Carbon Fibre Composites Market, one of the pronounced verticals of polymers and advanced materials domain, over the years, has witnessed a commendable surge with regard to its application arena. The worldwide carbon fibre composites industry in 2016 held a revenue of USD 16 billion, driven by its efficiency oriented demand from myriad end-use sectors, profoundly the aerospace and automotive.The rising trend of reducing overall vehicle weight and improving fuel efficiency, as per reports, has been one of the most crucial factors propelling carbon fibre composites market demand in these sectors.
Moreover, superior material properties including high strength to weight ratio, low maintenance, and outstanding resistance to high temperatures have garnered massive proceeds for the industry over the years. In terms of market size, Global Market Insights, Inc. projects the overall carbon fibre composites market to register a demand over 290 kilo tons by 2024.
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Oil & gas, railway, marine, and wind energy market, as per industry experts, have been touted as the most potential growth arenas for the industry demand. Though aerospace and automotive sectors have been the bright spots of carbon fibre composites market in terms of volume and revenue, the aforementioned applications are slated to emerge quite strong in terms of exploiting the operational benefits of CFC components.
Thanks to the increased size of exploration and production activities, high demand for speed rail, and increasing size of wind turbine installations. All these applications significantly require the use of stronger and more lightweight materials, which is substantially fueling the growth track of carbon fibre composites market. As these application arenas have finally started to ramp up, analysts predict carbon fibre composites industry to witness major a boost pertaining to its commercialization and profitability landscape.
Carbon fiber composites market share is likely to cross 290 kilo tons till 2024. Positive product outlook from aerospace & defense industry due to benefits such as superior strength and light weight will primarily drive the industry growth. Rising demand for products enhancing aircraft fuel efficiency will further escalate the revenue generation over the forecast timeframe.
Strengthening penetration in numerous industries including wind turbines, automotive, construction & marine, and sports and leisure will have a significant contribution towards the industry growth. however, supply chain management coupled with the recycling issues faced by manufacturers may pose a threat to carbon fiber composites market. Industry participants focus on enhancing their distribution to cater to the increasing demand.
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Industry leaders including Airbus and Boeing are using composites in their aircrafts at over 50% by weight. Price reduction in commodity will propel its deployment in mid-range passenger cars. Enhanced strength with durability are factors that will lead to traditional materials with composites.
Aerospace and defense sector exhibited the highest volume share, crossing 30% in 2016 and is anticipated to continue its dominance. High demand of superior quality product from the application will primarily drive the industry growth. It can be attributed to increasing requirement of enhanced properties such as temperature resistance and high strength to weight ratio.
Carbon fiber composites market from automotive industry will grow at over 13% CAGR from 2017 to 2024. Increasing usage of composites due to advantages such as light weight and superior strength will drive the industry growth.
North America is anticipated to dominate the industry with over 35% share over the forecast timeframe. Presence of established aerospace industry leaders across the region will primarily drive the carbon fiber composites market. Replacement of conventional aircrafts with efficient light weight aircrafts will further support the region’s dominance over the next eight years.
Europe will exhibit significant growth owing to rising demand from the region’s automobile industry. Stringent government regulations regarding usage of lightweight materials in vehicles for fuel consumption reduction will fuel the industry growth in the region. Asia Pacific is set to grow at over 12% CAGR till 2024. Presence of major manufacturers, especially in the countries including Japan, China, Taiwan, and South Korea will have a positive impact on the revenue generation. Strengthening penetration in aerospace and automotive sector will further propel the carbon fiber composites market growth from Asia Pacific.
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MRC, Solvay, Toho, SGL, Rock West Comp., and Toray+Zoltek are among the prominent players in the industry. Other notable players include Aksa, Sonstige, Hyongsung, Hexcel, Zhongu-Shenying. The industry participants focus on enhancing their production capacity to cater to the escalating demand.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.