NEW YORK, Feb. 28, 2024 /PRNewswire/ — The carbon composites market is estimated to grow by 177.9 million tons from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 11.49%. The growth momentum will progress during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 35%. This is due to the high consumption of carbon composites in industries such as aerospace, automotive, wind power, and construction. The region is one of the largest exporters of carbon composites. In addition, three domestic sports cars, Chevrolet Corvette Stingray, Ford Mustang Shelby GT500KR, and Viper SRT are the main carbon composite users. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) Request a sample report
Segment Overview
Technavio has segmented the market based on type (virgin fiber and recycled fiber), end-user (aerospace and defense, automotive, wind energy, sporting goods, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth of the virgin fiber (VCF) segment will be significant during the forecast period. Carbon composite material is a kind of composite material containing carbon fiber. Carbon composites are appreciated for their lightweight, high strength, and low thermal expansion. They are used in many applications, including aircraft and spacecraft components, wind turbine blades, sporting goods, and medical implants. This is because virgin fibers are more durable and more resistant to damage than recycled fibers. In addition, they are essential for many high-performance applications used by manufacturers to produce parts with very tight tolerances. Hence, these factors are expected to drive segment growth during the forecast period. Download a Sample Report
Market Dynamics
- The increasing demand for fuel-efficient vehicles is a key factor driving market growth.
- Developments in end-user industries are major trends in the market.
- High competition from substitutes is a significant challenge restricting market growth. Request a sample report!
Analyst Review
The Carbon Composites Market is a dynamic sector at the intersection of various industries such as aerospace, civil engineering, and motorsports, as well as military applications. These composites, derived from materials like glass fibers and plastic fibers, are primarily manufactured using Polyacrylonitrile (PAN) and pitch as precursors. Major players like SGL Carbon, Toray Industries Inc., Teijin Limited, Mitsubishi Chemical Group Corporation, and Hexcel Corporation dominate this market, with the European Union being a key region for production and consumption.
The increasing focus on reducing CO2 emissions has led to a surge in demand for lightweight and durable materials in various sectors. Carbon composites, known for their high strength-to-weight ratio, play a crucial role in this regard. They find extensive use in applications such as fuel cell vehicles (FCEVs), pressure vessels, and gas storage, including liquid propane gas (LPG), compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen gas (H2) storage systems.
Leading manufacturers employ advanced techniques to produce high-quality CFRP composites that meet stringent industry standards. Companies like Solvay, Hyosung Advanced Materials, and Zhongfu Shenying Carbon Co., Ltd. are notable contributors to this market. Moreover, DowAksa, Jilin Chemical Fiber Group Co., Ltd., Jiangsu Hengshen Co., Ltd., and Anshan Sinoda Carbon Fibers Co., Ltd. are expanding the market reach, particularly in China, which is witnessing rapid growth in carbon composite usage.
As the world moves towards sustainable solutions, the carbon composites market is expected to thrive, offering innovative solutions across diverse sectors while addressing environmental concerns. Request a sample report!
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Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
