The Global PAN-based Carbon Fiber Market was valued at USD 3.24 Billion in 2022 and is projected to reach USD 7.9 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period (2022–2028). This robust expansion is fueled by escalating demand from the aerospace, automotive, and wind energy sectors, all pursuing lightweight, high-strength materials for enhanced performance and sustainability. The market’s trajectory is also shaped by technological advancements in precursor production and weaving techniques, enabling cost reductions and broader application adoption.

As global industries aggressively pursue lightweighting to meet carbon neutrality goals, the focus intensifies on the key material innovators enabling this transformation. In this blog, we profile the Top 10 Companies in the PAN-based Carbon Fiber Industry—a collection of chemical giants, specialized manufacturers, and composite pioneers who are defining the next generation of advanced materials.

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🔟 1. Toray Industries, Inc.

Headquarters: Tokyo, Japan
Key Offering: Torayca® Carbon Fibers (Small Tow, Large Tow, Intermediate Modulus, High Modulus)

Toray is the undisputed global leader in PAN-based carbon fiber, commanding a significant share of the market. Its Torayca® brand is synonymous with high performance and is extensively used in aerospace (Boeing, Airbus), automotive, and sporting goods. The company continues to invest heavily in expanding production capacity and developing next-generation fibers for mass-market applications.

Innovation & Expansion Initiatives:

• Continuous capacity expansion in Japan, the U.S., and Europe
• Development of low-cost carbon fiber for automotive mass production
• Strategic partnerships with major OEMs across aerospace and automotive sectors

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Global PAN-based Carbon Fiber Market – View in Detailed Research Report

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9️⃣ 2. Teijin Carbon (Toho Tenax)

Headquarters: Tokyo, Japan
Key Offering: Tenax® Carbon Fibers, Intermediate Materials (Prepregs, fabrics)

Teijin Carbon, through its Toho Tenax division, is a major global producer with a strong foothold in aerospace, industrial, and sporting applications. The company is vertically integrated, producing everything from PAN precursor to finished composite parts, providing comprehensive solutions to its customers.

Innovation & Expansion Initiatives:

• Focus on recycling technologies for carbon fiber composites
• Expansion of intermediate material capabilities for complex part manufacturing
• Development of high-tensile and high-compressive strength fibers

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8️⃣ 3. Mitsubishi Chemical Carbon Fiber and Composites

Headquarters: Tokyo, Japan
Key Offering: Pyrofil® Carbon Fibers, Carbon Fiber Thermoplastics

Mitsubishi Chemical is a key player with a diverse portfolio of carbon fiber products. Its Pyrofil® fibers are well-regarded, and the company has a strong presence in pressure vessels, aerospace, and general industrial applications. Their focus on thermoplastic composites positions them for growth in high-volume manufacturing.

Innovation & Expansion Initiatives:

• Leading the development of carbon fiber for hydrogen storage tanks
• Investment in automated production for cost-effective carbon fiber
• Strategic emphasis on thermoplastic composite materials

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7️⃣ 4. Hexcel Corporation

Headquarters: Stamford, Connecticut, USA
Key Offering: HexTow® Carbon Fibers, Advanced Composites (Prepregs, Adhesives)

Hexcel is a leading advanced composites company with a significant carbon fiber manufacturing operation. It is a premier supplier to the aerospace industry, providing materials for commercial airframes, spacecraft, and rotorcraft. Their HexTow® fibers are known for their consistent quality and performance.

Innovation & Expansion Initiatives:

• Major supplier for next-generation commercial aircraft programs
• Development of fast-cure prepreg systems for increased production rates
• Sustainable manufacturing practices and product lifecycle management

Download FREE Sample Report:
Global PAN-based Carbon Fiber Market – View in Detailed Research Report

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6️⃣ 5. Solvay (Formerly Cytec Industries)

Headquarters: Brussels, Belgium
Key Offering: CYCOM® and MTM® Prepregs, Carbon Fiber (acquired Cytec)

Solvay is a global leader in advanced materials, with a strong composite materials division built upon the acquisition of Cytec. While historically strong in resin systems and prepregs, the company has integrated carbon fiber into its portfolio, offering comprehensive material solutions for the aerospace and defense sectors.

