The carbon fiber market is expected to reach $3.2 billion by 2023

   April 26, 2018
According to a new market report published by Lucintel, the future of the carbon fiber market looks attractive with opportunities in the aerospace, industrial, and sporting goods industries. The global carbon fiber market is expected to reach an estimated $3.2 billion by 2023 and is forecast to grow at a CAGR of 5.9% from 2018 to 2023. The major drivers for market growth are growing demand for high performance and lightweight composite materials and increasing performance requirements in the end use industries.

In this market, aerospace, industrial, and sporting goods are the major end use industries. Lucintel forecasts that aerospace will be the largest end use industry by value and the industrial segment will witness the highest growth by volume during the forecast period. Increasing demand for high performance lightweight materials in the automotive industry and growing demand for carbon composites in wind turbine with the increasing length of wind blades are driving market growth over the forecast period.

Browse 151 market data tables and 130 figures spread through 296 pages and in-depth TOC on “Global Carbon Fiber Market" 

To download report brochure, please go to and click "report brochure" tab from the menu.

Based on the type of precursor, the carbon fiber market can be segmented into two types: Polyacrylonitrile-based (PAN-based) and pitch-based. PAN-based carbon fiber usage is higher by value and volume because it is lower in cost than pitch-based.

By tow size, large tow (greater than 24k) is expected to remain the largest segment by volume and witness the highest growth over the forecast period because of its price performance-trade off, which leads to higher use in the industrial applications. By modulus, standard modulus is expected to remain the largest segment by volume over the forecast period.

North America is expected to remain the largest market and witness the highest growth over the forecast period due to demand from the industries of aerospace, automotive, and wind energy.

Emerging trends, which have a direct impact on the dynamics of the industry, include the emergence of new applications and initiatives to innovate and commercialize the use of alternative precursors to reduce the manufacturing costs of carbon fiber.

Some of the major companies in the global carbon fiber market are Toray Industries Inc., Mitsubishi Rayon Corporation, Teijin Limited, Hexcel Corporation, SGL Group, and Cytec Solvay Group.

The study includes a forecast for the global carbon as follows:

By End Use Industry [Volume (M lbs) and $M shipment analysis for 2012 – 2023]:

  • Aerospace

  • Commercial

  • Defense

  • Regional Jets

  • Helicopter

  • General Aviation

  • Space

  • Industrial

  • Transportation/Automotive

  • Wind Energy

  • Electrical and Electronics (E&E)

  • Civil/Construction

  • Marine

  • Others

  •  Sporting Goods

  • Golf

  • Fishing Pole

  • Racket

  • Skis, Snowboards and Other Winter Games

  • Others

 By Precursor Type [Volume (M lbs) and $M shipment analysis for 2012 – 2023]:

  • PAN Based Carbon Fiber

  • Pitch Based Carbon Fiber

By Tow Size [Volume (M lbs) shipment analysis for 2012 – 2023]:

  • Small Tow (≤24k)

  • Large Tow(<24k)

By Modulus [Volume (M lbs) shipment analysis for 2012 – 2023]:

  • Standard

  • Intermediate

  • High

By Region [Volume (M lbs) and $M shipment analysis for 2012 – 2023]:

  • North America

  • Europe

  • The Rest of the World (including Asia Pacific)

This 296-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

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