Rising Aircraft Production to Drive Expansion of the Carbon Fiber Composites Industry in the Forecast Period | Future Market Insights, Inc.

Global carbon fiber composites market set to hit US$ 39,412.1 million by 2033 with a robust 6.5% CAGR. Advances like CFRTP drive growth, fueling automotive R&D for high-volume vehicle materials, bolstering production rates.


NEWARK, Del, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global carbon fiber composites market is projected to reach US$ 39,412.1 million by 2033, capturing a significant CAGR of 6.5% during the forecast period.

Continuous developments in advanced carbon fiber composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), and their increased use in high-volume vehicles propel industry growth.

Automotive manufacturers are investing in research and development to create advanced materials for high-volume production, enhancing production rates.

Research projects focusing on innovative carbon fibers and reducing the carbon footprint of composite material fabrication are boosting business penetration. Carbon fiber composites offer unique characteristics such as extreme strength, lightweight, corrosion resistance, and thermal conductivity, making them highly relevant in various industries. Favorable regulatory norms to reduce vehicular emissions further support market growth.

Get an overview of market drivers and challenges affecting this industry! https://www.futuremarketinsights.com/reports/sample/rep-gb-15395

However, challenges related to composite carbon recycling may hinder distribution efficiency. The high cost associated with the recycling process impacts the overall product cost and poses a challenge to the market's growth.

The global carbon fiber composites market is witnessing significant growth in different regions. In North America, the market is expected to capture a 41% market share in 2022 due to the concentration of aircraft manufacturers and the increased use of composites in aircraft.

Conversely, Europe is likely to exhibit noteworthy gains in the aerospace sector with a CAGR of 7.7%. The region is the headquarters for key aerospace composite manufacturers and has a high demand from the aerospace & defense, and wind energy industries. Europe also dominates global commercial aircraft production and offshore wind energy installations.

The Asia Pacific market is predicted to expand at a CAGR of 4.7%, driven by increased vehicle production and sales, growing purchasing power, and wider cargo transport.

In terms of the matrix material, polymer-based carbon fibers are expected to dominate, reaching around US$ 21 billion by 2033, with thermosetting polymers experiencing substantial growth. Metal matrix carbon fiber composites may also flourish due to their unique properties, such as fire and radiation resistance, transverse stiffness, and durability.

The aerospace & defense segment is expected to be the primary beneficiary of carbon fiber composites demand, accounting for over 60.8% of revenue by 2022. Carbon fibers play a vital role in enhancing aircraft parts' fatigue and oxidation resistance, particularly in the aerospace industry.

The automotive industry is also projected to grow at a CAGR of 6.4% from 2022 to 2032, driven by the increasing demand for electric vehicles and the use of carbon fiber composites to extend their range.

"The market for carbon fiber composites shows promising growth propelled by technological innovations but faces critical challenges concerning recycling efficiency and cost impact. While regional expansions and material advancements drive market dynamics, addressing recycling hurdles will be pivotal for sustained growth and widespread adoption in the long term," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Competitive Landscape

Key players in the global carbon fiber composites market include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, Solvay, and Hengshen.

  • 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 fiber. These materials clarify the need to reduce prices and CO2 emissions while improving next-generation commercial aircraft's manufacturing process and fuel efficiency.
  • 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 leading solutions provider 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.

Click Here To Buy Full Report! https://www.futuremarketinsights.com/checkout/15395

Market Segmentation

Industry by End Use:

  • Aerospace
  • Automotive
  • Wind Turbines
  • Sports & Leisure
  • Civil Engineering
  • Marine Applications
  • Other End Uses

Industry by Matrix Material:

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

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa (MEA)

Author by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI's Extensive Coverage in the Chemical and Materials Domain:

The carbon fiber reinforced plastic market is expected to reach US$ 7,954.8 million in 2022 and grow at a CAGR of 8.8% between 2022 and 2032. By the end of the forecast period, the market is anticipated to reach a valuation of US$ 18,489.2 Million by 2032.

The overall demand for the carbon nanotubes is projected to expand at a CAGR of 9.6% between 2023 and 2033, totaling around 2,428.1 million by 2033.

According to FMI, the Asia-Pacific Bio Composites market is estimated to be valued at US$ 27,817.3 Million in 2032 and is projected to increase at a CAGR of 13.4% in the forecast period.

The metalworking fluids market size is estimated to be valued at US$ 10 billion in 2023 and is expected to surpass US$ 15 billion by 2033. The adoption of metalworking fluids is likely to advance at a CAGR of 4.1% during the forecast period.

The glass fiber reinforced plastic (GFRP) composites market is predicted to capture a valuation of US$ 18.54 billion in 2023, and is rising to US$ 41.53 billion by 2033. 

Over the forecast period, global demand for carbon steel is anticipated to rise at 4.0% CAGR. Total market value is predicted to increase from US$ 1,050.8 billion in 2023 to US$ 1,560.4 billion by 2033.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact Us

Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube