The Global PAN Carbon Fiber Market was valued at USD 3.8 Billion in 2024 and is projected to reach USD 6.2 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period (2024–2030). This robust growth is propelled by escalating demand from the aerospace and defense sectors, the accelerating adoption of carbon fiber composites in automotive lightweighting, and expanding applications in wind energy and sporting goods.

As industries worldwide pivot towards high-performance, lightweight materials to meet sustainability and efficiency goals, the demand for PAN-based carbon fiber continues to surge. In this blog, we profile the Top 10 Companies in the PAN Carbon Fiber Industry—a group of global innovators and manufacturers who are shaping the future of advanced composite materials.

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🔟 1. Toray Industries, Inc.

Headquarters: Tokyo, Japan
Key Offering: TORAYCA® Carbon Fiber, Prepregs, Composite Materials

Toray Industries is the undisputed global leader in the PAN carbon fiber market, commanding a significant share of worldwide production. Its TORAYCA® brand is synonymous with high performance and is a preferred material in aerospace (e.g., Boeing, Airbus), automotive, and industrial applications. The company continuously invests in R&D to enhance fiber properties and reduce production costs.

Innovation and Expansion Initiatives:

• Mass production of T1100G, one of the highest tensile strength commercial carbon fibers

• Strategic acquisitions, including ZOLTEK, to strengthen its position in large-tow, industrial-grade carbon fiber

• Expansion of production capacities in Japan, the United States, and Europe

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

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9️⃣ 2. Teijin Limited (Toho Tenax)

Headquarters: Tokyo, Japan
Key Offering: TENAX® Carbon Fiber, Intermediate Materials, Thermoplastic Composites

Teijin, through its Toho Tenax subsidiary, is a major global supplier of carbon fiber and composite materials. The company’s TENAX® products are renowned for their quality and are extensively used in aerospace, automotive, and pressure vessel applications. Teijin focuses on developing integrated solutions from fiber to finished composite parts.

Innovation and Expansion Initiatives:

• Development of high-speed resin transfer molding (RTM) technologies for automotive mass production

• Production of carbon fiber reinforced thermoplastics (CFRTP) for faster processing cycles

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8️⃣ 3. Mitsubishi Chemical Carbon Fiber and Composites, Inc.

Headquarters: Tokyo, Japan (Global operations include US and Europe)
Key Offering: PYROFIL® Carbon Fiber, Prepregs, Custom Composite Solutions

Mitsubishi Chemical (formerly Mitsubishi Rayon) is a leading producer of PAN-based carbon fibers under the PYROFIL® brand. The company serves a diverse range of markets, with a strong focus on aerospace, sporting goods, and general industrial applications. Its vertically integrated operations allow for tight control over quality and customization.

Innovation and Expansion Initiatives:

• Investment in high-modulus and high-strength fiber grades for next-generation aerospace programs

• Expansion of application engineering support for automotive and wind energy customers

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7️⃣ 4. Hexcel Corporation

Headquarters: Stamford, Connecticut, USA
Key Offering: HexTow® Carbon Fiber, Weaves, Prepregs, Adhesives

Hexcel is a premier advanced composites company, supplying high-performance carbon fibers and a wide array of reinforcement materials. It is a key partner to the global aerospace industry, providing materials for commercial aircraft, military platforms, and space vehicles. Hexcel’s focus on innovation is central to its market leadership.

Innovation and Expansion Initiatives:

• Leading supplier of carbon fiber for the Boeing 787 and Airbus A350 wing and fuselage structures

• Continuous development of new resin systems for improved toughness and fire resistance

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

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6️⃣ 5. Solvay (Formerly Cytec Solvay Group)

Headquarters: Brussels, Belgium
Key Offering: CYCOM® Prepregs, Thermoplastic Composites, Adhesive Films

Solvay is a global leader in advanced materials, with a formidable portfolio of composite materials used in the most demanding aerospace and industrial applications. While it focuses heavily on the matrix side (resins and prepregs), its expertise in the carbon fiber value chain is critical. The company provides complete material solutions for primary aircraft structures.

Innovation and Expansion Initiatives:

• Pioneering high-performance thermoset and thermoplastic composite systems

• Strong focus on sustainable composite solutions and recycling technologies

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5️⃣ 6. SGL Carbon

Headquarters: Wiesbaden, Germany
Key Offering: SIGRAFIL® Carbon Fiber, Customized Carbon Materials, Composite Components

SGL Carbon is a leading European-based manufacturer of carbon-based products, including PAN-based carbon fibers. The company serves the automotive, aerospace, and industrial sectors with a focus on customized solutions. Its expertise spans the entire process chain, from precursor to finished composite part.

Innovation and Expansion Initiatives:

• Major supplier for BMW’s i-series and other automotive lightweighting programs

• Development of carbon fibers and materials for battery boxes and fuel cell components

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4️⃣ 7. Hyosung Advanced Materials

Headquarters: Seoul, South Korea
Key Offering: TANSOME® Carbon Fiber, Textiles, Prepregs

Hyosung is a major South Korean industrial conglomerate that has emerged as a significant global player in the carbon fiber market. Its TANSOME® brand carbon fibers are gaining traction in various industrial applications, including pressure vessels, automotive, and wind energy, offering a competitive alternative to established players.

Innovation and Expansion Initiatives:

• Aggressive capacity expansion plans to become a top-tier global supplier

• Focus on cost-competitive industrial-grade carbon fibers for mass-market applications

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3️⃣ 8. Formosa Plastics Corporation

Headquarters: Kaohsiung, Taiwan
Key Offering: Carbon Fiber, Carbon Fiber Fabrics, Composite Materials

Formosa Plastics Corporation is a key Asian producer of PAN-based carbon fiber. Leveraging its vertical integration from petrochemicals to advanced materials, the company produces a range of carbon fiber products targeted at industrial applications, sporting goods, and automotive parts.

Innovation and Expansion Initiatives:

• Continuous expansion of carbon fiber production capacity to meet growing Asian demand

• Development of lower-cost carbon fiber grades for broader market adoption

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2️⃣ 9. Zhongfu Shenying Carbon Fiber Co., Ltd.

Headquarters: Lianyungang, Jiangsu, China
Key Offering: SYC Carbon Fiber, Carbon Fiber woven fabrics, Prepreg

Zhongfu Shenying is one of China’s leading carbon fiber manufacturers, playing a crucial role in the country’s strategy to achieve self-sufficiency in high-performance materials. The company supplies carbon fiber for a wide array of applications, including wind turbine blades, pressure vessels, and aerospace prototypes.

Innovation and Expansion Initiatives:

• Beneficiary of strong governmental support for the domestic advanced materials industry

• Rapid scaling of production capacity to serve the booming Chinese market

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1️⃣ 10. Jiangsu Hengshen Co., Ltd.

Headquarters: Zhenjiang, Jiangsu, China
Key Offering: Carbon Fiber, Carbon Fiber Fabrics, Prepregs

Jiangsu Hengshen is another major Chinese carbon fiber producer, known for its significant production scale and focus on both standard and higher-performance fiber grades. The company is instrumental in supplying the domestic aerospace, sports, and industrial sectors, supporting China’s growing composite industry.

Innovation and Expansion Initiatives:

• Key supplier for China’s Commercial Aircraft Corporation of China (COMAC) aerospace programs

• Ongoing R&D to close the technology gap with leading international manufacturers

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

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🌍 Outlook: The Future of PAN Carbon Fiber Is High-Performance and High-Volume

The PAN carbon fiber market is experiencing a transformative phase. While aerospace remains the benchmark for high-performance applications, the future growth is heavily dependent on penetrating high-volume industrial sectors. The industry’s challenge is to reduce costs while maintaining the exceptional properties that make carbon fiber indispensable.

📈 Key Trends Shaping the Market:

• Rising demand from the wind energy sector for longer, more efficient turbine blades

• Accelerated adoption in automotive for electric vehicle (EV) lightweighting to extend battery range

• Growth in hydrogen storage, driving demand for Type IV carbon fiber pressure vessels

• Increased focus on recycling technologies and sustainable life-cycle management for carbon fiber composites

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

The companies listed above are not only manufacturing a critical advanced material—they are enabling the lightweight revolution across global industries.