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Carbon Fibre Composites Market Size, Share and Industry Analysis Report by End-Use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine), and Matrix Material (Polymer [Thermosetting, Thermoplastics], Carbon, Ceramic, Metal, Hybrid), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI2180
  • Published Date: Jul 2022
  • Report Format: PDF

Industry Overview

Carbon Fibre Composites Market size was USD 18.4 billion in 2021 and is expected to grow at a CAGR of 6% from 2022 to 2030, due to the rising adoption of carbon fiber composite materials in aerospace and automotive sectors, owing to several advantages offered by these materials, including lightweight and high strength. In terms of volume, the industry share is anticipated to record around 9.6% CAGR through the forecast timeframe to reach 355.48 Kilo tons by 2030.
 

carbon fibre composites market outlook

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The carbon fiber composites offer high corrosion resistance, low thermal expansion, and exceptional durability and thereby majorly utilized in the production of aerospace parts. Additionally, increasing aircraft production will further escalate carbon fiber composites industry expansion over the study timeframe.
 

Continuous developments of advanced carbon fiber composites including Carbon Fiber Reinforced Thermoplastic (CFRTP) and their rising usage in high volume vehicles will proliferate industry growth. The advanced CFRTP with mass production technology has a molding time of approximately one minute with around 40% lighter and 10 times higher impact resistance compared to steel. Automotive manufacturers are actively investing in R&D to develop advanced materials that can be used in high volume production vehicles. The box design is jointly developed by GM and Teijin Limited with a molding time of approximately one minute that increases the production rates.
 

The rising interest of several technology firms in carbon fiber 3D printing and the funding support provided by these technology firms will provide a lucrative opportunity for industry expansion. For instance, in March 2019, Markforged received USD 82 million series D funding from Siemens, Porsche, and Microsoft. The funding enables the company to develop 3D printing for mass production and new materials. Additionally, in October 2021, the company further developed 3D printing systems that automatically reinforce engineering plastics to aluminum levels. The development of such technologies enables part manufacturers to lower production costs by up to 70%.
 

Increasing research project activities to develop the new carbon fiber along with reduction of carbon footprint from the production of composite materials will boost market penetration. The researchers are actively investing in the production of carbon fiber from forestry by products including lignin that reduces the usage of petroleum raw materials. The project aims at reducing the product cost by around 30% along with significant reductions in carbon footprint by around 50% during the carbon fiber production. For instance, in March 2022, the University of Limerick started LIBRE project in cooperation with Germany, Sweden, the UK, Ireland, and Italy with an investment of around USD 5.45 million. The funding was awarded by Bio-Based Industries Joint Undertaking under the European Union’s Horizon 2020 Research and Innovation Program.
 

However, complexities associated with the recycling of carbon composites may hamper the product penetration over coming years. During the recycling of carbon fiber components, manufacturers grind components or break them with very high temperature to recover an expensive carbon fiber. This extraction process increases the overall product cost, hampering carbon fiber composites market growth.
 

The aerospace & defense sector is likely to capture the leading revenue share

fibre composites market by end use

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The aerospace & defense segment is estimated to hold over 60% revenue share by 2030 owing to the prominent usage of these materials in aerospace components including airframe structure, floor panels, and landing gears. The carbon fibers including Carbon-fiber Reinforced Plastic (CFRP) offer aircraft manufacturers to enhance fatigue and corrosion resistance characteristics of aircraft parts.
 

According to Airbus, CFRP components provide cost-effective benefits to airline operators in terms of maintenance. An A350 XWB requires 50% lower structure maintenance task with threshold for airframe checks of around 12 years compared to eight years for the A380. Additionally, industry participants are developing a new material technology that enhances the chemical and mechanical properties of materials.
 

For instance, in March 2019, Hexcel showcased several composite innovations in JEC World 2019 for aerospace and automotive applications including HexTow HM50. The material offers high modulus and tensile strength for commercial and defense aircraft engines.
 

Polymer materials will gain the foremost traction by 2030

fibre composites market by matrix material

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Polymer materials segment is estimated to generate around USD 20 billion by 2030 due to the development of several polymers coupled with the wide usage of these materials in aerospace and automotive industries. Thermosetting polymers will account for a considerable growth rate around 6% by 2030 owing to the high usage in major aerospace products and wide-ranging applications in the military sector. Moreover, improved adhesion and surface finishing provided will also escalate the segment share.
 

North America is projected to dominate the regional share in the recent years

fibre composites market by region

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North America carbon fiber composites market to generate a demand of over 55 kilo tons by 2030 due to the high concentration of aircraft manufacturers along with rising incorporation of composites in aircraft. The rising aircraft demand across the globe owing to the increasing air passenger traffic coupled with the expansion of new air travel routes is boosting the regional share. Aircraft manufacturers along with industry players are investing in R&D to develop advanced materials that enhance the operational capabilities of aircraft. Additionally, industry participants are strengthening their distribution channels in the region with the addition of new distributors.
 

Key players operating in the carbon fiber composites industry include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, and Hengshen. Industry players engage in strategic acquisitions to gain competitive advantage and increase their revenue generation. For instance, in July 2018, Toray Industries, Inc. announced the acquisition of TenCate Advanced Composites Holding B.V., increasing its product portfolio and expanding its high service temperature applications.
 

The carbon fibre composites market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons & revenue in USD Million from 2022 to 2030 for the following segments:

By End-Use

  • Aerospace
  • Automotive
  • Wind Turbines
  • Sport & Leisure
  • Civil Engineering
  • Marine
  • Others

By Matrix Material

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

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Poland
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Taiwan
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Global market for carbon fibre composites is slated to surpass USD 30 billion by 2030 and could witness around 6% CAGR through 2022-2030, with increased usage in automotive, marine, wind energy and aerospace applications.

Carbon fibre composites market share from polymer materials segment is expected to be over USD 20 billion by 2030, with growing use of thermosetting polymers in aerospace and military products.

It is projected that aerospace and defense applications will account for almost 60% revenue share of global carbon fibre composites industry by 2030, with the demand for these materials in making aircraft floor panels, airframe structure, landing gears and other components.

Carbon fibre composites market share in North America is estimated to surpass 55 Kilo tons by 2030, due to a strong presence of leading aircraft manufacturers, aerospace firms, and increased R&D spending towards advanced materials development.

Major companies providing carbon fibre composites globally include Rock West Composites, MRC, Toray+Zoltek, Hengshen, Hexcel, and SGL, among some others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 11
  • Tables & Figures: 334
  • Countries covered: 21
  • Pages: 300

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