Rise in demand for carbotanium to manufacture automotive chassis is driving the global market
Increase in demand for composites in the aerospace industry is propelling the market
Europe is anticipated to emerge as the dominant region during the forecast period owing to expansion of the aerospace and automotive industries in the U.K. and Germany
WILMINGTON, Del., Jan. 11, 2023 /PRNewswire/ — According to a study published by Transparency Market Research, the global carbotanium market is anticipated to grow at a CAGR of 16.0% during the forecast period from 2022 to 2031.
There has been a steady rise in demand for new raw materials from various end-use industries such as aerospace and automotive. Carbotanium has emerged as a suitable raw material in the manufacture several products for various end-use industries due to reduced specific weight and ability to withstand high temperatures.
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Leading players could look to gain an edge over other players and create new revenue streams by launching new products during the forecast period. Additionally, well-established players in the carbotanium market are striving to enter into collaborative agreements with other players in order to expand global market presence and increase revenue shares.
Key Findings of Market Study
Rise in Demand for Automotive Chassis Production: In terms of application, the global market has been classified into automotive chassis, engine components, aerospace components, military tanks, and bicycles. The automotive chassis segment is projected to dominate the market during the forecast period. Increase in the number of vehicle manufacturers looking to use new raw materials to produce automotive chassis that meet safety regulations propels demand. Automotive chassis contributes to the total weight of an automobile. Leading automobile manufacturers are investing in carbotanium for usage in automotive chassis production, which is propelling market size.
Increase in Demand for Composites in Aerospace Industry: Aerospace is a key end-use industry that is inclined toward the usage of composite materials. Composite materials comprise fiber-reinforced polymer materials, and hence are emerging as suitable raw materials in building aircraft.
Rise in Demand for Titanium Carbon Alloys: Titanium carbon fiber alloys are gaining popularity compared to traditional metals such as aluminum and steel in different end-use industries. Titanium carbon alloys provide maximum yield strength to products. These possess the greatest strength-to-density ratio as compared to other metals.
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Carbotanium Market – Key Drivers
Increase in demand for lightweight, high-strength composite products in the automotive industry is driving the global carbotanium market
Continuous expansion of the defense industry is likely to propel market size during the forecast period
Rise in demand for carbon fiber composites to manufacture products such as missiles, military tanks, and drones augments market expansion
Growing implementation of strict rules and regulations to reduce carbon emissions is likely to fuel carbotanium market development during the forecast period
Carbotanium Market – Regional Insights
Europe is expected to account for dominant market share during the forecast period. Increase in production of carbotanium and growth of the automotive and defense industries in countries such as the U.K. and Germany are expected to boost market development in the region during the forecast period.
Carbotanium Market – Key Player
Horacio Pagani S.P.A. is the only player in the carbotanium market. The company holds a patent to develop carbotanium products. Entry of new players in the market during the forecast period is expected to intensify competition.
Horacio Pagani S.P.A. strives to invest in research & development activities to produce improved carbotanium that would meet consumer requirements in different end-use industries such as automotive and aerospace. Demand for improved carbotanium is likely to drive growth in the next few years.
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The global carbotanium market is segmented as follows:
Application
Automotive Chassis
Engine Components
Aerospace Components
Military Tanks
Bicycles
Others
End-use
Defense
Aerospace
Automotive
Sports
Others
Regions Covered
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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