New York, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global Carbon Fiber Composite Heating Element Market is expected to witness significant growth at a remarkable CAGR of 5.9% during the forecast period of 2023-2030. The factors such as the increasing development of new aircraft manufacturing facilities, growth in the investment of industrial production, and others are accelerating the demand for carbon fiber composite heating elements, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of carbon fiber composite heating element product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the carbon fiber composite heating element market is poised for strong expansion and is expected to reach USD 6,835.70 Million by 2030. The market, which was valued at USD 4,360.00 Million in 2022, is predicted to grow at a compound a=nnual growth rate of 5.9% during the period 2023-2030. The report highlights the increasing adoption of carbon fiber composite heating elements in industrial applications, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the carbon fiber composite heating element market.
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The carbon fiber composite heating elements are ideal for industrial applications to ensure excellent stiffness and strength. The carbon fiber composite heating elements are employed in industrial manufacturing such as heavy machinery, agriculture equipment, automotive, and others. For instance, according to the Association of Equipment Manufacturers (AEM), in 2021, the agriculture equipment and machinery industry in crucial countries such as the U.S., Japan, the UK, Eastern Europe, and Eurozone reported a growth of 27%, 5%, 3%, 8%, and 1% respectively. Thus, the growth in industrial manufacturing activities is fueling the demand for carbon fiber composite heating elements to make sure superior durability of products. This is bolstering the growth of the market.
Additionally, the prominent advantages associated with carbon fiber composite heating elements include superior durability, higher strength, and others. These benefits make carbon fiber composite heating elements an ideal solution for the aircraft furnace. The development of new aircraft manufacturing facilities, increasing production capabilities for aircraft, and others will drive the future growth of the aircraft industry. Thus, the future growth of the aerospace industry will boost the demand for carbon fiber composite heating elements for aircraft furnaces. As a result, creating a favorable growth opportunity for the carbon fiber composite heating elements market during the projected forecast period.
Global Carbon Fiber Composite Heating Element Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 6,835.70 Million |
| CAGR (2023-2030) | 5.9% |
| By Product Type | Carbon Fiber Composite Heating Tubes, Carbon Fiber Composite Heating Plates, Carbon Fiber Composite Heating Wires, and Others |
| By Application | Aerospace, Industrial, Building & Construction, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Solvay S.A., SGL Group, CFC Carbon Co., Ltd, Tokai Carbon, Schunk Group, Premium Graphite Pvt. Ltd., Reliance Industries Ltd., Toyo Tanso Co.,Ltd., Hexcel Corporation, and ADENTE Advanced Engineering, and Technologies |
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Global Carbon Fiber Composite Heating Element Market Segmentation Details:
Based on Product Type, the carbon fiber composite heating tubes segment contributed the largest shares to the market growth in 2022. Carbon fiber composite heating tubes have various vital performance features, including bulk density of 1.4~1.5 g/cm3, tensile strength of 40~60 MPa, and tensile modulus of 25~30 GPa, among others. These features ensure superior thermal conductivity of 30~50 W/mk, excellent processing temperature of 2200℃, and others. Hence, due to the above benefits, the adoption of carbon fiber composite heating tubes is increasing in industries such as aerospace, industrial, and others. This prominent factor is proliferating the market growth.
Based on Application, the industrial segment accounted for the largest market share in the year 2022. The carbon fiber composite heating elements are frequently deployed in industrial applications to ensure excellent corrosion resistance, extreme temperature resistance, and lightweight. Hence, carbon fiber composite heating element is an ideal solution in industries such as heavy trucks, heavy equipment, and others. Therefore, the growth in the industrial activities associated with heavy trucks, heavy equipment, and others are fostering the demand for carbon fiber composite heating elements to ensure superior tensile strength. This, in turn, is driving the market growth.
