The carbon composites market is expected to grow from US$ 20 billion in 2022 to US$ 30 billion by 2028; it is estimated to grow at a CAGR of 7% between 2022 and 2028.
Carbon composite products have different shapes and forms. They find applications in the automotive, aerospace & defense, marine, wind turbines, sports, and other industries. Carbon fiber-reinforced polymer composite materials are highly used in automotive and aerospace applications. They are strong and light in nature. In the aerospace industry, carbon fiber-reinforced polymer is the ideal material for lightweight construction. Thus, the carbon composites market is expected to grow in the coming years. The carbon fiber composites industry is steadily growing owing to the new advancements and applications appearing continuously.
MARKET DYNAMICS
The carbon fiber composites offer significant advantages in automotive applications. In automotive, due to cost constraints of the mainstream market, carbon composite materials are mostly found in the sports cars to hyper cars categories, and motorsport. In the aerospace industry, carbon fiber-based composites are used in manufacturing clips, cleats, brackets, and other aircraft parts. Due to increasing preferences for weight reduction, extreme resistance, and insulation, the demand for carbon composites has been growing rapidly in various industries in recent years. Therefore, the surging demand for carbon composites from various application fields such as automotive, aerospace & defense, marine, wind turbines, and sports is mainly driving the growth of the carbon composites market.
Further, the players operating in the carbon composites market are developing new and innovative products to meet the growing demand for carbon composites for various applications. For instance, in July 2021, Markforged launched Onyx FR-A and Carbon Fibre FR-A aerospace composite materials designed to meet Flame, Smoke, and Toxicity (FST) requirements for many parts in aircraft interiors.
MARKET SCOPE
The "Global Carbon Composites Market Forecast to 2028" report aims to provide an overview of the market with detailed market segmentation based on matrix and application. The report provides key statistics based on the performances of the leading carbon composites market players. It also offers trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global carbon composites market is segmented on the basis of matrix and application. By matrix, the market is segmented into carbon, thermoplastic, ceramic, and others. In terms of application, the market is segmented into automotive, aerospace & defense, marine industry, wind turbines, sports, and others.
REGIONAL FRAMEWORK
The global carbon composites market is segmented into five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers the analysis and forecast of 18 countries across the world, along with trends and opportunities prevailing in the region.
From the regional perspective, the carbon composites market in Asia Pacific is expected to grow at the fastest rate during the forecast period. The market growth in the region is attributed to the increasing demand for carbon composites from the automotive, aerospace, wind turbines, and marine industries. The growing automotive production in China, India, and other countries in Asia Pacific propels the demand for carbon composites. The below figure shows the revenue growth trend in the carbon composites market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the carbon composites market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
Before the COVID-19 pandemic, the carbon composites market was growing due to the rising use of carbon composites in automotive, aerospace, marine, wind turbines, and other applications. However, in 2020, various industries had to slow down their operations due to value chain disruptions caused by the shutdown of national and international boundaries. The pandemic has caused disruptions in the supply chain of raw materials. The automotive industry, one of the major users of carbon composites, was negatively impacted by the pandemic. The reduction in aircraft manufacturing and low demand for automotive vehicles also restrained the demand for carbon composites. Therefore, the COVID-19 pandemic hindered the growth of the carbon composites market.
The economies are reviving their operations, and various industries are resuming their operations. As a result, the demand for carbon composites is also increasing.
MARKET PLAYERS
The report covers key organic and inorganic growth strategies in the carbon composites market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved the way for the expansion of business and the customer base of market players. The players are anticipated to experience lucrative growth opportunities in the future, owing to the rising demand for carbon composites.
The report also includes the profiles of key carbon composites market companies along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players’ information such as company profiles, components and services offered, financial information of the last three years, and key developments in the past five years. Below mentioned is the list of a few companies engaged in the carbon composites market.
- Mitsubishi Chemical Corporation.
- Toray Industries, Inc.
- CFC Carbon Co., Ltd
- Mersen Property
- Toyo Tanso Co.,Ltd.
- Hexcel Corporation
- Teijin Limited
- Solvay
- SGL Carbon
- Carbon Composites, Inc
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.