The carbon fiber composites market size is projected to be valued at USD 20,995.8 million in 2023 and is expected to rise to USD 39,412.1 million by 2033. The sales of carbon fiber composites are expected to register a significant CAGR of 6.5% during the forecast period.
Carbon fiber composites offer high corrosion resistance, reduced thermal expansion, and exceptional durability, rendering them utilized in the production of aerospace parts. Additionally, increasing aircraft production may further expand the carbon fiber composites industry over the forecast period.
The market is experiencing a slew of material innovations, including the introduction of Carbon Fiber Reinforced Thermoplastic (CFRTP). Advanced CFRTP with mass production technology has a molding time of one minute with around 40% lighter and ten times higher impact resistance compared to steel.
Automotive manufacturers are actively investing in the research and development of advanced materials for high-volume production vehicles. GM and Teijin Limited jointly developed the box design with a molding time of around one minute, which increases the production rates.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6.5% |
| Market Valuation (2023) | USD 20,995.8 million |
| Market Valuation (2033) | USD 39,412.1million |
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Unceasing Developments and Research Projects to Boost the Market Growth
Continuous breakthroughs in advanced carbon fiber composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), and their vastly increased use in high-volume vehicles may propel industry growth. The advanced CFRTP with mass production technology has a molding time of about one minute, is 40.1% lighter, and has ten times the impact resistance of steel.
Automotive manufacturers are actively investing in research and development to create advanced materials for high-volume production vehicles. The box design was developed in conjunction with GM and Teijin Limited, and it has a molding time of about one minute, which enhances production rates.
Substantial research project activities to build innovative carbon fibers, as well as reduce the carbon footprint of composite material fabrication, may boost business penetration. The researchers are actively investing in the production of carbon fiber from byproducts of forestry, such as lignin, which lessens the use of petroleum raw materials.
The project aims to reduce product costs by around 31% while reducing carbon footprint by about 49.8% during carbon fiber production.
In March 2022, the University of Limerick inaugurated the LIBRE project in collaboration with Germany, Sweden, the United Kingdom, Ireland, and Italy, with a USD 5.5 million investment. Bio-Based Industries Joint Venture obtained the funding through the European Union's Horizon 2020 Research and Innovation Program.
Carbon fiber 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.
A matrix material is utilized in a wide range of industries to provide adequate physical, thermal, mechanical, and electrical properties. Notably, favorable regulatory norms to lessen vehicular emissions are expected to aid the growth of the carbon fiber composites market during the analysis period.
Carbon fiber composites are extensively used in cruisers, racing vessels, and yachts because they are durable, reliable, and withstand extreme marine conditions. Marine vehicles made of carbon fiber composites are faster, more fuel efficient, and more cost-effective.
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Hurdles associated with composite carbon recycling may impede distribution efficiency in the coming years. Manufacturers grind or break carbon fiber components at extremely high temperatures during recycling to recover expensive carbon fiber. This extraction process elevates the cost of the entire product, impeding the growth of the market.
Sales of carbon fiber composites increased at 5.7% CAGR between the period of 2018 and 2022.
These years saw an increasing demand for carbon fiber composites across various industries, driven by the need for lightweight, high-strength materials. Industries such as aerospace, automotive, wind energy, sports and leisure, and construction significantly contributed to the consumption of carbon fiber composites during this period.
The carbon fiber composites market is expected to experience further growth and expansion during the forecast period. Factors such as the ongoing emphasis on fuel efficiency, sustainability, and technological advancements are projected to drive the demand for carbon fiber composites in the coming years. The aerospace industry, in particular, is expected to witness significant growth due to the rising demand for lightweight aircraft components.
The wind energy sector is also projected to contribute to the consumption of carbon fiber composites as the construction of wind farms continues to expand globally. The lightweight and high-strength properties of carbon fiber composites make them an ideal choice for wind turbine blades.
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Sales Prospects to Widen Amid a Burgeoning Aerospace Industry
Given the large concentration of aircraft manufacturers and the escalating incorporation of composites in aircraft, the North American carbon fiber composites market is predicted to garner a market share of 41% in 2022. Rising aircraft clamor globally as a result of enhanced air passenger traffic, combined with the expansion of new air travel routes, is growing the regional share.
Aircraft manufacturers and industry players are investing in R&D to develop advanced materials that strengthen aircraft operational capabilities. In addition, with the emergence of new distributors, industry participants are strengthening their regional distribution channels.
The North American market is projected to increase significantly over the forecast period, with a CAGR of around 8% until 2033. The United States dominated the ceramic coatings market in North America.
