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Carbon Fibers

Chemical Economics Handbook

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June 2022

The term carbon fiber refers to organic materials that have been heat-treated at temperatures of 1,000–3,000°C and generally contain 92–99.99+% carbon. Graphite fiber refers to carbon fiber precursors that have been processed at temperatures exceeding 2,500°C for an extended period of time; for the purposes of this report, however, graphite fibers will not be distinguished from carbon fibers. Carbon fibers are noted for their high strength and stiffness. These properties are quantitatively measured by tensile-strength and tensile-modulus tests. The tensile strength of a material is the rupture strength per unit area as the material is subjected to a specified dynamic load. Tensile modulus is the ratio of stress to strain of the material as it is deformed under a specified dynamic load.

Carbon fibers are used primarily as reinforcing agents in high-performance composites with synthetic resin matrices such as epoxies, polyimides, vinyl esters, phenolics, and certain thermoplastics. High-performance composites, also referred to as advanced composites, are generally defined as very strong fiber-reinforced matrices having at least 60% fiber loading; composites having a fiber loading of 12–35% are used more frequently in industrial applications such as construction panels, pipes, or boats. Carbon fibers are used mainly in applications requiring high stiffness properties exceeding the tensile modulus of glass or aramid fibers. In recent years, the price of carbon fiber–reinforced composites has dropped, making them more attractive for use in more applications.

The following pie chart shows world consumption of carbon fibers:

Carbon Fibers

Across the world, carbon fiber use will expand for industrial applications because of its importance as a lightweight and high-strength material. The growing pressure vessel market, including gas transport, compressed natural gas (CNG) vehicles, and hydrogen fuel cells, will continue to be supported with carbon fiber use. In wind energy, renewable energy targets, longer wind blades, larger wind turbines, and the increase in offshore wind installations will lead to more carbon fiber use in this market. For higher-value markets, carbon fibers are increasingly being used in commercial and military aircraft manufacture. Carbon fiber composites are used in the main body, wings, engines, etc., and can result in less aircraft weight, lower fuel consumption and lower emissions, as well as higher speeds, longer distance ranges, and easier maintenance.

Major advances in technology and processing have expanded the demand for high-performance carbon fibers. The introduction of higher-volume and lower-cost fibers, coupled with gains in productivity, has reduced the manufacturing costs of carbon fibers. Since cost is a major factor affecting demand, continued improvements in performance, along with increased availability, are expected to support growing consumption in all regions and applications. However, cost will remain a challenge in applications such as widespread automotive use.

In the United States, industrial use in pressure vessels will benefit from alternative fuels usage such as natural gas, gas transport, and the growing use of fuel-cell and electric vehicles. Use in wind energy will continue because of lower costs, longer turbine blades, larger wind turbines, and the growing number of offshore installations supporting this market. Carbon fiber composite use in mass-produced automobiles will have modest growth, providing lower weight, more fuel efficiency, and lower emissions; however, higher costs and longer production times will continue to limit widespread use.

Mainland Chinese carbon fiber consumption is expected to experience strong growth. Continued installed capacity of wind power will contribute to this growth, and this market will continue to have the largest consumption in the coming years. In automobiles, carbon fiber composite research will focus on reducing process time and cost. Civil engineering uses will also increase as the reinforcement and maintenance of existing roads and bridges are more frequent.

In Western Europe, future growth will depend on use of carbon composites in mass-produced automobiles as well as meeting renewable energy targets. Carbon fiber use in aircraft will grow strongly because of the increased use of composite structures in civil aircraft in order to reduce fuel consumption.

Japan remains the largest exporter of carbon fibers and production has increased in response to growing global demand. Carbon fiber use in automotive applications has increased to help reduce the weight of cars, increase fuel efficiency, and reduce emissions. Carbon fibers are also used in aircraft for both domestic use and export. In sporting goods/recreation applications, producers have relocated to Other Asian countries; however, in Japan, mostly high-end sporting good products are still produced.

For more detailed information, see the table of contents, shown below.