Based on Region, in the year 2022, Europe accounted for the largest share contribution to the market growth, owing to the growth in industrial manufacturing. For instance, according to Agoriya Belgium, a member of the Committee for European Construction Equipment (CECE), in 2021, the sales of less than 10 tons and more than 10 tons of earthmoving and construction equipment increased by 27% and 23%, respectively over 2020. Also, it further states that sales have gone up when compared with the Covid-19 time. Therefore, the expansion of industrial manufacturing is supplementing the carbon fiber composite heating elements market growth in Europe.
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Competitive Landscape
Solvay S.A., SGL Group, CFC Carbon Co., Ltd, and Tokai Carbon are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of carbon fiber composite heating elements. Further, the carbon fiber composite heating element market is expected to grow steadily due to rising demand from the industrial sector, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing investment acquisitions for carbon fiber composite heating element companies is anticipated to increase the competition in the market.
Recent Developments
- In February 2023, Tex Tech Industries, a global supplier of materials acquired SGL Carbon operations in Gardena, California, United States. The Gardena site manufactures carbon fiber composite heating. The major aim of the acquisition was to increase the market share of Tex Tech Industries in the global market.
- In April 2022, SGL Carbon, a Germany-based manufacturer of carbon fiber composite heating developed a new range of carbon fiber materials and fiber composite solutions with heating properties. The products are ideal for application in automobiles and industries. Thus, the development of a new range of products will accelerate the market growth in the upcoming years.
- In May 2021, Toray Industries, Inc., headquartered in Japan which offers carbon fiber composite products developed a high thermal conductivity technology utilized for the production of carbon fiber composite heating. Hence, the introduction of new technologies will create a lucrative opportunity for market growth.
Key Market Takeaways
- Europe accounted for the highest market share at 36.50% and was valued at USD 1,591.40 million in 2022, and is expected to reach USD 2,505.29 million in 2030. Moreover, in Europe, Germany accounted for the highest market share of 21.50% during the base year of 2022.
- Based on product type, the carbon fiber composite heating tubes segment accounted for the highest share contribution to the carbon fiber composite heating element market statistics in 2022.
- In the context of application, the industrial segment is expected to contribute significant shares to the growth of carbon fiber composite heating element market statistics during the forecast period.
- Asia Pacific is expected to grow with the highest CAGR in the carbon fiber composite heating elements market due to the increasing investments in new aerospace facilities in countries such as India, China, and others.
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List of Major Global Carbon Fiber Composite Heating Element Market:
- Solvay S.A.
- SGL Group
- CFC Carbon Co., Ltd
- Tokai Carbon
- Schunk Group
- Premium Graphite Pvt. Ltd.
- Reliance Industries Ltd.
- Toyo Tanso Co.,Ltd.
- Hexcel Corporation
- ADENTE Advanced Engineering Technologies
Global Carbon Fiber Composite Heating Element Market Segmentation:
- By Product Type
- Carbon Fiber Composite Heating Tubes
- Carbon Fiber Composite Heating Plates
- Carbon Fiber Composite Heating Wires
- Others
- By Application
- Aerospace
- Industrial
- Building & Construction
- Others
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Frequently Asked Questions in the Carbon Fiber Composite Heating Element Market Report
- What was the market size of the carbon fiber composite heating element industry in 2022?
- In 2022, the market size of carbon fiber composite heating element was USD 4,360.00 million.
- What will be the potential market valuation for the carbon fiber composite heating element industry by 2030?
- In 2030, the market size of carbon fiber composite heating element will be expected to reach USD 6,835.70 million.
- What are the key factors driving the growth of the carbon fiber composite heating element market?
- The rising adoption of carbon fiber composite heating elements in industrial applications is boosting market growth.
- What is the dominating segment in the carbon fiber composite heating element market by application?
- In 2022, the industrial segment accounted for the highest market share of 42.50% in the overall carbon fiber composite heating element market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the carbon fiber composite heating element market?
- Europe accounted for the highest market share in the overall carbon fiber composite heating element market.
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