Carbon Fiber Composites Market to exceed $31 billion by 2024
Published Date: November 3, 2017 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Carbon Fiber Composites Market size is estimated to surpass USD 31 billion by 2024, registering a market share is expected to exceed 290 kilo tons till 2024.
Strong product outlook from aerospace and defense sector owing to its light weight and superior strength will drive industry growth during the forecast timeframe. Increasing demand for products improving the overall fuel efficiency of the aircraft will further support the industry demand.
Increasing penetration in various end-use industries such as automotive, wind turbines, sports & leisure, construction and marine will contribute significantly towards the business growth. Recycling issues faced by the manufacturer along with supply chain management may hamper the carbon fiber composites market. Producers are focusing on improving their distribution to suffice its increasing demand.
Key players such as Boeing and Airbus are utilizing composites in over 50% of aircraft weight for their recent commercial aircrafts. Reducing price of the commodity will further increase its penetration in mid-range passenger cars. Higher durability along with enhanced strength will replace the traditional materials with these composites.
Strong application outlook of ceramic segment from construction industry will drive the carbon fiber composites market. Superior wear and tear resistance along with excellent thermal stability are the major factors positively influencing the product penetration.
Polymer matrix material is expected to hold major volume share of around 60% by 2024. Low processing time along with good formability of the product are the key properties propelling the carbon fiber composites market share from 2017 to 2024. Additionally, extended shelf life offers bulk buying that will further support the industry.
Browse key industry insights spread across 300 pages with 444 market data tables & 8 figures & charts from the report, “Carbon Fiber Composites Market Size By End-use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine), By Matrix Material (Polymer (Thermosetting, Thermoplastics), Carbon, Ceramic, Metal, Hybrid), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Aerospace and defense sector dominate the industry, contributing over 30% volume share in 2016. The sector requires superior quality product owing to the need of enhanced properties such as high strength to weight ratio and temperature resistance.
Automotive industry is expected to account for considerable volume share and will exhibit highest growth at over 13% till 2024. Rising usage of the components offering superior strength along with light weight will support the carbon fiber composites market growth.
North America is expected to contribute over 35% by 2024 owing to strong presence of major aerospace manufacturers in the region. Moreover, replacing conventional aircraft with efficient light weight aircrafts will support the carbon fiber composites market.
Europe will witness significant growth during the forecast timeframe owing to strong demand from automotive sector. Stringent government regulations towards usage of lightweight materials in the vehicles that improves efficiency by reducing fuel consumption will support the growth.
Asia Pacific is anticipated to witness highest growth at over 12% up to 2024. Presence of major manufacturers in the region particularly in China, Japan, South Korea, and Taiwan will positively influence the revenue generation. Further, propelling end use industries including automotive and aerospace will further drive the carbon fiber composites market demand.
SGL, Toray+Zoltek, Toho, Rock West Comp., MRC and Solvay are among the few major players in the carbon fiber composites market. Other key manufactures include Hexcel, Aksa, Hyongsung, Zhongu-Shenying, Hengshen Fib. Mat. and Sonstige. Manufacturers are focusing on enhancing the production capacity to cope up with the escalation demand.
Mergers and acquisitions are the key strategy adopted by the carbon fiber composites industry manufacturers that offers them a competitive edge. For instance, in March 2014, Toray acquired Zoltek to achieve a leading position in the market. Moreover, price reduction is another move adopted by producers to penetrate in various end-use industries.