Growing demand for lightweight vehicles in aerospace, rail transportation, and automotive industries is fueling the need for carbon fiber. Known for its high stiffness, tensile strength, and heat resistance, carbon fiber (or graphite fiber) enhances the durability and lifespan of automotive components.
According to Fortune Business Insights™, the carbon fiber market reached 3.07 billion in 2022 and is projected to grow to 5.96 billion by 2030, with an 8.8% CAGR during the forecast period. Leading manufacturers are adopting strategies such as acquisitions, product launches, and partnerships to strengthen their market positions.
Top 10 Carbon Fiber Manufacturers
Toray Industries, Inc.
A global leader in fibers, textiles, high-performance chemicals, plastics, composites, environmental solutions, and healthcare products. Operating across 29 countries, Toray's subsidiary Zoltek Companies, Inc. expanded production capacity to over 40,000 filaments by 2023, investing $130 million.
Solvay
A technology-driven company with 20 R&D centers, Solvay develops advanced materials and solutions for aerospace, automotive, energy, and healthcare. In December 2022, it partnered with Trillium to produce bio-based acrylonitrile for carbon fiber applications.
Nippon Graphite Fiber Co., Ltd.
Specializing in carbon fiber for satellites, sports equipment, industrial uses, and thermal management, the company produces 180 tons annually. Major stakeholders include Nippon Steel Chemical & Material Co. and ENEOS Techno Material Corp.
Teijin Limited
Established in 1981, Teijin supplies carbon fiber, aramid fibers, films, resins, pharmaceuticals, and water purification systems. With operations in 20+ countries, it reported $8.43 billion revenue in 2021.
Hexcel Corporation
A key supplier of carbon fiber reinforcements and resins, Hexcel operates 23 plants globally. Its clients include GE, Lockheed Martin, and Raytheon Technologies.
Zoltek Corporation (U.S.)
Focused on industrial-grade carbon fiber commercialization, Zoltek serves automotive, wind energy, and 3D printing markets. It expanded production in Guadalajara, Mexico, in 2021 to strengthen its global footprint.
Hyosung Advanced Materials (South Korea)
With facilities across 10 countries, Hyosung increased carbon fiber capacity by 6,500 tons in 2021, investing $65.88 million to meet hydrogen vehicle fuel tank demands.
Advanced Composites Inc.
Produces aerospace and defense composites using fiber winding, compression molding, and additive manufacturing. Offers end-to-end solutions from prototyping to machining.
Mitsubishi Chemical Carbon Fiber & Composites (MCCFC)
Expands in North America through tech innovation and acquisitions. Its subsidiary Grafil, a prepreg manufacturer, has a strong U.S. presence.
Formosa Plastics Corporation
Supplies carbon fiber across various grades (1.5K–48K tow) and focuses on high-value products like flame-retardant materials, insulation coatings, and smart battery systems.
