NEWARK, Del, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global carbon fiber composites market is projected to reach US$ 39,412.1 million by 2033, capturing a significant CAGR of 6.5% during the forecast period.
Continuous developments in advanced carbon fiber composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), and their increased use in high-volume vehicles propel industry growth.
Automotive manufacturers are investing in research and development to create advanced materials for high-volume production, enhancing production rates.
Research projects focusing on innovative carbon fibers and reducing the carbon footprint of composite material fabrication are boosting business penetration. Carbon fiber composites offer unique characteristics such as extreme strength, lightweight, corrosion resistance, and thermal conductivity, making them highly relevant in various industries. Favorable regulatory norms to reduce vehicular emissions further support market growth.
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However, challenges related to composite carbon recycling may hinder distribution efficiency. The high cost associated with the recycling process impacts the overall product cost and poses a challenge to the market's growth.
The global carbon fiber composites market is witnessing significant growth in different regions. In North America, the market is expected to capture a 41% market share in 2022 due to the concentration of aircraft manufacturers and the increased use of composites in aircraft.
Conversely, Europe is likely to exhibit noteworthy gains in the aerospace sector with a CAGR of 7.7%. The region is the headquarters for key aerospace composite manufacturers and has a high demand from the aerospace & defense, and wind energy industries. Europe also dominates global commercial aircraft production and offshore wind energy installations.
The Asia Pacific market is predicted to expand at a CAGR of 4.7%, driven by increased vehicle production and sales, growing purchasing power, and wider cargo transport.
In terms of the matrix material, polymer-based carbon fibers are expected to dominate, reaching around US$ 21 billion by 2033, with thermosetting polymers experiencing substantial growth. Metal matrix carbon fiber composites may also flourish due to their unique properties, such as fire and radiation resistance, transverse stiffness, and durability.
The aerospace & defense segment is expected to be the primary beneficiary of carbon fiber composites demand, accounting for over 60.8% of revenue by 2022. Carbon fibers play a vital role in enhancing aircraft parts' fatigue and oxidation resistance, particularly in the aerospace industry.
The automotive industry is also projected to grow at a CAGR of 6.4% from 2022 to 2032, driven by the increasing demand for electric vehicles and the use of carbon fiber composites to extend their range.
"The market for carbon fiber composites shows promising growth propelled by technological innovations but faces critical challenges concerning recycling efficiency and cost impact. While regional expansions and material advancements drive market dynamics, addressing recycling hurdles will be pivotal for sustained growth and widespread adoption in the long term," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape
Key players in the global carbon fiber composites market include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, Solvay, and Hengshen.
- 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 fiber. These materials clarify the need to reduce prices and CO2 emissions while improving next-generation commercial aircraft's manufacturing process and fuel efficiency.
- 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 leading solutions provider 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.
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Market Segmentation
Industry by End Use:
- Aerospace
- Automotive
- Wind Turbines
- Sports & Leisure
- Civil Engineering
- Marine Applications
- Other End Uses
Industry by Matrix Material:
- Polymer Matrix
- Thermosetting
- Thermoplastics
- Carbon Matrix
- Ceramics Matrix
- Metal Matrix
- Hybrid Matrix
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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