Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Global Carbon Fiber Composites Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Market Overview
The Global Carbon Fiber Composites Market has exhibited significant growth, reaching a valuation of USD 2.23 billion in 2022. Experts project a continuation of this upward trajectory with a CAGR of 6.50% expected by 2028. These advanced materials, celebrated for their exceptional strength-to-weight ratio, are proving to be pivotal in various sectors including aerospace, automotive, and wind turbines.
Aerospace Industry Fuels Demand
The aerospace sector remains a key driver, where the demand for lightweight and fuel-efficient materials has led to the extensive use of carbon fiber composites. Improved aircraft performance, reduced emissions, and enhanced passenger safety are central to the growing adoption of these materials. Innovations in manufacturing technologies have further solidified the position of carbon fiber composites as essential components in aircraft production.
Automotive Industry's Shift to Lightweight Solutions
Similarly, the automotive industry's shift towards lightweight vehicles to meet stringent emission and fuel economy standards has elevated the role of carbon fiber composites. These materials are integral in the construction of electric vehicles, promoting energy efficiency and battery range, as well as reinforcing safety structures for improved crashworthiness.
Carbon Fiber Composites Rise in Wind Turbine Applications
In the renewable energy domain, particularly wind turbines, carbon fiber composites contribute to the manufacture of longer and more efficient blades, thus supporting the pursuit of green energy. Their durability, strength, and reduced weight have positioned carbon fiber composites as beneficial for enhancing turbine performance and facilitating transport and installation of wind energy infrastructure.
Market Challenges and Regional Insights
However, the market faces challenges such as high production costs and supply chain vulnerabilities. Strategies to manage these could include innovative manufacturing processes and diversified supply sources. Within the regional landscape, Asia Pacific leads the charge, buoyed by increasing vehicle production and sales, while Europe closely follows, bolstered by demand from aerospace and wind energy sectors.
Leading Market Players and Outlook
Key players in the market, such as Toray Industries Inc and SGL Carbon SE, are indicative of an industry landscape that is highly competitive and innovative. Ongoing research and development by these companies ensure that carbon fiber composites continue to meet the evolving needs of diverse industries. Moving forward, the market is set to expand further with manufacturing advancements and a growing emphasis on sustainability poised to drive future growth.
Sectoral Applications and Segmental Insights
According to market segmentation, polymer matrix composites have garnered the largest share, especially within aerospace and defense applications. The market is witness to a diverse range of end uses, from automotive structures to infrastructure reinforcement, reflecting the versatility and pivotal role of carbon fiber composites across industries.
The comprehensive analysis of the global carbon fiber composites market underlines its promising prospects and the strategic role it will play in shaping industrial innovations and contributing to environmental sustainability efforts worldwide.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.23 Billion |
| Forecasted Market Value (USD) by 2028 | $3.29 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Toray Industries Inc.
- SGL Carbon SE
- Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- Hexcel Corporation
- Rock West Composites, Inc.
- Teijin Limited
- Solvay SA
- DowAksa Advanced Composites Holdings BV
- Nippon Graphite Fiber Co. Ltd.
- Hyosung Advanced Materials
For more information about this report visit https://www.researchandmarkets.com/r/t4ercw
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