The carbon fiber composites market is expected to reach USD 18.6 billion in 2021 on a worldwide scale. The aerospace and automotive industries are increasingly utilizing carbon fiber composite materials because of their numerous benefits. As a result, these materials are expected to generate USD 39 billion by 2032, with a compound annual growth rate of 6.5% from 2022 to 2032. 2022 is expected to see the market reach USD 20.9 billion.
Continuous breakthroughs in advanced carbon fiber composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), as well as their vastly increased use in high-volume vehicles, will propel industry growth. 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.
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A matrix material is utilized in a wide range of industries to provide adequate physical, thermal, mechanical, and electrical properties. Notably, favourable regulatory norms to lessen vehicular emissions are expected to aid the growth of the carbon fiber composites market during the analysis period.
Key Takeaways from the Market Study
- By matrix material, polymer-based carbon fibres are forecast to garner US$ 21 Billion by 2032
- Metal matrix carbon fiber composites sales are expected to flourish at a 6.5% CAGR
- North America to contribute significantly to market growth, growing at an 8% CAGR
- Europe to be a significant market player, anticipated to register a 7.7% growth rate
- A CAGR worth 4.7% is projected for the Asia Pacific carbon fiber composites market
- Aerospace to account for nearly 61% of total carbon fiber composites revenue in 2022
- Applications in the automotive industry are expected to rise at a 6.4% CAGR
“To achieve the modifying demands of consumers, manufacturers are making significant investments in the carbon fiber composites. Heavy investments aid in the technological development and offer a wide range of benefits, which is estimated to positively impact the market in the forecast period.”
Competitive Landscape
Key players in the global carbon fiber composites market include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, Solvay, and Hengshen, among others. Recent key developments among players are:
- 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 fibre. These materials clarify the need to reduce prices and CO2 emissions while also improving the manufacturing process and fuel efficiency of next-generation commercial aircraft.
- 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 largest provider of solutions 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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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global carbon fiber composites market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis by End-Use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine), and Matrix Material (Polymer [Thermosetting, Thermoplastics], Carbon, Ceramic, Metal, Hybrid) & Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America).
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