Carbon Fibre Composites Market Size, Share, Growth Analysis, By End-Use(Aerospace, Automotive), By Material Mix(Polymer, Thermosetting) - Industry Forecast 2024-2031

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). 

The 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. '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)'

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.

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.

North America is predicted to secure a substantial market share in the 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 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.