Carbon Fiber Composites Market Growth, Size, Share, Growth, Trends, and Forecast 2030

Carbon Fiber Composites Market Size & Industry Analysis

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, and it is expected to reach USD 30 billion by the year 2028. The report analyzes the global carbon fiber composites market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the carbon fiber composites market.

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 Carbon Fiber Composites Market: Overview

Carbon fiber composites are lightweight plastics that are extremely tough and strong which are made up of carbon fibers. They are largely used in areas where a high amount of rigidity is needed. They are used in various sectors like the manufacturing of ships, aerospace projects, and they're also used for civil engineering projects.

Carbon fiber composites are also known as carbon fiber-reinforced polymers or carbon fiber-reinforced plastics.

Key Insights

• The carbon fiber composites market is expected to present progress at a compound annual growth rate of approximately 6% during the forecast period which ranges between 2022 to 2028.
• As far as the revenue is concerned the global carbon fiber composites market size presented a growth of USD 19 billion in 2021 and is foreseen to touch the record of USD 30 billion by the end of 2028.
• The increasing demand for carbon fiber composites in the aircraft manufacturing units along with the new aerial travel routes that are being introduced will prove to be the major growth factors for the carbon fiber composite market.
• Based on end users, the aerospace segment has emerged as the leading segment because of the increasing demand for carbon fiber composite materials in this sector.
• Based on matrix material, the polymer material segment is expected to lead the market by producing the maximum revenue because of the heavy demand that is experienced by the market.
• Based on geography, the region of North America is expected to dominate the market by contributing considerably to the growth of the carbon fiber composites market. Aircraft manufacturing will prove to be the major contributing factor in the region of North America.

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Carbon Fiber Composite Market: Growth Drivers

Increasing demand for carbon fiber composite materials from the aerospace industry.

The aerospace industry is making use of carbon fiber composite materials on a large scale because of the various beneficial factors that are obtained from these materials. The post-COVID period is expected to benefit the demand and supply chain of carbon fiber composite materials as a result of the huge demand for aerospace services. The utilization of carbon fiber composite materials has been also observed in the defense industry which will prove to be a beneficial factor for the overall growth of this industry.

The main use of carbon fiber composite materials has been observed as sandwich structures for various applications particularly relating to the exterior and interior parts. The aerospace industry makes use of carbon fiber composite materials for manufacturing various components and spare parts that are utilized inside the cabin of the aircraft. The tensile strength that is provided by carbon fiber composite materials is comparatively higher as compared to the other options available in the market.

The total weight of carbon fiber composite materials is lower than the other options that are utilized by the aerospace industry. These multiple factors in turn benefit the end user by providing maximum fuel efficiency. The total maintenance cost of the carbon fiber composite materials is extremely low and hence benefits the company in multiple ways. The advanced aircraft that are developed all over the world are mainly utilizing carbon fiber composite materials.

Carbon Fiber Composite Market: Restraints

Reducing demand for commercial aircrafts
 
The total number of commercial aircraft that are demanded by the aerospace industry is rapidly decreasing which has a direct impact on the global carbon fiber composite market. The commercial aircraft utilize carbon fiber composite materials on a large scale and hence proved to be a major consumer for this type of material.

The reduction in the demand for commercial aircraft has affected the demand and supply chain of carbon fiber composite materials on a large scale. The accidents that have taken place over the period have had a direct impact on the demand for and supply of commercial aircraft. This had a negative impact on the total demand for carbon fiber composite materials.

The low weight of the carbon fiber composite materials affects the stability of the aircraft and hence proves to be a negative factor for the growth of the market in the long run. The number of deliveries and orders that have been made during the current period is far less than the orders that were made during the pre-COVID period.

Carbon Fiber Composite Market: Opportunities

The total cost of carbon fiber composite materials is comparatively less which emerges as a major opportunity for the growth of the market.

The utilization of carbon fibers and polymeric resins for the manufacturing of carbon fiber composite materials has been observed as a major reason for the increasing demand for this material. The raw materials that are utilized for the manufacturing of carbon fiber composite materials have a direct impact on the total cost of the final product. Presently polyacrylonitrile is utilized for obtaining carbon fiber composite materials which are applied in the aerospace industry.