Innovation & Expansion Initiatives:

• Focus on high-performance resin systems tailored for specific carbon fibers
• Leading provider of composites for space and satellite applications
• Investment in thermoplastic and out-of-autoclave technologies

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5️⃣ 6. SGL Carbon

Headquarters: Wiesbaden, Germany
Key Offering: SIGRAFIL® Carbon Fibers, Custom Carbon Fiber Components

SGL Carbon is a European leader in carbon-based solutions, with a dedicated business unit for carbon fibers. The company serves a wide range of markets, including automotive (BMW i-series), wind energy, and aerospace, with a strong focus on custom composite solutions and material processing.

Innovation & Expansion Initiatives:

• Strategic partnership with BMW for carbon fiber reinforced plastics (CFRP)
• Expansion of production facilities for large-tow carbon fibers
• Development of carbon fiber materials for battery casings in electric vehicles

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4️⃣ 7. Hyosung Advanced Materials

Headquarters: Seoul, South Korea
Key Offering: TANSOME® Carbon Fibers (Standard Modulus, High Strength)

Hyosung has emerged as a significant global competitor, aggressively expanding its carbon fiber production capacity. The company focuses on cost-competitive, high-quality standard modulus fibers, targeting high-volume applications in automotive, pressure vessels, and wind energy.

Innovation & Expansion Initiatives:

• Massive capacity expansion to become a top-tier global supplier
• Strong focus on the hydrogen economy with fibers for Type IV pressure vessels
• Investment in integrated production from acrylonitrile to carbon fiber

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3️⃣ 8. Formosa Plastics Corporation

Headquarters: Kaohsiung, Taiwan
Key Offering: Formosa Carbon Fibers (Large Tow, Industrial Grade)

Formosa Plastics is a major producer of industrial-grade large-tow carbon fiber. Leveraging its vertical integration as a leading acrylonitrile producer, the company offers cost-effective carbon fibers for applications such as wind turbine blades, automotive components, and construction.

Innovation & Expansion Initiatives:

• Expansion of carbon fiber production lines to meet growing industrial demand
• Focus on reducing the cost of carbon fiber for wider adoption
• Strong presence in the Asian wind energy and automotive markets

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2️⃣ 9. DowAksa

Headquarters: Istanbul, Turkey (Joint Venture between Dow and Aksa)

Key Offering: AKSACA® Carbon Fibers (Industrial and Aerospace Grades)

DowAksa is a prominent joint venture combining Dow’s chemical expertise with Aksa’s acrylic fiber leadership. It is one of the largest carbon fiber producers outside of Japan and the U.S., serving global markets with a focus on industrial applications and a growing presence in aerospace.

Innovation & Expansion Initiatives:

• Continuous capacity increases to serve European and global markets
• Development of specialized fibers for infrastructure and marine applications
• Leveraging joint venture strengths for technological innovation

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1️⃣ 10. Zoltek Companies, Inc. (A Mitsubishi Chemical Group Company)

Headquarters: St. Louis, Missouri, USA
Key Offering: Panex® Carbon Fibers (Large Tow, Focus on Industrial Applications)

Zoltek, now part of Mitsubishi Chemical Group, was a pioneer in commercializing large-tow, low-cost carbon fiber. Its Panex® fibers are widely used in high-volume industrial applications like wind energy, automotive, and construction, playing a critical role in making carbon fiber more accessible.

Innovation & Expansion Initiatives:

• Synergy with Mitsubishi Chemical for global market penetration
• Specialization in cost-reduction technologies for mass production
• Key supplier for the wind energy industry’s turbine blades

Get Full Report Here:
Global PAN-based Carbon Fiber Market – View in Detailed Research Report

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🌍 Outlook: The Future of PAN-based Carbon Fiber is Sustainable and Scalable

The PAN-based carbon fiber market is at a pivotal juncture. While high-performance aerospace applications continue to drive technological advancement, the future lies in scaling production and reducing costs to penetrate mass-volume markets like automotive and infrastructure. Sustainability, through recycling and bio-based precursors, is also becoming a core focus for the industry’s long-term viability.

📈 Key Trends Shaping the Market:

• Accelerated adoption in electric vehicles for battery enclosures and body-in-white components to extend range.
• Exponential growth in demand from the wind energy sector for longer, more efficient turbine blades.
• Increased investment in carbon fiber recycling technologies to create a circular economy for composites.
• Development of bio-based acrylonitrile (Bio-ACN) as a sustainable precursor for carbon fiber production.

Get Full Report Here:
Global PAN-based Carbon Fiber Market – View in Detailed Research Report

The companies listed above are not only supplying a critical material—they are enabling the lightweight revolution that is essential for a more efficient and sustainable industrial future.