Top 13 Carbon Fiber Companies, Worldwide 2024

The Carbon Fiber Companies quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Carbon Fiber. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and industry trends. MarketsandMarkets 360 Quadrants evaluated over 32 Carbon Fiber Companies of which the Top 13 Carbon Fiber Companies were categorized and recognized as the quadrant leaders.

Carbon fiber is a long, thin strand of material made from carbon. It is produced by baking precursors, such as polyacrylonitrile (PAN), pitch, and rayon, in an inert atmosphere to dissociate elements other than carbon. Carbon fiber is lightweight and has excellent strength, low specific gravity, excellent modulus of elasticity, and high corrosion resistance. Carbon fiber composite materials are used to make aircraft & spacecraft parts, bicycle frames, pipes & tanks, wind blades, golf shafts, badminton rackets, automobile springs, sailboat masts, automotive structural parts, and various other parts where lightweight and high strength are required.

The 360 Quadrant maps the carbon fiber companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the Carbon Fiber quadrant. While the top criteria for product footprint evaluation included Raw Material (PAN, Pitch), Fiber Type (Virgin, Recycled), Product Type (Continuous, Long, Short), End-Use Industries (Automotive, Aerospace & Defense, Wind Energy, Pipes, Sporting Goods, Medical & Healthcare, Construction & Infrastructure, Pressure Vessels, Others).

Key trends highlighted in 360 Quadrants:

• The carbon fiber market, with an estimated value of USD 7.1 billion in 2023, is anticipated to witness substantial growth, projecting to reach USD 23.2 billion by 2033. This growth, marked by a significant CAGR of 12.6% from 2023 to 2033, can be attributed to the exceptional qualities of carbon fibers, including high tensile strength, low weight, elevated stiffness, resistance to high temperatures, and minimal thermal expansion. These unique properties drive a heightened demand for carbon fiber across diverse sectors such as aerospace, civil engineering, military applications, motorsports, and various competitive sports. The robust growth in the carbon fiber market, propelled by its unique properties and increasing demand across various industries, has substantial implications for carbon fiber companies.
• During the forecast period, Europe is anticipated to demonstrate the highest CAGR of 13.2% in the carbon fiber market. This region presents abundant growth prospects for carbon fiber manufacturing companies, surpassing opportunities in the Asia Pacific and North American regions. The elevated growth rate in Europe can be attributed to the significant presence of major end-use industries in the region, creating a favorable environment for the expansion and development of carbon fiber companies. This geographic trend emphasizes the potential impact on carbon fiber companies, signaling a lucrative landscape for their operations and market growth in the European region.
• The burgeoning demand for pressure vessels in gas storage has positioned itself as the fastest-growing sector for carbon fiber companies. This industry encompasses the storage of various gases, including liquid propane gas (LPG), compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen gas (H2), with applications ranging from vehicle use to cooking and heating in developing nations. The expansion of CNG, RNG, and H2 fuel systems is evident in passenger cars, buses, trucks, and other vehicles, as well as bulk transportation and distribution, commonly referred to as mobile pipelines. These fuel storage tanks, crucial components in low- or zero-emission powertrains, are pivotal in providing clean alternatives to traditional fuels like gasoline, diesel, and jet fuel. Furthermore, they present a compelling alternative to battery-powered vehicles, boasting comparable refueling infrastructure and refill times to conventional fossil fuels, thus offering a viable and efficient solution for sustainable transportation.
• The carbon fiber market is characterized by a consolidated competitive landscape, with major players such as Toray, Hexcel, Teijin, Solvay, MCC, and SGL Carbon collectively holding a substantial market share ranging from 60% to 70%. This consolidation is a result of the dominant presence and strategic initiatives of these key industry players. Their significant market share can be attributed to their extensive global reach, commitment to innovation and research, and the effective implementation of a well-balanced mix of business strategies. The concentration of market influence among these carbon fiber companies highlights their influential roles and underscores the competitive dynamics within the carbon fiber industry.
• To excel in the carbon fiber market, carbon fiber companies are implementing a range of strategies. For example, Toray, Teijin, and Solvay are specifically targeting the Asia Pacific, European, and North American regions. These firms have established a significant presence in their domestic markets and are actively considering geographic diversification as a means to expand their business ventures. Through strategic partnerships and continuous improvement of their product portfolios, these companies have successfully bolstered their market shares in recent years. For instance, in February 2023, Toray introduced an advanced integrated molding technology for carbon fiber-reinforced plastic (CFRP) mobility components. This groundbreaking development features a unique composition, utilizing a lightweight, porous core made of carbon fiber-reinforced foam (CFRF), with a prepreg skin, delivering outstanding mechanical properties.
• The surge in demand for hydrogen tanks, integral components of fuel cell electric vehicles (FCEVs) and mobile pipeline applications, is paving the way for substantial opportunities within the carbon fiber industry. As environmentally conscious regulations advocating the use of clean fuel gain momentum, the market for FCEVs is anticipated to undergo a significant expansion. Carbon fiber companies stand to benefit from this burgeoning trend as their materials play a crucial role in the manufacturing of lightweight and durable hydrogen tanks. The anticipated rapid growth in the FCEV market not only underscores the increasing adoption of clean energy solutions but also positions carbon fiber manufacturers at the forefront of providing innovative and sustainable solutions to meet the evolving demands of eco-friendly technologies.
• In 2023, the surge in demand for carbon fibers in pressure vessel applications has had a notable impact on carbon fiber companies. SGL Carbon, in particular, has responded to this trend by expanding its material portfolio with the introduction of SIGRAFIL C T50-4 9/235, a new 50k carbon fiber specifically engineered for high-strength pressure vessels. This development aligns with the increasing need for carbon fiber in constructing pressure vessels designed for hydrogen storage in fuel cell vehicles. Carbon fiber's inherent properties make it well-suited for winding pressure vessels, offering weight advantages in tank design and the capacity to withstand high pressures. The growth in carbon fiber-made pressure vessels is evident across various applications, including CNG storage tanks, SCBA/SCUBA systems, hydrogen storage tanks, and more, signaling a transformative impact on carbon fiber companies operating in this domain.