Because of the expansion in air cargo, the total commercial aircraft fleet is predicted to exceed 8,270 in 2037, according to the Federal Aviation Administration (FAA). Furthermore, as the existing fleet ages, the United States. The Mainliner carrier fleet is expected to grow to 54 aircraft per year.
Potent exports of aerospace components to countries such as France, China, and Germany, as well as robust consumer spending in the United States, are driving the aerospace industry's manufacturing activities.
Akin to North America, Europe Experienced Noteworthy Gains in the Aerospace Sector
Due to high demand from the aerospace & defense and wind energy end-use industries, Europe accounted for the highest market share and is likely to exhibit a CAGR of 7.7% from 2022 to 2032. Furthermore, it is the headquarters for several crucial aerospace composite manufacturers, including SGL Carbon, Solvay, and TenCate. Steadily increasing Airbus aircraft deliveries are rising significantly in composite material demand in Europe. Aside from that, the region manufactures military aircraft and helicopters.
Europe is a world leader in offshore wind energy implementations. The European region has been most affected by COVID-19, with decreased industrial and economic activity in all leading countries, including Germany, France, the United Kingdom, Italy, and France. France, Germany, and the United Kingdom are key aircraft component manufacturers.
In 2019, Europe comprised more than half of global commercial aircraft production, and the European region dominated the world in offshore wind energy installations. With the integration of stringent emission norms and fuel economy standards in Europe, automobile manufacturers in Germany, Italy, and France, such as BMW, Volkswagen, Audi, and others, have begun to use carbon fiber composites in the production of their vehicles.
Extensive applications across the automotive industry to fuel market growth. The Asia Pacific carbon fiber composites market is predicted to expand at a CAGR of 4.7% over the evaluation period, accumulating a substantial industry share.
This expansion is being influenced by the region's increased vehicle production and sales. Furthermore, growing purchasing power, widening cargo transport, passenger travel, air flight iterations, and discounts offered by vehicle manufacturers are expected to fuel market growth in the Asia Pacific.
Polymer Matrix Carbon Fiber Composites to Experiencing Surging Sales
By matrix material, polymer-based carbon fibers are forecast to garner around USD 21 billion by 2033 as a result of the advancement of several polymers and their widespread adoption in the aerospace and automotive industries.
Within polymer-based material, thermosetting polymers may experience a CAGR of 6.6% until 2032 because of their extensive use in several aerospace products and military applications.
At the same time, metal matrix carbon fiber composites are expected to flourish at a CAGR of 6.5% from 2023 to 2033 as a consequence of several benefits, such as fire and radiation resistance, as well as elevated transverse stiffness and durability offered by these materials. A sturdy metal matrix has mechanical properties that regular metals do not, making it suitable for use in the aerospace industry.
Aerospace to be the Primary Beneficiary of Carbon Fiber Composites Demand
Because of the widespread use of these materials in aerospace components such as airframe structures, floor panels, and landing gears, the aerospace & defense segment is expected to account for more than 60.8% of revenue by 2022.
Carbon fibers, such as Carbon-fiber Reinforced Plastic (CFRP), facilitate aircraft producers to enhance aircraft parts' fatigue and oxidation resistance. Carbon fiber has been used nearly everywhere in aircraft, most notably in planes. For example, the Boeing 787 Dreamliner passenger plane is composed of 50% composite material by weight, with most composite material being carbon fiber laminate or carbon fiber sandwich.
Simultaneously, the automotive industry is predicted to expand at a 6.4% CAGR from 2023 to 2033. The rising global demand for electric vehicles is likely to propel the penetration of automotive carbon fiber to prolong the range of electric vehicles. Most carbon fiber automotive parts are currently used in high-end sports cars and European supercars; however, some carbon fiber composite parts are available aftermarket.
The carbon fiber composites industry is characterized by a competitive landscape with several key players operating globally. These companies compete intensely, focusing on product innovation, technological advancements, and strategic collaborations to gain a competitive edge.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, and South Africa |
| Key Segments Covered | Matrix Material, End Use, Region |
| Key Companies Profiled | Toray+Zoltek; SGL Carbon; Toho; MRC; Hexcel Corporation; Rock West Composites; Hengshen; Mitsubishi Chemical Fiber Corporation; Teijin Limited; Solvay |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Increasing aircraft production may expand the industry growth.
The cost of the entire product impedes market growth.
The market is expected to be worth USD 39,412.1 million by 2033.
Sales of carbon fiber composites increased at 5.7% CAGR from 2018 to 2022.
The aerospace sector held high revenue potential.
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Carbon Fiber Composites Market
