Carbon Fiber Composites Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Carbon Fiber Composites Market grew at a CAGR of 6.8% between 2017-2021 and is estimated to be US$ 13,974.2Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.9% and is expected to reach a valuation of US$ 29,891.1Mn by 2032 end.
Because of their superior durability, low thermal expansion, and good corrosion resistance, carbon fiber composites are mostly used to make aerospace parts. Additionally, the development of the carbon fiber composites industry will be further accelerated during the projection period by rising aircraft production.
Numerous new materials are being introduced to the market, including Carbon Fiber Reinforced Thermoplastic (CFRTP). With mass production technologies, advanced CFRTP can be molded in about a minute and is about 40% lighter and 10 times more impact resistant than steel.
UNCEASING DEVELOPMENTS AND RESEARCH PROJECTS TO BOOST THE MARKET GROWTH
Growth in the industry will be fueled by ongoing developments in high-tech carbon fiber composites like Carbon Fiber Reinforced Thermoplastic (CFRTP), as well as their significantly increasing application in high-volume cars. With modern mass production technologies, CFRTP can be molded in approximately a minute, is 40.1% lighter than steel, and has 10 times the impact resistance.
To produce cutting-edge materials that can be employed in high-volume manufacturing cars, automotive manufacturers are actively spending on research and development. The box’s design, which was developed in collaboration with GM and Teijin Limited, has an approximate one-minute molding time, which boosts production rates.
HURDLES ASSOCIATED WITH CARBON COMPOSITE RECYCLING MAY IMPEDE DISTRIBUTION EFFICIENCY
In the upcoming years, difficulties with recycling carbon composites could make distribution less effective. Manufacturers grind or break carbon fibre components at very high temperatures to recover pricey carbon fiber during the recycling process. The cost of the finished product is increased during the extraction process, limiting the market expansion for carbon fiber composites.
UNIQUE CHARACTERISTICS OF CARBON FIBER COMPOSITES TO SPUR DEMAND
Extreme strength, lightweight, corrosion resistance, balanced chemical reactivity, X-ray transparency, thermal conductivity, and a low coefficient of thermal expansion are just a few of the distinctive properties of carbon fiber composites that have made them more relevant in heavy-duty applications. A matrix material is used in various industries for suitable physical, thermal, mechanical, and electrical qualities. Specifically, during the study period, favorable regulatory standards to reduce vehicle emissions are anticipated to support the carbon fiber composites market growth.
Due to their extreme durability, dependability, and ability to withstand harsh marine conditions, carbon fiber composites are widely used in cruisers, racing vessels, and yachts. Carbon fiber composite marine vehicles are more affordable, quicker, and fuel-efficient.
Market Segments Covered in Report
By Matrix Material:
By Region and Country:
Why are Polymer Matrix Carbon Fiber Composites increasing in demand globally?
By matrix material, it is anticipated that the market for polymer-based carbon fibers will reach US$ 21 billion by 2032 due to the development of numerous polymers and their extensive use in the aerospace and automotive sectors.
The extensive use of thermosetting polymers in significant aerospace and military applications will result in a CAGR of 6.6% for this type of material up until 2032.
Why Aerospace & Defense is anticipated to surge in the upcoming year?
By 2022, the aerospace & defense segment is anticipated to generate more than 60.8% of total revenue due to the widespread use of these materials in aerospace components such as airframe structures, floor panels, and landing gears.
Aerospace manufacturers can increase aircraft parts’ fatigue and oxidation resistance with the help of carbon fibers, such as Carbon-fiber Reinforced Plastic (CFRP). Most notably in planes, carbon fiber has been used almost everywhere in aircraft. For instance, the Boeing 787 Dreamliner passenger plane contains 50% composite material by weight, most of which is made of sandwiched or laminated carbon fiber.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
To gauge the interest of potential customers and build a larger clientele, market players are utilizing various marketing strategies, including new product launches, geographic expansion, mergers and acquisitions, partnerships, and collaboration.
The key developments in the Global Carbon Fiber Composites Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By End-User, Matrix Material, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.9%.
Unceasing developments and research projects to boost the market growth.
Major global Carbon Fiber Composites Market players are Toray+Zoltek, SGL Carbon, Toho, MRC, Hexcel Corporation, Rock West Composites, Hengshen, Mitsubishi Chemical Fiber Corporation, Teijin Limited, Solvay.
Hurdles associated with carbon composite recycling may impede distribution efficiency.
Europe is expected to account for the largest market revenue share in the Global Carbon Fiber Composites market.
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