S&P Global’s Chemical Economics Handbook – Carbon Fibers is the comprehensive and trusted guide for anyone seeking information on this industry. This latest report details global and regional information, including

Carbon Fibers

Key benefits

S&P Global’s Chemical Economics Handbook – Carbon Fibers has been compiled using primary interviews with key suppliers and organizations, and leading representatives from the industry in combination with S&P Global’s unparalleled access to upstream and downstream market intelligence and expert insights into industry dynamics, trade, and economics.

This report can help you

  • Identify trends and driving forces influencing chemical markets
  • Forecast and plan for future demand
  • Understand the impact of competing materials
  • Identify and evaluate potential customers and competitors
  • Evaluate producers
  • Track changing prices and trade movements
  • Analyze the impact of feedstocks, regulations, and other factors on chemical profitability
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Table of Contents

Section Page Number

Executive summary 7
Summary 8
Industry structure and dynamics 14
Introduction 15
Manufacturing processes 17
Rayon-based carbon fibers 17
PAN-based carbon fibers 18
Pitch-based carbon fibers 19
Processing of carbon fibers 19
Continuous-fiber composites 19
Tape laying 20
Filament winding 20
Pultrusion 21
Sheet molding 21
Honeycomb construction 21
Chopped fibers 22
Nonpolymeric matrices 22
Environmental issues 23
Supply and demand by region 24
United States 24
Producing companies 24
AvCarb 24
Cytec Engineered Materials, Inc. (under Solvay) 25
Hexcel 25
Mitsubishi Chemical Carbon Fiber and Composites 25
SGL Composites LLC 25
Teijin Carbon America, Inc. 26
Toray Composite Materials America, Inc. 26
Salient statistics 26
Consumption 27
Industrial, wind, automotive/transportation, and other commercial applications 29
Pressure vessels 30
–Wind, oil, gas 31
Automotive 33
Civil engineering 36
Electrical/electronic 36
Drive shafts/machinery 37
Marine 37
Other 38
Aircraft and aerospace applications 38
Military aircraft 39
Large commercial aircraft 41
Regional, business, and personal aircraft 44
Helicopters 44
Aircraft engines and brakes 45
Tooling 46
Missiles and spacecraft 46
Sporting goods/recreation 47
Price 49
Trade 49
Imports 49
Exports 50
Mexico 50
Producing companies 50
Salient statistics 51
Central and South America 51
Salient statistics 51
Consumption 52
Western Europe 53
Producing companies 53
Production 56
Consumption 57
Industrial, wind, automotive/transportation, and other commercial applications 58
Aircraft and aerospace applications 60
Sporting goods/recreation 60
Price 61
Trade 62
Central Europe 62
Producing companies 62
Salient statistics 63
Consumption 64
Trade 65
CIS Countries 65
Producing companies 65
Salient statistics 66
Middle East and Africa 67
Producing companies 67
Salient statistics 67
Middle East 67
Africa 69
Consumption 69
Mainland China 70
Introduction 70
Producing companies 71
Salient statistics 76
Production 77
Consumption 78
Industrial 78
Renewable energy 79
Automobile applications 79
Pressure vessel 81
Civil engineering 81
Electronic/Electricity 82
Other applications 82
Sporting goods/recreation 83
Aircraft/aerospace 83
Commercial aviation 83
Military aviation 84
Projected use of carbon fiber in aviation 84
Price 85
Trade 85
Japan 86
Producing companies 86
Toray Industries 86
Teijin Carbon Fibers Business 87
Mitsubishi Chemical Corporation 88
Nippon Graphite Fiber 89
Kureha Corporation 89
Osaka Gas Chemicals 90
Production 90
Consumption 91
Industrial, automotive/transportation and other commercial applications 92
Aircraft and aerospace applications 93
Sporting goods/recreation 94
Price 94
Trade 95
Other Asia and Oceania 96
Producing companies 96
India 97
South Korea 97
Taiwan 98
Thailand 98
Production 98
Consumption 99
Trade 102
Additional resources 103
Revisions 104
Data Workbook 105
Notice 106

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