World's top carbon fiber manufacturers

The growing demand for lightweight vehicles in aerospace, rail transportation, and the automotive industry has fueled the demand for carbon fibers. Carbon fibers, or graphite fibers, exhibit high stiffness, high tensile strength, and high temperature resistance. In the automotive industry, graphite fibers are used to enhance the durability and lifespan of automotive body components.

According to a report by Fortune Business Insights™, the carbon fiber market reached $3.07billionin2022andisprojectedtoreach$5.96 billion by 2030, with a CAGR of 8.8% during the forecast period. Top carbon fiber manufacturers have been adopting various new strategies, such as acquisitions, new product launches, and collaborations, to gain a competitive edge.

Top Ten Major Carbon Fiber Manufacturers

1. Toray Industries, Inc.

Toray Industries is a manufacturer, supplier, and processor of global fibers and textiles, high-performance chemicals, plastics, composites, environmental solutions, and healthcare products. The company plans to expand its business to a total of 29 countries/regions in North America, Europe, the Asia-Pacific region, as well as the Middle East and Africa. In November 2021, Zoltek Companies, Inc., a subsidiary of Toray Industries, expanded its production capacity for 2023 to over 40,000 tows, costing approximately $130 million.

2. Solvay

Solvay is a technology company with 20 research and development centers dedicated to improving products across 264 brands. Solvay is a technology company engaged in materials, chemicals, and solutions, committed to driving technological progress and addressing critical industrial, social, and environmental challenges faced by many sectors, including aerospace, automotive, electronics, healthcare, water treatment, and air management. In December 2022, Solvay collaborated with Trillium to develop bio-based acrylonitrile for carbon fiber applications in automotive, aerospace, consumer goods, and energy.

3. Japan Graphite Fiber Co., Ltd.

Japan Graphite Fiber Co., Ltd.'s products are used in satellite, sports, industrial, architectural, and thermal management applications. The company is a carbon fiber manufacturer with an annual production capacity of 180 tons. Nippon Steel & Sumikin Chemical Co., Ltd., and ENEOS Techno Material Corporation are the company's major shareholders.

4. Teijin Limited

Teijin Limited, founded in 1981, manufactures and sells carbon fiber products, aramid fibers, synthetic fibers, polyester films, films, resin products, chemicals, pharmaceuticals, IT products, medical equipment, and water purification systems. The company offers pharmaceuticals for treating respiratory, bone and joint, metabolic, cardiovascular, and other diseases. The company operates in over 20 countries. In 2021, the company's revenue was $8.4271 billion.

5. Hexcel Corporation

Hexcel Corporation produces resin and carbon fiber-reinforced materials. The company has a total of 23 manufacturing plants and operates in North America, Europe, and the Asia-Pacific region. The company serves Bell, CTRM Aero Composites Burlington, General Electric, GKN, Lockheed Martin Pottsville, Sikorsky, and Raytheon Technologies.

6. ZOLTEK Corporation

Headquartered in the United States, ZOLTEK Corporation is a manufacturer and supplier of graphite fibers. The company's products serve markets such as automotive, aerospace, wind energy, marine, 3D printing, thermoplastic composites, oil and gas, sporting goods, pressure vessels, and civil engineering. The company serves regions such as North America and Europe. The company's primary motivation is to commercialize carbon fibers as primary composite building materials. In June 2021, the company expanded its graphite fiber manufacturing capabilities in Guadalajara, Mexico. This expansion will help the company become a global leader in industrial-grade graphite fibers.

7. Hyosung Advanced Materials

Located in South Korea, Hyosung Advanced Materials (Hyosung Advanced) has production bases across 10 countries and 5 continents. The company's products serve the civil engineering, automotive, agriculture, architectural, and military logistics sectors. Hyosung Advanced is a manufacturer of Toyobo nylon and Toyobo polyester. In May 2021, the company expanded the production capacity of its Jeonju carbon fiber plant to meet the growing demand for graphite fibers for hydrogen-powered vehicle fuel tanks. An investment of $65.88 million expanded production capacity by 6,500 tons.

8. Advanced Composites Inc.

Advanced Composites Inc. is a manufacturer of aerospace composite structures, defense, fiberglass structures, and commercial carbon fibers, providing a wide range of solutions from prototype equipment to machine tool processing to manufacturing machinery. The company uses fiber winding, compression molding, layup manufacturing, and reaction injection molding processes to manufacture products for demanding applications.

9. Mitsubishi Chemical Carbon Fiber & Composites, Inc. (MCCFC)

MCCFC, an abbreviation for Mitsubishi Chemical Carbon Fiber and Composites, Inc., is a manufacturer and supplier of graphite fibers and composites. The company expands its business in North America through various strategies such as technological advancements, capacity expansions, and acquisitions. Grafil, a prepreg producer, is one of MCCFC's core companies with extensive operations in the United States.

10. Formosa Plastics Corporation

Formosa Plastics Corporation is a manufacturer and supplier of MLCC release films, carbon fibers, Nan Ya materials, and intelligent lithium-iron phosphate battery systems. The company offers a variety of grades from standard to high modulus (33 Msi-55Msi), high strength, and small to large tow fibers (1.5K-48K). The company's business includes fire-resistant blankets, flame-retardant wall coverings, insulating paints, Formosa LFPO intelligent lithium-iron phosphate batteries, and fire extinguishers. The company aims to diversify its business and focus on the development of high-value-added products.