Carbon Fiber Composites Market Size, Share, Demand & Trends by 2032
The global carbon fibre composites market is
anticipated at US$ 18.6 Billion in 2021. Due
to the increasing adoption of carbon fiber composite materials in aerospace and
automotive sectors, owing to several advantages are provided by these
materials, thereby, garnering US$ 37.8 Billion in
2032, recording a CAGR of 6.5% from 2022-2032. The
market is likely to secure US$ 19.81 Billion in
2022.
Continuous breakthroughs in advanced carbon fibre
composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), as well as
their vastly increased use in high-volume vehicles, will propel industry
growth. Carbon fibre composites' unique characteristics, such as extreme
strength, lightweight, corrosion resistance, equitable chemical reactivity, X-ray
transparency, thermal conductivity, and low coefficient of thermal expansion,
have elevated their relevance in heavy-duty applications.
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A matrix material is utilized in a wide range of
industries to provide adequate physical, thermal, mechanical, and electrical
properties. Notably, favourable regulatory norms to lessen vehicular emissions
are expected to aid the growth of the carbon fibre composites market during the
analysis period.
Key Takeaways from the Market Study
- By
matrix material, polymer-based carbon fibres are forecast to garner US$
21 Billion by 2032
- Metal
matrix carbon fibre composites sales are expected to flourish at a 6.5%
CAGR
- North
America to contribute significantly to market growth, growing at an
8% CAGR
- Europe to
be a significant market player, anticipated to register a 7.7% growth rate
- A
CAGR worth 4.7% is projected for the Asia Pacific carbon fibre
composites market
- Aerospace
to account for nearly 61% of total carbon fiber composites revenue in 2022
- Applications
in the automotive industry are expected to rise at a 6.4% CAGR
"To achieve the modifying demands
of consumers, manufacturers are making significant investments in
the carbon fibre composites. Heavy investments aid in the technological
development and offer a wide range of benefits, which
is estimated to positively impact the market in the forecast period."
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Competitive Landscape
Key players in the global carbon fibre composites
market include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites,
Solvay, and Hengshen, among others. Recent key developments among players
are:
- Solvay
and SGL Carbon signed a joint development agreement (JDA) in December
2019 to bring to market the first composite materials based on
large-tow intermediate modulus (IM) carbon fibre. These materials clarify
the need to reduce prices and CO2 emissions while also improving the
manufacturing process and fuel efficiency of next-generation commercial
aircraft.
- Teijin
Limited acquired Renegade Materials Corporation in February 2019, a
North American supplier of highly heat-resistant thermoset prepreg for the
aerospace industry. This contributed to the company's position as the
largest provider of solutions for aerospace applications.
- Hexcel
launched a new product line in May 2022 that encompasses Hexcel
resin systems with bio-derived resin content with natural fiber
reinforcements to construct material solutions for Automotive, Winter
Sports, Marine, and Wind Energy applications.
Key Segments Covered In The Carbon Fiber
Composites Industry Survey
Carbon Fiber Composites Market by End Use:
- Carbon
Fiber Composites for Aerospace
- Carbon
Fiber Composites for Automotive
- Carbon
Fiber Composites for Wind Turbines
- Carbon
Fiber Composites for Sports & Leisure
- Carbon
Fiber Composites for Civil Engineering
- Carbon
Fiber Composites for Marine Applications
- Carbon
Fiber Composites for Other End Uses
Carbon Fiber Composites Market by Matrix Material:
- Polymer
Matrix Carbon Fiber Composites
- Thermosetting Carbon
Fiber Composites
- Thermoplastics Carbon
Fiber Composites
- Carbon
Matrix Fiber Composites
- Ceramics
Matrix Carbon Fiber Composites
- Metal
Matrix Carbon Fiber Composites
- Hybrid
Matrix Carbon Fiber Composites
Carbon Fiber Composites by Region:
- North
America Carbon Fiber Composites Market
- Europe
Carbon Fiber Composites Market
- Asia
Pacific Carbon Fiber Composites Market
- Middle
East & Africa Carbon Fiber Composites Market
- Latin
America Carbon Fiber Composites Market
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