Milled Carbon Fiber Market by Fiber Type (Virgin, Recycled), Application (Reinforcements, Coatings & Adhesives), End-Use Industry (Automotive, Electrical & Electronics, Sporting Goods, Aerospace & Defense) & Region - Forecast to 2029
Updated on : June 20, 2024
Milled Carbon Fiber Market
The global milled carbon fiber market is valued at USD 182 million in 2024 and is projected to reach USD 302 million by 2029, growing at 10.8% cagr from 2024 to 2029. The market is driven by the material's high-performance properties, compatibility with various resin systems, and the growing recycled fiber market. Technological advancements and the development of new applications further expand its usage, while environmental regulations and sustainability goals propel demand across industries. These factors collectively contribute to the robust growth of the milled carbon fiber market, making it a critical component in modern composite materials.
Attractive Opportunities in Milled Carbon Fiber Market Trends
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Milled Carbon Fiber Market Dynamics
Driver: Development of eco-friendly milled carbon fiber from the recycling of carbon fiber composites
The development of eco-friendly milled carbon fiber from the recycling of carbon fiber composites is a significant driver of the milled carbon fiber market. Recycled carbon fiber offers a cost-effective and sustainable alternative to virgin carbon fiber, with properties that are similar in terms of strength, stiffness, and heat resistance. As the demand for sustainable materials continues to rise, the adoption of recycled carbon fibers could lead to a shift in the competitive landscape, with companies focusing on developing innovative recycling technologies and expanding their recycled carbon fiber product portfolios. This shift could potentially impact the overall market size, growth rate, and competitive dynamics of the milled carbon fiber market in the coming years.
Restraint: Competition from low-cost mature products
The competition from low-cost mature products such as E-glass and S-glass fibers is a significant restraint for the milled carbon fiber market. These fibers are well-established and widely used in various applications, making it challenging for milled carbon fibers to gain significant market share. The low cost of these fibers, combined with their established supply chain and manufacturing processes, makes it difficult for milled carbon fibers to compete on price alone. Additionally, the high cost of production and processing of milled carbon fibers compared to these mature products further hinders their adoption.
Opportunity: Rising demand from emerging markets
Emerging markets, particularly in Asia Pacific, are experiencing rapid industrialization and economic development, which is fueling the demand for lightweight and high-performance materials across various industries. rising demand for milled carbon fiber from emerging markets, particularly in the automotive, aerospace, wind energy, sporting goods, and electrical and electronics industries, is a significant driver of growth for the milled carbon fiber market.
Challenge: Lack of availability of composite waste and limited recycling facilities
The milled carbon fiber market faces challenges, including the lack of availability of composite waste and limited recycling facilities. This scarcity of raw materials and recycling infrastructure hinders the growth of the milled carbon fiber market. The availability of composite waste is crucial for the recycling process, and the lack of it limits the supply of recycled carbon fibers. Additionally, the limited recycling facilities in various regions make it difficult to process and recycle the available composite waste efficiently. This scarcity of raw materials and recycling infrastructure creates a significant barrier to the growth of the milled carbon fiber market, particularly in regions where the infrastructure is underdeveloped.
Milled Carbon Fiber Market Ecosystem
Recycled fiber accounted for the largest market share, both in terms of value and volume
Based on fiber type, the milled carbon fiber market has been classified into virgin fiber and recycled fiber. The recycled fiber segment of the milled carbon fiber market had the largest market share in 2023, in terms of value and volume. This segment is a significant contributor to the market, offering properties like corrosion resistance, good electrical conductivity, high modulus, and high strength. Recycled milled carbon fiber finds applications in various industries such as automotive, aerospace, sporting goods, marine, civil engineering, and others. The segment is expected to witness significant growth in both volume and value, reflecting its importance and demand in the market. The use of recycled milled carbon fiber addresses the need for sustainable and eco-friendly materials, driving its adoption across industries and contributing to its dominant position in the milled carbon fiber market.
Reinforcement segment expected to register highest market share of milled carbon fiber market, during forecasted period
Based on application, the milled carbon fiber market has been classified into reinforcements, coatings & adhesives, and other applications. The reinforcements segment is expected to lead the milled carbon fiber market during the forecast period, in terms of value and volume. Driven by the rising demand for high-performance, lightweight materials across various industries. Milled carbon fiber's excellent properties, including a high strength-to-weight ratio, dimensional stability, and electrical conductivity, make it ideal for reinforcing composite applications. In the automotive industry, it aids in reducing vehicle weight, improving fuel efficiency, and enhancing overall performance. Furthermore, its cost-effectiveness, particularly when derived from recycled sources, adds to its appeal. As industries aim to meet stringent environmental regulations and sustainability goals, the demand for eco-friendly materials like recycled milled carbon fiber is on the rise.
Automotive segment is estimated to account for the highest market share in 2023, in milled carbon fiber market.
Based on End-use industry, the milled carbon fiber market has been segmented into automotive, electrical & electronics, sporting goods, aerospace & defence, others.
Milled carbon fiber are pivotal in the automotive segment, particularly in the development of fuel-efficient, durable, and lightweight automotive vehicles. milled carbon fibers are used in the automotive industry for their high performance, lightweight construction, electrical conductivity, multifunctionality, and stable supply. They are used in various components, including brakes, clutches, and housing parts, and offer significant advantages in terms of performance and efficiency.
Europe to hold the largest market share during the forecast period.
The milled carbon fiber market in Europe is experiencing significant growth, driven by increasing demand for lightweight and fuel-efficient automotive vehicles and light aircraft, stringent environmental regulations, and technological advancements in composite materials and manufacturing processes. The strong presence of major autmotive and aerospace players such as Volkswagen, BMW AG, and Airbus in Europe creates a constant demand for these advanced materials. However, factors like high initial costs and strict regulations can hinder new entrants, but overall, the European milled carbon fiber market enjoys a positive outlook.
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Milled Carbon Fiber Market Players
The milled carbon fiber market is dominated by a few globally established players. Solvay (Belgium), Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Teijin Limited (Japan), SGL Carbon (Germany), Daigas Group (Japan), Stanford Advanced Materials (US), Nippon Graphite Fiber Co., Ltd. (Japan), Easy Composites Ltd (UK), Haufler Composites GmbH & Co. KG (Germany), Procotex (Belgium), among others, are the main producers who entered into significant deals and partnerships recently. Since global requirements are changing, contracts and new product development have received the majority of attention.
These companies are attempting to establish themselves in the milled carbon fiber market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major milled carbon fiber market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.
Milled Carbon Fiber Market Report Scope
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Report Metric |
Details |
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Market size available for years |
2022–2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Units considered |
Value (USD Million/Billion), Volume (Tons) |
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Segments Covered |
By Fiber Type, By Application, By End-use Industry and Region |
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Geographies covered |
Europe, North America, Asia Pacific, Latin America, Middle East, and Africa |
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Companies covered |
Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Teijin Limited (Japan), Daigas Group (Japan), Stanford Advanced Materials (US), Nippon Graphite Fiber Co., Ltd. (Japan), Easy Composites Ltd (UK), Haufler Composites GmbH & Co. KG (Germany), Procotex (Belgium), SGL Carbon (Germany), CLM-Pro (Croatia), R&G Faserverbundwerkstoffe GmbH (Germany), Nippon Polymer Sangyo Co., Ltd. (Japan), Tasuns Composite Technology Co., Ltd. (China), Nantong Yongtong Environmental Technology Co., Ltd. (China), Hebei Yayang Spodumene Co., Ltd. (China), K. SAKAI & Co., LTD. (Japan), Elley New Material Co., Ltd. (China), TIANJIN YUFENG CARBON CO., LTD. (China), CARBONFIBER.CZ (Czech Republic), Shenzhen Xiangu High-Tech. Co., Ltd. (China), Hangzhou Impact New Materials Co., Ltd. (China), China Beihai Fiberglass Co., Ltd. (China), Shanghai Shenghe Textile Technology Co., Ltd. (China), ARITECH CHEMAZONE PVT LTD. (India) |
The study categorizes the milled carbon fiber market based on by Fiber Type, Application, End-use Industry and Region.
By Fiber Type
- Virgin Fiber
- Recycled Fiber
By Application
- Reinforcements
- Coatings & Adhesives
- Others
By End-Use Industry
- Automotive
- Electrical & Electronics
- Sporting Goods
- Aerospace & Defense
- Others
By Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Recent Developments
- In October 2022, The partnership between Specialty Materials and Toray Advanced Composites will enhance the supply chain by combining Specialty's boron fiber with Toray's domestically produced high-strength intermediate modulus carbon fibers and a range of resin systems from Toray Advanced Composites.
- In June 2021, Procotex’s acquisition of ELG Carbon Fibre enables the company to produce milled carbon fiber and feedstock in larger capacities.
- In December 2020, Mitsubishi Chemical Group Corporation combined its subsidiaries in three countries: the US, the UK, and Germany. By sharing and integrating expertise and resources, this integration is expected to enhance cooperation and strengthen overall business capabilities in these three countries. The company plans to improve customer responsiveness and provide solutions in these countries. Nine subsidiaries in the US, five in the UK, and five in Germany were integrated on April 1, 2021.
