USD 19.80 Billion
Carbon Fibre Composites Market Size, Share, Growth Analysis, By End-Use(Aerospace, Automotive), By Material Mix(Polymer, Thermosetting) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2271 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
71 |
Figures:
75
Carbon Fibre Composites Market Insights
Global Carbon Fibre Composites Market size was valued at USD 19.80 Billion in 2022 and is poised to grow from USD 21.18 Billion in 2023 to USD 36.39 Billion by 2031, at a CAGR of 7% during the forecast period (2024-2031).
A major transformation can be seen across the global carbon Fibre composites market thanks to several global economy sectors thriving. Industries like sporting goods, aerospace, renewable energy, and automotive industries, are driving the expansive adoption of carbon Fibre composites, according to several market insight reports.
Traditional materials are being replaced by carbon Fibre composites as they are a better and green option in times of global sustainability concerns and strict environmental standards taking precedence. This trend towards environmentally friendly solutions has witnessed tremendous innovation in manufacturing processes and materials, and as a result of this shift, creating carbon Fibre composites has become more affordable and accessible, leading to further market expansion.
The carbon Fibre composites market is run on an intense competition, where renowned industry leaders and up-and-coming regional entrants are constantly engaged in. This competition results in more innovations made in the industry, due to rigorous R&D targeting improved production efficacy and development of new material properties, channeling market growth.
Market players make use of several business tactics, such as getting into strategic acquisitions, partnerships, and alliances, in order to maintain a competitive advantage over their competitors. These efforts result in an expanded reach and improvement in product capabilities, furthering market growth.
The carbon Fibre composites market is open to a bright future, where it will reshape several industries. The market’s dynamic environment is presenting firms the opportunities they need to satiate the increasing demand for lightweight materials which target high-quality performance across various applications.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Polymer
Fastest Growth
Metal
Growth Rate
7% CAGR
Global Carbon Fibre Composites Market ($ Bn)
Country Share for North America Region (%)
Global Carbon Fibre Composites Market Size By Type ($ Bn)
Global Carbon Fibre Composites Market Size By Type (%)
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Carbon Fibre Composites Market Segmental Analysis
The global carbon Fibre composites market is segmented on the basis of end-use, material mix, region. By end-use, the market is segmented into aerospace, automotive, wind turbines, sport & leisure, civil engineering, marine, others. By material mix, the market is segmented into polymer, thermosetting, thermoplastics, carbon, ceramics, metal, hybrid. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Analysis By Material Mix
The polymer-based carbon Fibres market is ascertained to reach a market value of USD 21 billion, approximately. This rate of growth can be credited to the advancements in several types of polymers and their growing expansive integration in the automotive and aerospace industries.
On the other hand, metal matrix carbon Fibre composites are expected to grow at a CAGR of 6.5% in coming years. This substantial growth rate is attributed to its many benefits, like high durability and transverse stiffness and resistance to fire and radiation. Metal composites have mechanical properties lacking in other metals, making them the preferred choice in many applications in the aerospace sector.
Global Carbon Fibre Composites Market By Type, 2023 (%)
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Carbon Fibre Composites Market Regional Insights
North America is predicted to secure a substantial market share in the global carbon Fibre composites market, estimated at 41% by 2022, due to the region’s abundance of aircraft manufacturers and the growing adoption of composites in aircraft production. The global surge in demand for aircrafts, resulting from upscaled air passenger traffic and the opening of new air travel routes, can be credited for this significant growth, further contributing to the overall market expansion.
Aircraft manufacturers and industry stakeholders are heavily investing in R&D to create advanced materials and reinforce their aircraft's operational capabilities. Moreover, industry participants are fortifying their regional distribution channels to withstand the entry of new distributors.
Europe comes in a close second behind North America, holding a rather large market share as a result of its high demand from the aerospace & defense and wind energy sectors, and it is expected to showcase a CAGR of 7.7%. Europe also houses multiple leading aerospace composite manufacturers, such as Solvay, SGL Carbon, and TenCate. Especially due to its growing number of deliveries to Airbus aircraft, the region is witnessing a significant increase in demand for composite materials. Additionally, Europe plays a significant role in the manufacturing of military aircraft and helicopters, furthering this segment’s growth.
Global Carbon Fibre Composites Market By Region, 2024-2031
- Largest
- Fastest
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Carbon Fibre Composites Market Dynamics
Drivers
Lightweighting Initiatives
- Several industries, like wind energy, automotive, and aerospace are pushing the demand for lightweight materials, thus significantly increasing market growth. Carbon Fibre composites are vital in reduction of fuel consumption and emissions as they offer a high strength-to-weight ratio.
