Carbon Fiber Market Size Worth USD 29.49 Billion by 2034 | CAGR: 12.9%

The carbon fiber market size is expected to reach USD 29.49 billion by 2034, according to a new study by Polaris Market Research. The report “Carbon Fiber Market Share, Size, Trends, Industry Analysis Report: By Raw Material, Fiber (Virgin and Recycled), Modulus, Product, Application, End Use, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Carbon fiber is a strong, lightweight material made from carbon atoms that are bonded together in long chains. The growing emphasis on sustainability has led to an increasing focus on recycled and bio-based carbon fiber solutions. Traditional carbon fiber production is energy-intensive, prompting manufacturers to develop eco-friendly alternatives to reduce environmental impact. Recycled carbon fiber has high strength and durability while offering cost advantages, making it an attractive option for automotive, aerospace, and industrial applications. Additionally, advancements in recycling technologies and regulatory support for sustainable materials are driving the adoption of circular economy practices. The sustainable carbon fiber market demand is expected to rise significantly during the forecast period as industries prioritize reducing carbon footprints.

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The rising adoption of electric vehicles (EVs) and expansion of urban air mobility and renewable energy projects are accelerating the integration of carbon fiber composites in next-generation transportation and energy applications. Lightweight and high-strength properties make carbon fiber an ideal material for improving vehicle efficiency, enhancing battery performance, and reducing energy consumption. In wind energy, carbon fiber is increasingly used in turbine blades to enhance durability and efficiency. Additionally, emerging applications in hydrogen storage tanks and fuel cell technology highlight carbon fiber’s role in advancing energy efficiency and sustainability. The carbon fiber market demand is expected to rise in the coming years as the mobility and energy sectors continue to evolve.

Top of FormCarbon Fiber Market Report Highlights

• In terms of product, the continuous segment led the carbon fiber market share in 2024, attributed to its exceptional mechanical properties and extensive use in high-performance applications.
• Based on application, the composite segment is anticipated to experience the fastest growth during the forecast period, fueled by increasing demand for lightweight, high-strength materials across various industries.
• Europe led the global carbon fiber market revenue share in 2024, driven by a robust presence of end-use industries such as aerospace, automotive, and wind energy.
• The carbon fiber market in Asia Pacific is expected to grow at the highest rate during the forecast period, propelled by rapid industrialization, growth in aerospace and automotive sectors, and ongoing infrastructure development.
• A few global key market players are China National Bluestar (Group) Co., Ltd.; DowAksa; Formosa M Co., Ltd.; Hexcel Corporation; HS Hyosung Advanced Materials; Jiangsu Hengshen Co., Ltd.; Kureha Corporation; Mitsubishi Chemical Carbon Fiber and Composites, Inc.; Nippon Graphite Fiber Co., Ltd.; SGL Carbon; Solvay; Teijin Limited; Toray Industries, Inc.; Umatex, Rosatom; and Zhongfu Shenying Carbon Fiber Co., Ltd.

Polaris Market Research has segmented the carbon fiber market report on the basis of raw material, fiber, modulus, product, application, end use, and region:

By Raw Material Outlook (Revenue, USD Billion, 2020–2034)

• Pan-Based Carbon Fiber
• Pitch-Based Carbon Fiber

By Fiber Outlook (Revenue, USD Billion, 2020–2034)

• Virgin
• Recycled

By Modulus Outlook (Revenue, USD Billion, 2020–2034)

• Standard Modulus
• Intermediate Modulus
• High Modulus

By Product Outlook (Revenue, USD Billion, 2020–2034)

• Continuous
• Short
• Long

By Application Outlook (Revenue, USD Billion, 2020–2034)

• Composite
• Non-Composite

By End Use Outlook (Revenue, USD Billion, 2020–2034)

• Aerospace and Defense
• Automotive
• Wind Energy
• Pipes and Tanks
• Sporting Goods

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Vietnam
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Carbon Fiber Market Report Scope