According to a new research analysis by Global Market Insights Inc., the Carbon Fiber Composites Market size is expected to reach USD 30 billion by 2030.
A high inclination toward the use of carbon fiber composites in the aviation sector owing to their superior strength and lightweight characteristics. Increasing product penetration into multiple sectors including aerospace, sports & leisure, construction, automotive, and marine will proliferate the volume growth. Increasing applications in defense, robotics, sports equipment, and premium vehicles along with aircraft and water vessels will positively support the carbon fiber composites market share.
Technological progressions in product manufacturing reduce the process time and increase the overall production efficiency. Carbon fiber composites provide longer durability and increased stability at high operating temperatures, which will proliferate the product share. The increasing requirement for high-performance and lightweight composites due to rising safety concerns.
New product innovations and upgrades will significantly support the segment share over the projected timeframe. Industry participants are engaged in showcasing newly developed product portfolios to increase their customer base. For instance, in November 2018, Toray Industries showcased the new TORAYC MX Series, consisting of carbon fibers with higher tensile modulus and tensile strength. The new product line will increase the company’s revenue generation.
However, high manufacturing costs associated with composites may limit the carbon fiber composites market share in the coming years. Additionally, the use of hazardous chemicals in the recycling process increases significant safety concerns and is difficult to dispose of. The use of hazardous chemicals adversely affects matrix resin materials used in carbon fiber composites, thus escalating their complexity in the recycling process.
Browse key industry insights spread across 300 pages with 374 market data tables & 22 figures & charts from the report, “Carbon Fiber Composites Market Size, By End-use (Aerospace, Automotive, Wind Turbines, Sports & Leisure, Civil Engineering, Marine), By Matrix Material (Polymer [Thermosetting, Thermoplastics], Carbon, Ceramic, Metal, Hybrid), Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Wind turbines end use segment will register around 7% CAGR owing to the rising preferences of manufacturers to optimize the stiffness-to-weight ratio for increasing the blade length. Moreover, the installation of composite fibers in wind energy systems also offers high rotor swept area and cost-effective solutions, escalating the segment share. Multiple government organizations across the globe are focusing on renewable sources of energy.
Automotive and wind turbines are swiftly boosting the product demand
The automotive sector will witness over 6.5% CAGR attributed to the rising installation of carbon fiber-reinforced plastics in luxury, sports, and other high-performance vehicles. The increased strength-to-weight ratio, corrosion resistance, and lower weight will positively influence the segment share over the projected timeframe. Moreover, the increased fatigue strength will also support the volume growth.
Ceramic materials to generate over USD 3 billion by 2030 owing to their extensive applications in the automotive braking sector. Ceramic brakes such as carbon-fiber-reinforced silicon carbide (C/SiC) brakes, offer around 50% weight reduction compared to conventional grey cast iron brake discs. Additionally, they offer higher fading stability, prevention of brake dust, and superior corrosion & wear resistance. Ceramic matrix composites can withstand temperatures and provide potential opportunities for aircraft engine components to operate efficiently. For instance, in 2016, Safran and GE jointly developed LEAP engine technology using CMC materials.
Europe carbon fiber composites market to generate around USD 10 billion by 2030 and is attributed to rising government-funded research projects along with a strong presence of marine manufacturers in the region. Research & innovation projects carried out under the H2020 program including FIBRESHIP and LIBRE are expected to develop several composite materials for the marine and aerospace sectors. Additionally, industry participants are establishing new manufacturing facilities in the region to enhance their business presence. For instance, in October 2018, Hexcel inaugurated its carbon fiber plant in France with an investment of around USD 222 million.
Key players operating in the carbon fiber composites industry include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, and Hengshen.