This application of carbon fiber composite materials imposes an approximate cost of USD 90 per kilogram. Constant efforts are being made by the key market players to obtain low-cost materials that provide higher benefits in the aerospace industry. The cost of the application of carbon fiber composite materials can be reduced to a great extent by reducing the cost of the raw materials from which they are obtained.

The various benefits that are obtained from carbon fiber composite materials emerge as the major opportunities for the growth of the global carbon composite market. The low weight of the carbon fiber composite materials proves to be beneficial for the end user as it increases the efficiency of the final product. The carbon fiber composite materials provide greater strength as compared to the other materials available in the market.

Carbon Fiber Composite Market: Challenges

The reducing demand for commercial aircraft in the space industry proves to be a major challenge for market growth.

The CFRP composites market is seen to be capital-intensive. The largest consumers of carbon fiber composite materials include Rotary aircraft manufacturers, wind blade manufacturers, helicopter manufacturers, business aircraft manufacturers, commercial aircraft manufacturers, and automotive manufacturers.

During the pandemic, all these industries were at a standstill which had a direct negative impact on the growth of the global carbon fiber composite market. The market capitalization was affected directly during the pandemic, which affected the business tremendously. The industry expects an undisrupted financial flow which emerges as a major challenge for the growth of the market. Liquidity crunch emerges as a major challenge for the carbon fiber composite market as the demand and supply of commercial aircraft are constantly fluctuating.

Carbon Fiber Composite Market: Segmentation

The global carbon fiber composite market is segmented based on end-user, matrix material and geography.

By end-use the market is segmented into aerospace, automotive, wind turbines, sport & leisure, civil engineering, marine, and others. The segment of aerospace industry has emerged as the largest consumer of carbon fiber composite materials as a result of the huge number of components and spare parts that are manufactured with the help of this particular material.

The aerospace industry makes use of carbon fiber composite materials on a large scale as a result of various beneficial factors such as low weight and high resilient strength. The efficiency of the aircraft is increased considerably with the utilization of carbon fiber composite materials as it provides the user with better compatibility and strength at a lower cost, hence increasing the profit margin obtained from the final product.

On the basis of matrix material, the market is segmented into Polymer, Carbon, Ceramics, Metal, and Hybrid. The segment of polymer material has emerged as the largest segment as a result of its extensive demand among end users for various purposes. The utilization of thermosetting polymers has been observed on a large scale as a result of the various benefits it provides in the defense industry.

Thermosetting polymers are mainly utilized in the military sector for various applications and also in the aerospace industry. A premium surface finish is provided with the help of thermosetting polymers as it possesses advanced adhesive properties. The final product which is obtained with the utilization of thermosetting polymers has attracted potential consumers all over the world.

Recent Developments:

In March 2019 - Multiple innovations regarding carbon fiber composites were introduced in JEC World 2019 in the field of automotive and aerospace applications which also included HexTow HM50. This particular material is highly beneficial as it offers great tensile strength and a high modulus which can be utilized for defense aircraft systems and commercial purposes. This technology can also be utilized for the aircraft engines that are utilized in the defense sector.

Carbon Fiber Composites Market Report Scope:

 
Carbon Fiber Composite Market: Regional Analysis

North America is expected to lead pertaining to higher technology adoption during the forecast period
 
A huge demand for carbon fiber composite materials is expected from the region of North America by the end of 2028 which is estimated to be around 55 kilotons. As a huge number of aircraft are manufactured in this particular region the demand for carbon fiber composite materials is going to increase rapidly. As the number of people traveling by air is increasing rapidly all over the world, new routes have been introduced all over the world for managing passenger traffic. Constant research and development programs are carried out by the key market players with the help of the aircraft manufacturers with a view to introduce advanced materials into the market that helped to enhance the functionality and operational capabilities of the aircraft.

Carbon Fiber Composite Market: Competitive Analysis

The global carbon fiber composite market is dominated by players like Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, and Hengshen.

The global carbon fiber composite market is segmented as follows:

By End-Use

• Aerospace
• Automotive
• Wind Turbines
• Sport & Leisure
• Civil Engineering
• Marine
• Others

By Matrix Material

• Polymer
  • Thermosetting
  • Thermoplastics
• Carbon
• Ceramics
• Metal
• Hybrid

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa