Asia-Pacific Carbon Fiber Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The market is segmented by Raw Material (Polyacrylonitrile and Petroleum Pitch and Rayon), Type (Virgin Fiber and Recycled Fiber), Application (Composite Materials, Textiles, Microelectrodes, and Catalysis), End-user Industry (Aerospace and Defense, Alternative Energy, Automotive, Construction and Infrastructure, Sporting Goods, and Other End-user Industries), and Geography (China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific). The report offers market size and forecasts for carbon fibers in terms of volume (kiloton) and revenue (USD million) for all the above segments.

APAC Carbon Fiber Market Size

Asia-Pacific Carbon Fiber Market - Market Summary
Study Period: 2018 - 2028
CAGR: > 13 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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APAC Carbon Fiber Market Analysis

The Asia-pacific carbon fiber market is projected to register a CAGR of more than 6% during the forecast period (2022-2027).

Due to COVID-19, the production in various industries, including automotive, construction, aerospace, etc., decreased. The Asia-pacific automotive supply industry has been heavily impacted by the COVID-19 pandemic. The aerospace and defense industry, a major end user of the carbon fiber market, took a major hit in 2021, owing to COVID-19. However, the market is excepted to retain its growth trajectory in 2022.

  • In the medium term, the major factors driving the growth of the market studied are accelerating usage in the aerospace and defense sector and the increasing application in the wind energy sector.
  • On the flip side, supply chain security for recycled carbon fiber has been acting as a roadblock to the growth of the market studied.
  • Increasing application in the wind energy sector, the increasing popularity of recycled carbon fiber, and emphasis on the usage of lignin as raw material for carbon fiber are likely to act as opportunities in the future.
  • China accounted for the largest market share and is expected to continue domination during the forecast period.

APAC Carbon Fiber Industry Segmentation

Carbon fiber is composed of carbon atoms bonded together to form a long chain. The fibers are extremely stiff, strong, and light and are used in many processes to create excellent building materials. The Asia-pacific carbon fiber market is segmented by raw material, type, application, end-user industry, and geography. By raw material, the market is segmented into polyacrylonitrile and petroleum pitch and rayon. By type, the market is segmented into virgin fiber and recycled fiber. The applications of carbon fiber comprise composite materials, textiles, microelectrodes, and catalysis. By end-user industry, the market is segmented into aerospace and defense, alternative energy, automotive, construction and infrastructure, sporting goods, and other end-user industries (marine, electrical, and electronics). By geography, the market is segmented by China, India, Japan, South Korea, ASEAN Countries, and the Rest of Asia-Pacific. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton) and value (USD million).

Raw Material
Polyacrtlonitrile (PAN)
Petroleum Pitch and Rayon
Virgin Fiber (VCF)
Recycled Fiber (RCF)
Composite Materials
End-user Industry
Aerospace and Defense
Alternative Energy
Construction and Infrastructure
Sporting Goods
Other End-user Industries (Marine, Electrical, and Electronics)
South Korea
ASEAN Countries
Rest of Asia-Pacific

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APAC Carbon Fiber Market Trends

This section covers the major market trends shaping the APAC Carbon Fiber Market according to our research experts:

Aerospace and Defense Segment to Dominate the Market

  • In Asia-Pacific, the aerospace and defense segment accounts for the largest share in the market based on the end-user industry. Over the past few years, several new products have been added in this field. Carbon fibers are a perfect choice for numerous aerospace and defense applications as they provide strength, endurance, and stability as required.
  • Conventional metal structures are increasingly replaced by carbon fiber-reinforced plastics (CFRP) in aircraft due to their light yet stiff design structures. From the interior of an airplane or a jet to the rotor blades of a helicopter, composite materials are emerging as an integral part of the aerospace industry.
  • China is one of the largest manufacturers of aircraft and one of the largest markets for domestic air passengers. Moreover, the aircraft parts and assembly manufacturing sector in the country is growing at a rapid pace, with the presence of over 200 small aircraft parts manufacturers.
  • In January 2021, India cleared an INR 48,000 crore (USD 6317.38 million) deal to manufacture 83 thome-developed Light Combat Aircraft (LCA Mk1A) for the air force, in a big boost to the domestic aviation industry, with hundreds of vendors expected to get orders under the Make in India program.
  • Owing to the aforementioned factors, the aerospace and defense segment excepted to dominate the market during the forecast period.
Asia-Pacific Carbon Fiber Market - Segmentation

