Carbon Fibre Composites Market Size

Carbon Fibre Composites Market Size

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.

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.