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.
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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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