Japan to Lead the Market Growth

  • Japan is the fastest-growing carbon fiber market compared to other markets in Asia-Pacific.
  • The Japanese automotive industry is one of the world's largest and most renowned automotive industries. According to OCIA, in 2021, Japan produced a total of 5,866,312 units (Q1-Q3), at a growth rate of 3% compared to the same period in 2020 (Q1-Q3). The growth in this industry is likely to reflect the increase in demand for carbon fiber in the country.
  • Also, the Japanese electrical and electronics sector is one of the most advanced sectors in the world. In terms of computers, gaming stations, cell phones, and other critical computer components, the country is a world leader.
  • According to the Japan Electronics and Information Technology Industries Association (JEITA), the electronics industry in Japan registered JPY 10,954.3 billion in revenue in 2021, which was around 90% of the previous year's value. Thus, growth in the electronics industry is likely to boost the market for carbon fibers in the country.
  • Overall, the growing demand from various end-user industries is projected to drive the market in the country during the forecast period.
Asia-Pacific Carbon Fiber Market - Regional Trend

APAC Carbon Fiber Industry Overview

The Asia-Pacific carbon fiber market is highly consolidated. Some of the major companies (not in a particular order) include Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon, Solvay, TEIJIN LIMITED, and TORAY INDUSTRIES INC.

APAC Carbon Fiber Market Leaders

  1. Mitsubishi Chemical Carbon Fiber and Composites Inc.

  2. SGL Carbon

  3. Solvay



*Disclaimer: Major Players sorted in no particular order

Keyplayers - Asia-Pacific Carbon Fiber Market.png

APAC Carbon Fiber Market News

  • In April 2021, Hyosung Advanced Materials announced that it had signed a long-term contract to supply Hanwha Solutions with high-strength carbon fiber to be used to reinforce fuel tanks for hydrogen vehicles for six years from 2021. The supply is worth about 160 billion won (USD 144 million).

APAC Carbon Fiber Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Fuel-efficient and Lightweight Vehicles

    2. 4.2 Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Raw Material

      1. 5.1.1 Polyacrtlonitrile (PAN)

      2. 5.1.2 Petroleum Pitch and Rayon

    2. 5.2 Type

      1. 5.2.1 Virgin Fiber (VCF)

      2. 5.2.2 Recycled Fiber (RCF)

    3. 5.3 Application

      1. 5.3.1 Composite Materials

      2. 5.3.2 Textiles

      3. 5.3.3 Microelectrodes

      4. 5.3.4 Catalysis

    4. 5.4 End-user Industry

      1. 5.4.1 Aerospace and Defense

      2. 5.4.2 Alternative Energy

      3. 5.4.3 Automotive

      4. 5.4.4 Construction and Infrastructure

      5. 5.4.5 Sporting Goods

      6. 5.4.6 Other End-user Industries (Marine, Electrical, and Electronics)

    5. 5.5 Geography

      1. 5.5.1 China

      2. 5.5.2 India

      3. 5.5.3 Japan

      4. 5.5.4 South Korea

      5. 5.5.5 ASEAN Countries

      6. 5.5.6 Rest of Asia-Pacific


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Anshan Sinocarb Carbon Fibers Co. Ltd

      2. 6.4.2 Formosa Plastics Corporation

      3. 6.4.3 Hexcel Corporation


      5. 6.4.5 Mitsubishi Chemical Carbon Fiber and Composites Inc.

      6. 6.4.6 Nippon Graphite Fiber Co. Ltd

      7. 6.4.7 SGL Carbon

      8. 6.4.8 Solvay

      9. 6.4.9 TEIJIN LIMITED

      10. 6.4.10 TORAY INDUSTRIES INC.

      11. 6.4.11 Zhongfu Shenying Carbon Fiber Co. Ltd

    5. *List Not Exhaustive

**Subject to Availability
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APAC Carbon Fiber Market Research FAQs

The Asia Pacific Carbon Fiber Market is studied from 2018 - 2028.

The Asia Pacific Carbon Fiber Market is growing at a CAGR of >13% over the next 5 years.

Mitsubishi Chemical Carbon Fiber and Composites Inc., SGL Carbon, Solvay, TEIJIN LIMITED, TORAY INDUSTRIES, INC. are the major companies operating in Asia Pacific Carbon Fiber Market.

Asia-Pacific Carbon Fiber Industry Report

Statistics for the 2023 Asia-Pacific Carbon Fiber market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Carbon Fiber analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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