Automotive Industry
- In order to improve fuel efficiency, reduce vehicle weight, and comply with strict emissions standards, the automotive industry is using a heightened adoption of carbon Fibre composites.
Renewable Energy
- The use of carbon Fibre composites in wind blade manufacturing has climbed significantly due to the wind energy sector trend toward designing and creating larger and more efficient wind turbines.
Restraints
High Production Costs
- The cost of manufacturing processes and raw materials in the carbon Fibre composites sector can be high, leading to an expensive production investment. The widespread adoption of carbon Fibre composites can thus be hindered due to high-cost factors.
Limited Raw Material Availability
- The production and manufacturing of carbon Fibres is reliant on precursor materials like petroleum-based pitch or polyacrylonitrile (PAN), which are usually subjected to supply constraints and price fluctuations, creating a major inhibitor for market growth.
Recycling Challenges
- The recycling process of carbon Fibre composites is wholly complicated and costly, and it can lead to challenges surrounding safe disposal and environmental concerns.
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Carbon Fibre Composites Market Competitive Landscape
The global carbon Fibre composites market has experienced a steady growth trajectory over past years, as a result of the growing demand in industries like renewable energy, automotive, aerospace, and more. This upward trajectory of market growth is likely to continue as industries keep prioritizing lightweight materials with strong capacity. Competition within the industry remains fierce, with established leaders facing challenges from emerging regional players. Innovation, cost-efficiency, and sustainability will be critical factors for maintaining and expanding market share. Ongoing research and development efforts are resulting in continuous advancements in carbon Fibre composite materials and manufacturing processes. This trend is expected to enhance performance while lowering production costs.
Top Player’s Company Profiles
- Toray Industries (Japan)
- SGL Carbon (Germany)
- Hexcel Corporation (United States)
- Teijin Limited (Japan)
- Gurit Holding AG (Switzerland)
- Aksa Akrilik Kimya Sanayii A.S. (Turkey)
- Hyosung Corporation (South Korea)
- Solvay SA (Belgium)
- Nippon Electric Glass Co., Ltd. (Japan)
- Celanese Corporation (United States)
- Zoltek Companies, Inc. (United States)
- Formosa Plastics Corporation (Taiwan)
- Plasan Carbon Composites (United States)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Park Electrochemical Corp. (United States)
- Huntsman Corporation (United States)
- SABIC (Saudi Arabia)
- Nexam Chemical AB (Sweden)
- Kemrock Industries and Exports Limited (India)
- Victrex plc (United Kingdom)
Recent Developments
- In March 2023, SGL Carbon, one of the world's leading manufacturers of products from carbon, opened a brand-new manufacturing plant in Germany for the production of carbon Fibre composites to be used by the automotive and aerospace industries.
- In February 2023, Toray Industries, a multinational corporation that specializes in industrial products centered on technologies in organic synthetic chemistry, polymer chemistry, and biochemistry, developed a new type of carbon Fibre composite that's stronger and lighter in comparison to traditional carbon Fibre composites.
- In January 2023, Hexcel Corporation, an American public industrial materials company that develops and manufactures structural materials, bought Cytec Industries, a specialty chemicals and materials technology company, to expand its product offerings in the carbon Fibre composites market.
Carbon Fibre Composites Key Market Trends
- Hybrid Composites: In order to save costs and enhance performance, the development of hybrid composites by combining carbon Fibres with other materials such as natural Fibres and glass Fibres, is gaining momentum in the market.
- Increasing Use in Electric Vehicles (EVs): Carbon Fibre composites are being heavily used as the electric vehicle (EV) market expands, as they can extend the driving range and offset the weight of batteries.
- Expanded Applications: Owing to their unique properties, carbon Fibre composites are being increasingly used in new applications in different industries like consumer electronics, defense, and medical devices.
Carbon Fibre Composites Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global carbon Fibre composites market analysis, the global carbon Fibre composites market concludes with several significant takeaways that underscore its importance and trajectory in the modern industrial landscape. Firstly, the market is poised for sustained growth driven by increasing demand across various sectors. Industries such as aerospace, automotive, renewable energy, and sporting goods continue to prioritize the use of carbon Fibre composites to achieve lightweighting, improved performance, and fuel efficiency. This growing demand is not only bolstered by the need for more eco-friendly and sustainable materials but also by the constant innovation in manufacturing processes that are making carbon Fibre composites more cost-effective and accessible.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 19.80 Billion |
| Market size value in 2031 | USD 36.39 Billion |
| Growth Rate | 7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Carbon Fibre Composites Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Carbon Fibre Composites Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Carbon Fibre Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carbon Fibre Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carbon Fibre Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Carbon Fibre Composites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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