Frequently Asked Questions (FAQ):
Which are the major companies in the milled carbon fiber market? What are their major strategies to strengthen their market presence?
Some of the key players in the milled carbon fiber market are Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Teijin Limited (Japan), Daigas Group (Japan), Stanford Advanced Materials (US), Nippon Graphite Fiber Co., Ltd. (Japan), Easy Composites Ltd (UK), Haufler Composites GmbH & Co. KG (Germany), Procotex (Belgium), SGL Carbon (Germany), CLM-Pro (Croatia), R&G Faserverbundwerkstoffe GmbH (Germany), Nippon Polymer Sangyo Co., Ltd. (Japan), Tasuns Composite Technology Co., Ltd. (China), Nantong Yongtong Environmental Technology Co., Ltd. (China), Hebei Yayang Spodumene Co., Ltd. (China), K. SAKAI & Co., LTD. (Japan), Elley New Material Co., Ltd. (China), this are the key manufacturers that secured partnerships, acquisitions, contracts, deals in the last few years. Partnerships and deals were the key strategies adopted by these companies to strengthen their position in the milled carbon fiber market.
What are the drivers and opportunities for the milled carbon fiber market?
unique properties of milled carbon fiber, such as high strength-to-weight ratio, dimensional stability, and electrical conductivity, making it a preferred choice for reinforcing composite materials in diverse industries. The cost-effectiveness of milled carbon fibers compared to virgin carbon fibers is a significant factor, as manufacturers need to balance the benefits of using milled carbon fibers with the costs of production and raw materials.
Which region is expected to hold the highest market share?
In terms of volume Asia Pacific’s milled carbon fiber market has been experiencing growth and significant industry demand. Asia Pacific is home to several prominent automotive, electrical & electronics companies, contributing to the increasing adoption of milled carbon fiber products.
What is the total CAGR expected to be recorded for the milled carbon fiber market during 2024-2029?
The CAGR is expected to record a CAGR of 10.8% in terms of value, from 2024-2029.
How is the milled carbon fiber market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing production capacities of milled carbon fiber. .
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The study involves two major activities in estimating the current market size for the milled carbon fiber market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering milled carbon fiber and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the milled carbon fiber market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the milled carbon fiber market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from milled carbon fiber industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to fiber type, application, end-use industry and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using milled carbon fiber were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of milled carbon fiber products and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
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Market Size Estimation
The research methodology used to estimate the size of the milled carbon fiber market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in milled carbon fiber products in different applications at a regional level. Such procurements provide information on the demand aspects of the milled carbon fiber industry for each application. For each application, all possible segments of the milled carbon fiber market were integrated and mapped.
Milled carbon fiber Market Size: Botton Up Approach
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Milled carbon fiber Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Milled carbon fibers are made up of carbon fiber strands, virgin or recycled, that have been milled into very short, powdery fibers. Despite their short and variable size, individual fibers have a high aspect ratio, which provides superior mechanical and electrical properties to polymer compounds. Milled fibers provide a better level of reinforcement to thermoplastics and thermosetting resins, higher heat/abrasion resistance, and higher electric conductivity than unreinforced polymers.
Milled carbon fiber consists of carbon fiber filaments that are shorter than chopped carbon fiber, typically 1 mm or less in length. Milled carbon fibers are made by pulverizing polyacrylonitrile (PAN) and mesophase pitch carbon fibers using various methods, including mechanical grinding, melt blowing, and ball milling. They are short, lightweight, and strong fibers that are used to reinforce composites. These fibers are used in a wide range of industries, including electronics, sporting goods, and automotive. They can be added to casting resins, tooling resins, thermoplastics, paints, adhesives, and coatings to increase tensile strength, dimensional stability, and electrical conductivity.
Key Stakeholders
- Milled carbon fiber manufacturers
- Automotive manufacturers
- Universities, governments, and research organizations
- Milled carbon fiber and composite associations and industrial bodies
- Research and consulting firms
- R&D institutions
- Environmental support agencies
- Investment banks and private equity firms
Report Objectives
- To define, describe, and forecast the milled carbon fiber market size in terms of volume and value
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
- To analyze and project the global milled carbon fiber market by fiber type, application, End-use industry and region
- To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and analyze the significant region-specific trends
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
- To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
- To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape
- To strategically profile the key market players and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
- Additional country-level analysis of the milled carbon fiber market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in Milled Carbon Fiber Market