Carbon Fiber Composites Market to garner US$ 37.8 Billion in 2032, recording a CAGR of 6.5%

December 23, 2022December 23, 2022 ankush 0 Comments

The global carbon fibre composites market is anticipated at US$ 18.6 Billion in 2021. Due to the increasing adoption of carbon fiber composite materials in aerospace and automotive sectors, owing to several advantages are provided by these materials, thereby, garnering US$ 37.8 Billion in 2032, recording a CAGR of 6.5% from 2022-2032. The market is likely to secure US$ 19.81 Billion in 2022.

Continuous breakthroughs in advanced carbon fibre composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), as well as their vastly increased use in high-volume vehicles, will propel industry growth. Carbon fibre composites’ unique characteristics, such as extreme strength, lightweight, corrosion resistance, equitable chemical reactivity, X-ray transparency, thermal conductivity, and low coefficient of thermal expansion, have elevated their relevance in heavy-duty applications.

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A matrix material is utilized in a wide range of industries to provide adequate physical, thermal, mechanical, and electrical properties. Notably, favourable regulatory norms to lessen vehicular emissions are expected to aid the growth of the carbon fibre composites market during the analysis period.

Key Takeaways from the Market Study

By matrix material, polymer-based carbon fibres are forecast to garner US$ 21 Billion by 2032
Metal matrix carbon fibre composites sales are expected to flourish at a 6.5% CAGR
North America to contribute significantly to market growth, growing at an 8% CAGR
Europe to be a significant market player, anticipated to register a 7.7% growth rate
A CAGR worth 4.7% is projected for the Asia Pacific carbon fibre composites market
Aerospace to account for nearly 61% of total carbon fiber composites revenue in 2022
Applications in the automotive industry are expected to rise at a 6.4% CAGR

“To achieve the modifying demands of consumers, manufacturers are making significant investments in the carbon fibre composites. Heavy investments aid in the technological development and offer a wide range of benefits, which is estimated to positively impact the market in the forecast period.”

Competitive Landscape

Key players in the global carbon fibre composites market include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, Solvay, and Hengshen, among others. Recent key developments among players are:

Solvay and SGL Carbon signed a joint development agreement (JDA) in December 2019 to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fibre. These materials clarify the need to reduce prices and CO2 emissions while also improving the manufacturing process and fuel efficiency of next-generation commercial aircraft.
Teijin Limited acquired Renegade Materials Corporation in February 2019, a North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. This contributed to the company’s position as the largest provider of solutions for aerospace applications.
Hexcel launched a new product line in May 2022 that encompasses Hexcel resin systems with bio-derived resin content with natural fiber reinforcements to construct material solutions for Automotive, Winter Sports, Marine, and Wind Energy applications.

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Key Segments Covered In The Carbon Fiber Composites Industry Survey

Carbon Fiber Composites Market by End Use: