (Continuous, Long, Short), By Application (Composites, Non-Composites), By End-use Industry (Aerospace & Defense, Automotive, Wind Energy, Pipe, Pressure Vessels, Sporting Goods, Construction & Infrastructure, Medical & Healthcare, and Marine), By Region - Forecast to 2031', The global carbon fiber market is expected to reach USD 9.07 billion by 2031 from USD 6.41 billion in 2026, at a CAGR of 7.2% from 2026 to 2031.

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Carbon Fiber Market Size & Forecast:

• Market Size Available for Years: 2023-2031
• 2026 Market Size: USD 6.41 billion
• 2031 Projected Market Size: USD 9.07 billion
• CAGR (2026-2031): 7.2% 

Carbon Fiber Market Trends & Insights:

• The carbon fiber market is witnessing strong growth due to increasing demand for lightweight, high-strength, and durable materials across aerospace & defense, automotive, wind energy, pressure vessels, sporting goods, and industrial sectors. Continuous advancements in carbon fiber manufacturing technologies, including automated production processes, recycling technologies, and low-cost precursor development, have improved material performance, production efficiency, and scalability, expanding the adoption of carbon fiber composites in high-performance applications. This demand is further supported by rapid electrification trends, including electric vehicle adoption, renewable energy expansion, hydrogen storage development, and next-generation aircraft programs, all of which require lightweight and energy-efficient materials. At the same time, growing focus on fuel efficiency, carbon emission reduction, and sustainability initiatives is accelerating the use of carbon fiber composites across transportation, energy, and infrastructure applications globally.
• Asia Pacific projected to grow at the highest CAGR of 8.1% during the forecast period.
• By raw material type, the PAN-based carbon fiber segment is projected to grow at the highest 0CAGR of 7.3% during the forecast period.
• By4 fiber type, the virgin segment dominated the carbon fiber market with a share of 98.5% in terms of value in 2025.
• By modulus, the standard modulus segment dominated the carbon fiber market with a share of 81.3% in terms of value in 2025.
• By product type, continuous segment is expected to register the highest CAGR during the forecast period.
• By application, the composites segment is expected to register the highest CAGR during the forecast period.
• By end-use industry, the pressure vessels segment is projected to register the fastest CAGR during the forecast period.
• Tora7y10 Industries Inc., Teijin Limited, Syensqo, SGL Carbon, Mitsubishi Chemical Group Corporation, and Hexcel Corporation are star players in the carbon fiber market, given their broad industry coverage and strong operational & financial strength.
• China Weihai Guangwei Composites Co., Ltd., Jilin Jiyan High-tech Fiber Co., Ltd., Changsheng (Langfang) Technology Co., Ltd., and Nippon Graphite Fiber Co., Ltd.  have distinguished themselves among startups and SMEs due to their well-developed marketing channels and extensive funding to build their product portfolios.

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The carbon fiber market is driven by several key factors, including the increasing presence of global manufacturers, supportive government initiatives, expanding production capacities, and rising demand for lightweight and high-performance materials across multiple industries. The growing number of carbon fiber manufacturers worldwide is fostering technological innovation, competitive pricing, and product development, resulting in improved material performance and broader commercial adoption. Industries such as aerospace & defense, automotive, wind energy, pressure vessels, and sporting goods are increasingly utilizing carbon fiber due to its exceptional strength-to-weight ratio, corrosion resistance, and durability, which help improve fuel efficiency, energy savings, and overall operational performance. Continuous advancements in manufacturing technologies, automation, recycling processes, and low-cost precursor development are helping reduce production costs and improve scalability, making carbon fiber more accessible for both industrial and consumer applications. Government regulations and sustainability initiatives aimed at reducing carbon emissions and promoting energy-efficient solutions are further accelerating market growth, particularly in electric vehicles, renewable energy, and hydrogen storage applications. Increasing investments in wind energy infrastructure, advanced mobility solutions, and next-generation aerospace programs are also contributing to rising carbon fiber demand globally. As production technologies continue to evolve and manufacturing capacities expand, the global carbon fiber market is expected to witness substantial growth over the coming years.

PAN-based carbon fiber dominated the raw material type segment in terms of value in the carbon fiber market

PAN-based carbon fiber dominated the carbon fiber market due to its superior strength and stability and higher carbon yield. About 90% of the carbon fiber produced is made from PAN, and the remaining 10% is made from rayon or petroleum pitch. PAN-based carbon fiber is produced from acrylonitrile via a process of PAN fiber synthesis, flame retardant treatment, carbonization, graphitization, surface treatment, and sizing. The lightweight and high-strength characteristics of PAN-based carbon fiber have led to its widespread use in a wide array of applications, such as aircraft brakes, space structures, military and commercial planes, lithium batteries, sporting goods, and structural reinforcement in construction materials.

Recycled carbon fiber is expected to grow at the highest CAGR in terms of value in the carbon fiber market during the forecast period.

In the carbon fiber market, the recycled carbon fiber segment is expected to register the highest CAGR due to growing sustainability goals and stricter environmental regulations, which push industries to reduce waste and carbon emissions. It offers a cost-effective alternative to virgin carbon fiber, making it attractive for automotive, aerospace & defense, wind energy, and sporting goods manufacturers. Advancements in recycling technologies have improved the quality and consistency of recycled carbon fiber, expanding its applications. Companies are seeking lightweight, high-performance materials to enhance fuel efficiency and product durability.

Intermediate modulus accounted for the second-largest share in terms of value in the carbon fiber market.

Intermediate modulus carbon fiber accounted for the second-largest market as it offers a balance between strength and stiffness, making it ideal for high-performance applications. It has a higher tensile modulus than standard modulus carbon fiber (typically around 42–49 million psi) but is more flexible than high-modulus fibers. Intermediate modulus carbon fiber provides improved strength-to-weight ratio and durability, making it popular in aerospace & defense, automotive, and sporting goods industries. It is commonly used in aircraft structures, high-end bicycles, and performance sports equipment where both strength and flexibility are needed.

Short carbon fiber is expected to register the second-highest CAGR in terms of value in the carbon fiber market during the forecasted period.

Based on product type, the short carbon fiber segment is expected to register the second-highest CAGR due to its cost-effectiveness, versatility, and ability to enhance material properties in various industries. It is widely used in injection molding and 3D printing, allowing for the mass production of lightweight, high-strength components in automotive, aerospace, and consumer goods. Short carbon fiber improves mechanical strength, thermal conductivity, and wear resistance when blended with plastics, making it an attractive alternative to metals. Its ease of processing and recyclability align with sustainability goals, further driving its adoption. As industries seek stronger, lighter, and more affordable materials, the demand for short carbon fiber continues to rise.

The composites segment accounted for the largest market share in terms of value in the carbon fiber market.

Composites accounted for the largest market share due to their exceptional strength-to-weight ratio, making them ideal for industries requiring lightweight yet durable materials. In aerospace and automotive sectors, carbon fiber composites enhance fuel efficiency and performance by reducing overall weight. Its high stiffness, corrosion resistance, and thermal stability make it valuable in sporting goods, wind energy, and industrial applications. Advancements in manufacturing processes have made carbon fiber composites more cost-effective and accessible. As industries continue to prioritize sustainability and performance, carbon fiber remains a key material for next-generation composite structures.

The wind energy industry is expected to register the second-highest CAGR in terms of value in the carbon fiber market during the forecasted period.

The wind energy segment will register the second-highest growth rate in the carbon fiber market due to its exceptional properties that enhance wind turbine performance and efficiency. Its high strength-to-weight ratio allows for the construction of longer and lighter blades without compromising on durability, thus increasing the overall turbine efficiency. The superior mechanical properties of carbon fibers help wind turbine blades withstand continuous stress, reducing maintenance costs and extending their lifespan. As the demand for renewable energy grows, carbon fiber continues to play a crucial role in improving the efficiency, reliability, and sustainability of wind power technology.

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Europe accounted for the largest share of the carbon fiber market in terms of value and volume.

Europe dominates the carbon fiber market due to its devotion to sustainability and decarbonization and the rising shift toward the adoption of electric vehicles. The demand for carbon fiber is driven by the need for lightweight, durable, and high-performance materials. In the automotive sector, manufacturers are increasingly using carbon fiber to reduce vehicle weight, thereby improving fuel efficiency and lowering CO₂ emissions to comply with strict EU regulations. Similarly, the aerospace industry relies on carbon fiber composites to manufacture lighter aircraft, which helps reduce fuel consumption and operating costs. Companies like Airbus integrate these materials extensively to meet sustainability targets and enhance aircraft performance. The demand is further fuelled by the European Union's stringent environmental regulations, which encourage industries to adopt sustainable and recyclable materials.

Key Players

Prominent companies include Toray Industries, Inc. (Japan), DowAksa (Turkey), Mitsubishi Chemical Group Corporation (Japan), Syensqo (Belgium), Teijin Limited (Japan), SGL Carbon (Germany), Hexcel Corporation (US), HS Hyosung Advanced Materials (South Korea), Zhongfu Shenying Carbon Fiber Co., Ltd. (China), and Kureha Corporation (Japan).

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