The carbon fiber market, by raw material is segmented into, pan-based, pitch-based, and rayon-based carbon fiber. Pan-based carbon fiber holds the largest market share both, in terms of value & volume, due to its high yield and better processing properties. Carbon fibers are used in composite and non-composite forms in various applications. The composite segment led the global carbon fiber market by form in 2016. The global carbon fiber market is projected to reach USD 8.00 Billion by 2026, at a CAGR of 10.8%, from 2016 to 2026. Carbon fiber offers excellent strength, is light weight, has low specific gravity, excellent modulus of elasticity, high corrosion resistance, and high moldability, among others. Thus, the use of carbon fiber based composites is increasing in various end-use industries such as, aerospace & defense, automotive, wind energy, and others. The growing need for light weight & strong alternative materials in the aerospace & automotive industries is one of the major drivers for the carbon fiber market.

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The global carbon fiber market is segmented into, end-user industry type, product type, raw material type, form, and region. The aerospace & defense end-use application has been estimated to have the largest market share in terms of value & volume in 2016. This is due to the established and proven applications of carbon fiber based composite parts in aircraft applications. The automobile market is projected to grow at a higher rate due to the acceptance of carbon fiber based composites in sports and luxury cars.

Composite form comprises a major share of the carbon fiber market in terms of value

The composite form of carbon fiber is used in various industries such as, aerospace & defense, automotive, wind energy, sporting goods, pipe & tank, civil engineering, marine, and others. Carbon fiber offers high strength, rigidity, high tensile strength, and so on, due to which, it is used in these end-use industries.

Continuous carbon fiber is the largest product type for carbon fiber in terms of volume

Continuous carbon fiber offers higher tensile strength as compared to other types of carbon fiber products. These fibers can be used in layup, weaving, prepregging, filament winding, braiding, and pultrusion processes for manufacturing composite parts for various end-use industries such as, aerospace & defense, automotive, and wind energy. Continuous carbon fiber is also used in the 3D printing industry as it offers stiffness and strength.

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