The global carbon fiber market was valued at USD 4.66 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 10.9% from 2023 to 2030. This anticipated growth is largely due to the increasing use of carbon fiber in automotive and aerospace sectors. The rising demand for vehicles, along with the need for lightweight designs, is expected to drive market growth throughout the forecast period. Additionally, the emphasis on fuel-efficient vehicles and government regulations aimed at limiting automotive emissions are likely to play a significant role in shaping market dynamics during this time.
Furthermore, the expanding aerospace industry in regions such as Asia Pacific and Europe is expected to contribute to market growth. The rising demand for commercial aviation, fueled by increasing disposable incomes and globalization trends, has supported growth in the aerospace sector in recent years. This positive trend is expected to persist throughout the forecast period. Additionally, the increasing interest in sports and leisure applications, particularly in the Asia Pacific region, is anticipated to further broaden the scope of carbon fiber products in the market.
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Raw Material Segmentation Insights
Based on raw materials, the polyacrylonitrile (PAN) segment led the market with a substantial revenue share of 96.2% in 2022, and it is projected to grow at the fastest compound annual growth rate (CAGR) of 11.9% by 2030. The superior characteristics of PAN contribute to its broad acceptance across various application industries. Additionally, the increasing demand for carbon fibers that offer a higher strength-to-weight ratio has led to the widespread use of PAN precursors due to their exceptional material properties.
While PAN-based carbon fibers are generally more expensive than those made from pitch, they are still extensively utilized. The growing acceptance of PAN-based fibers in the creation of polymer matrix composites has resulted in a significant shift in the production dynamics of both precursor types. As the demand for materials with a superior strength-to-weight ratio rises, PAN precursors have gained considerable popularity and enjoy a higher level of market penetration.
On the other hand, pitch-based carbon fibers are primarily utilized in specific applications such as satellite components and sports equipment, owing to certain desirable properties tailored for those uses. The main advantage of pitch-based products is their lower manufacturing costs compared to PAN-based fibers. However, it is anticipated that, in the coming years, the pitch precursor segment will gradually lose market share to the PAN precursor segment due to the inferior properties of pitch-based carbon fibers when compared to those derived from PAN.
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