Global Market Prospects for Carbon Fiber

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The global carbon fiber market size was valued at USD 3.07 billion in 2022 and is projected to grow from USD 3.31 billion in 2023 to USD 5.96 billion by 2030, exhibiting a CAGR of 8.8% during the forecast period . Carbon fiber is made of carbon atoms with a diameter ranging from five to ten micrometers and is also known as graphite fiber. These fibers have high stiffness, high strength-to-weight ratio, low thermal expansion, high tensile strength, high-temperature tolerance, and higher chemical resistance . These properties of the carbon-based fibers made them a product of choice in aerospace, automotive, defense, construction, wind turbines, and sports applications . Growing automotive demand and increasing need for lightweight vehicles will drive the carbon fiber market growth .

The need for fuel-efficient vehicles and strict government regulations regarding carbon emissions are key factors affecting the industry outlook . Research focusing on product manufacturing from non-conventional raw materials such as coal tar is creating lucrative growth opportunities . Industry partners and researchers are implementing projects to convert coal tar, a by-product from coke production for the steel industry into carbon fiber and composites . This new product could increase the coal tar pitch value by five to 55 times its current value and find applications in low-weight and high-stiffness composites .

The global carbon fiber market was valued at USD 6.5 billion in 2022 and is projected to reach USD 21.7 billion by 2032, growing at a CAGR of 12.9% from 2022 to 2032 . The market’s growth is attributed to carbon fibers having high tensile strength, superior chemical resistance and temperature tolerance, low weight and distinguished thermal expansion .

In conclusion, the global market prospects for carbon fiber are positive with a projected growth rate of 8.8% from 2023 to 2030 . The demand for lightweight vehicles and fuel efficiency will drive the growth of the carbon fiber market . Research into non-conventional raw materials for product manufacturing will create new opportunities for growth in the industry .

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