Press Release

Carbon Fiber Composites Market to Grow with a CAGR of 6.15% through 2028

Growing utilization in various industries like aerospace, automotive, and wind turbines are factors driving the Global Carbon Fiber Composites Market in the forecast period 2024-2028. 

 

According to TechSci Research report, “Carbon Fiber Composites Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Carbon Fiber Composites Market stood at USD 19.87 billion in 2022 and is anticipated to grow with a CAGR of 6.15% and is expected to reach USD 31.17 billion by 2028. Carbon fiber composites possess remarkable attributes, including excellent resistance to corrosion, minimal thermal expansion, and exceptional durability, making them highly sought-after materials in the aerospace industry. Furthermore, the growing production of aircraft is poised to drive significant expansion in the carbon fiber composites sector in the foreseeable future. The market is currently witnessing a wave of material innovations, notably the emergence of Carbon Fiber Reinforced Thermoplastic (CFRTP). Advanced CFRTP, supported by mass production technology, boasts an impressively short molding time of just one minute, making it approximately 40% lighter and ten times more impact-resistant than steel. Automotive manufacturers are actively investing in research and development efforts to create advanced materials suitable for high-volume production vehicles. Collaborations like the one between GM and Teijin Limited, resulting in a box design with a one-minute molding time, are increasing production rates and driving industry advancements.

 

Furthermore, carbon fiber composites offer a range of distinct advantages, including exceptional strength, lightweight properties, resistance to corrosion, balanced chemical reactivity, X-ray transparency, efficient thermal conductivity, and minimal coefficient of thermal expansion. These characteristics have significantly expanded the potential applications of carbon fiber composites in heavy-duty products. Various applications require a matrix material to impart specific physical, thermal, mechanical, and electrical properties. Notably, supportive regulatory measures aimed at reducing vehicle emissions are expected to facilitate the growth of the carbon fiber composites market throughout the analysis period.

 

 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Carbon Fiber Composites Market.”

 

 

Additionally, Carbon fiber composites, consisting of robust carbon fibers embedded in lightweight plastic materials, are renowned for their exceptional strength and durability. These composites find extensive applications in industries requiring high levels of rigidity and resilience. They are prominently employed in diverse sectors, including shipbuilding, aerospace endeavors, and civil engineering projects.

 

The Global Carbon Fiber Composites Market is segmented into matrix material, end use, regional distribution, and company.

Based on matrix material, the polymer segment commands the highest share of revenue. In the domain of polymer materials, the polymer sector has emerged as the largest, driven by its extensive demand across various end-user applications. Notably, thermosetting polymers have experienced significant adoption, particularly within the defense industry, due to their numerous advantages. The defense sector has harnessed the potential of thermosetting polymers for various applications, a trend also observed in the aerospace industry. These materials offer distinct advantages, including exceptional adhesive properties that result in a premium surface finish. The final products produced using thermosetting polymers have attracted considerable attention and interest from potential global consumers.

 

Furthermore, the metal segment is poised for growth, primarily due to the various advantages it offers, such as fire and radiation resistance, as well as increased transverse stiffness and strength. These characteristics make these materials highly desirable, especially in demanding sectors like aerospace. For example, reinforced metal matrices provide specific mechanical properties that conventional metals lack, making them well-suited for aerospace applications. For instance, reinforced aluminum is employed in the production of composites that exhibit 30-40% greater rigidity and strength compared to pure aluminum, a factor expected to have a positive impact on the prospects of this segment.

 

Based on end use, the aerospace segment commands the highest share of revenue. In the aerospace sector, carbon-fiber-based composites play a critical role in the production of various aircraft components, including clips, cleats, brackets, ribs, struts, stringers, chips, wing leading edges, and specialized parts. Furthermore, ongoing research explores the potential application of these composites in larger structures such as wing torsion boxes and fuselage panels. The defense industry also relies on carbon composites for diverse purposes, including missile defense, ground defense, and military marine systems. In recent years, the adoption of carbon composites in aerospace manufacturing has witnessed rapid growth due to their ability to meet specific requirements such as weight reduction, exceptional resistance properties, insulation capabilities, and radar absorption. These composites are composed of carbon fibers embedded in a carbon matrix, offering the additional benefit of reduced maintenance costs as they are impervious to rust and corrosion.

 

Moreover, these materials contribute to overall weight reduction in aircraft, leading to decreased aviation fuel consumption and enabling airplanes to achieve extended flight ranges and increased passenger capacities. This advantage is primarily attributed to their impressive strength-to-weight ratio compared to traditional metals. The increasing investments in research and development (R&D) focused on advanced composite materials by major aerospace players, including industry leaders such as The Boeing Company, General Electric Company, and Airbus SE, are pivotal factors driving the growth of the carbon composites market.

 

Based on region, Asia Pacific took center stage as the leading contender in the Global Carbon Fiber Composites Market. The growth in this region can be primarily attributed to the expanding production and sales of vehicles. Furthermore, the increasing disposable income of consumers, the expansion of cargo transport, the rise in passenger travel, the increased frequency of air flights, and the availability of discounts offered by vehicle manufacturers are expected to serve as significant drivers of market growth in this geographical area.

 

Moreover, the demand for carbon fiber composite materials is projected to witness rapid growth in this region, primarily due to the substantial aircraft manufacturing activities occurring here. With the global surge in air travel, there has been a notable expansion of air routes worldwide to manage the growing influx of passengers. Key players in the market are actively involved in ongoing research and development programs, collaborating closely with aircraft manufacturers to introduce advanced materials into the market. These initiatives aim to enhance the functionality and operational capabilities of aircraft.

 

Additionally, Europe secured the largest market share in the projected year, driven by substantial demand from the aerospace & defense and wind energy sectors. Furthermore, Europe serves as the headquarters for several prominent aerospace composite manufacturers, including SGL Carbon, Solvay, and TenCate. The consistent growth in Airbus aircraft deliveries has led to a substantial increase in the demand for composite materials in Europe. Additionally, the region's production of military aircraft and helicopters further solidifies its position in the market.

 

Major companies operating in Global Carbon Fiber Composites Market are:

  • Toray Industries Inc
  • SGL Carbon SE
  • Mitsubishi Chemical Carbon Fiber and Composites, Inc.
  • Hexcel Corporation
  • Rock West Composites, Inc.
  • Teijin Limited
  • Solvay S.A.
  • DowAksa Advanced Composites Holdings BV
  • Nippon Graphite Fiber Co., Ltd.
  • Hyosung Advanced Materials

 

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“Ongoing developments in manufacturing technologies are fundamentally reshaping the carbon fiber composites market. Established approaches to carbon fiber composite production, such as autoclave curing, are now being supplemented by emerging methodologies like out-of-autoclave (OOA) curing and automated fiber placement (AFP). OOA curing techniques are particularly noteworthy for their cost-effectiveness and ability to expedite production cycles, thereby enhancing the accessibility of carbon fiber composites across diverse industries. The integration of automated manufacturing processes, encompassing technologies such as 3D printing and robotic lay-up, is driving notable enhancements in production efficiency while simultaneously minimizing material wastage creates a lucrative opportunity in the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

 

Carbon Fiber Composites Market By Matrix Material (Polymer, Carbon, Ceramics, Metal, Hybrid), By End Use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of Global Carbon Fiber Composites Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Carbon Fiber Composites Market.

 

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