07-Nov-2022 | Zion Market Research
The global carbon fiber composite market size is expected to grow at a compound annual growth rate of 6% from the year 2022 to 2028. The market was valued at USD $19 billion in 2021, and it is expected to reach USD 30 billion by the year 2028.
Carbon fiber composites are plastics that are light in weight and extremely strong. These plastics contain carbon fibers. Carbon fiber composites are used mainly in the aerospace industry and in the structure of ships. Carbon fiber composites are used in aerospace engineering, automotive engineering, civil engineering, and sports goods. Carbon fiber composites are used for vehicles that are radio controlled and drone bodies which provide high performance. Few metal parts in firearms can be replaced with the help of carbon fiber composites. They are also used in the making of musical instruments.
Carbon fiber composites are used on a large scale in various industries as they provide high tensile strength. The lifetime of these products is long. The decomposition of these products takes place in an environment that is oxygen free through the thermal depolymerization method.
As emission norms are growing to be stringent and fuel prices in various nations are also increasing, the demand for carbon fiber composites will increase in the coming years. Carbon fiber composites will help in reducing the weight of the vehicles due to which the efficiency of the vehicle will increase. The demand for carbon fiber composites will increase extensively due to a growing need for electric vehicles throughout the world. As there are many car manufacturers in the European nation the demand for carbon fiber composites will also be more in the European region.
The outbreak of the COVID-19 pandemic had an extremely negative effect on the demand for the global carbon fiber composites market. As the need for this product has been reduced in various industries the market has slowed down. Supply chains in various nations were disrupted to a great extent. As the supply of raw materials was less or there were major delays in the supply of raw materials the financial flows were also disrupted. The line workers who are associated with the production were also absent due to which the capacity of the output was reduced to a great extent and manufacturers faced losses. Increased restrictions on travel also had a significant impact on this industry. Aircraft deliveries were also reduced, and this had a negative effect on the market.
The post-pandemic period proved optimistic as the aerospace companies had started their operations at full capacities and there were no restrictions on travel period. The supply chains were uninterrupted due to which the demand for this product from the defense industry and the aerospace industry had also increased.
These products have maximum usage in the aerospace industry, and they have internal as well as external applications. As carbon fiber composites are low in weight and have a strength which is high tensile it helps in increasing efficiency and it also helps in reducing maintenance cost. In the North American region and in the European region, the original equipment manufacturers are making efforts to comply with the environmental regulations. Carbon fibers and polymeric resins are the raw materials that are used in the manufacturing of carbon fiber composites. The carbon fiber composites which are used in the aerospace industry can be developed at a lower cost. It depends on the precursors which also help in yielding higher amounts of material.
One of the major challenges that this aerospace industry faces is of making sure that there is constant financial flow as this is very important to avoid any chances of a liquidity crunch. The global carbon fiber composites market is a capital-intensive industry. Carbon composites are high in cost and there is a greater complexity of recycling this material which hampers the environment to a great extent.
The global carbon fiber composite market is segmented based on end-user, matrix material, and geography.
By end-user, the market is segmented into aerospace, automotive, wind turbines, sport & leisure, civil engineering, marine, and others. Based on the end-user, aerospace sector will generate maximum revenue which is estimated to be about 60% in the coming years. Carbon fiber composites are used on a large scale in the making of aerospace components.
Carbon fiber-reinforced plastic is used by aircraft manufacturers to reduce corrosion in the parts of the aircraft. Airline operators find the use of carbon fiber-reinforced plastic in the making of the components extremely beneficial as it provides cost-effective solutions. To enhance the mechanical and chemical properties of the material, the market players are engaged in constant research and development techniques to come up with better materials.
On the basis of matrix material, the market is segmented into polymer, carbon, ceramics, metal, and hybrid. The polymer materials segment is used extensively in the automotive industry and aerospace industry. The segment will grow significantly due to the improved adhesive qualities and better finishing of the surface.
During the forecast period, the global carbon fiber composite market is likely to be dominated by North America. As new travel routes for air travel are being expanded and there has also been an increase in the passengers opting for air travel the demand for carbon fiber composites will increase during the forecast period. Research and development activities have increased in the North American region and the industry players are making investments in the same. Constant research and development programs are carried out by the key market players with the help of the aircraft manufacturers with a view to introducing advanced materials into the market that helped to enhance the functionality and operational capabilities of the aircraft.
The global carbon fiber composite market is dominated by players like Toray+Zoltek, SGL Carbon, Toho, MRC, Hexcel Corporation, Rock West Composites, Hengshen, Mitsubishi Chemical Fiber Corporation, Teijin Limited, and Solvay.
This review is based on a report by Zion Market Research, titled “Carbon Fiber Composites Market By End-Use(Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine, Others), By Matrix Material (Polymer, Carbon, Ceramics, Metal, Hybrid), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/carbon-fiber-composites-market
The global carbon fiber composite market is segmented as follows:
By Matrix Material
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