Carbon-based Composite Material Market Outlook, Competitive Landscape and Forecasts to 2025

Composites are two or more materials with markedly different physical or chemical properties – categorized as “matrix” or “reinforcement” – combined in a way that they act in concert, yet remain separate and distinct at some level because they don’t fully merge or dissolve into one another. Carbon fibers have several advantages such as high stiffness, high tensile strength, low weight, high chemical resistance, high temperature tolerance, low thermal expansion, etc. These properties support the application of carbon fiber in the manufacturing of various composites.

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Increase in demand for lightweight materials from end use industries such as aerospace and automotive drives the carbon-based composite material market. Carbon-based composite material is recognized as a strong resilient and lightweight composite that can be used as a substitute for heavy steel and aluminium applications in multiple industries. Stringent government regulations regarding vehicular emissions and increasing in the fuel efficiency are expected to prompt automobile manufacturers to use carbon-based composite material in order to reduce the overall weight of the components.

Based on type of matrix, carbon-based composite material can be divided into carbon fiber reinforced carbon matrix, carbon fiber reinforced metal matrix, carbon fiber reinforced ceramic matrix, carbon fiber reinforced polymer matrix, and carbon fiber reinforced hybrid matrix. Carbon fiber reinforced polymer matrix composite can be further bifurcated into carbon fiber reinforced thermoset matrix and carbon fiber reinforced thermoplastic matrix. Among these, carbon fiber reinforced polymer matrix composite has the dominant market share, followed by carbon fiber reinforced carbon matrix composite.

In terms of process employed for manufacturing of carbon-based composite material, the market can be classified into lay-up process, filament winding, injection moulding, pultrusion, compression moulding and resin transfer moulding. The lay-up process of manufacturing is projected to lead the carbon-based composite material market during the forecast period. The lay-up process comprises of hand lay-up and spray-up processes. The lay-up process helps the manufacturer to customize the orientation of fibers to make them absorb maximum stress when subjected to heavy loads. The filament winding and pultrusion processes of manufacturing are anticipated to drive the carbon-based composite material market in the near future.

In terms of end-user, the carbon-based composite material market can be segmented into aerospace & defense, automotive, wind energy, sports & leisure, construction, marine, and others which includes construction of pipes, tanks, and household products. The aerospace & defense constitutes the leading share of the market due to the increase in requirement for lightweight materials for increased fuel efficiency. Extensive development in the global aerospace and defense sector is expected to rise the demand for carbon-based composite material in the industry. Furthermore, increase in demand for carbon-based composite material from automotive OEMs is projected to boost the market in the near future. Usage of carbon-based composite material in wind energy (turbine manufacturing) and construction is also gaining momentum.

Based on geography, the carbon-based composite material market can be segmented into, North America, Latin America, Asia-Pacific, Europe and Middle East & Africa. North America is expected to be the dominant market owing to concentration of several aircraft manufacturers such as Boeing in the region. The carbon-based composite material market in Europe is expected to expand during the forecast period. It can be attributed to the prevalence of stringent environmental regulations in the region. Industrial expansion in the region and presence of well-established car manufacturers prompt European automotive manufactures to use lightweight materials in construction of cars for increasing fuel efficiency. The carbon-based composite materials market in Asia Pacific is primarily driven by China and Japan and is anticipated to expand in the next few years.

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Key players operating in the global carbon-based composite material market include, Toho Tenax, Mitsubishi Chemical Carbon Fiber and Composites, Hexcel, SGL Group, Teijin Limited, Toray, Carbon Composites Inc., 3C-Carbon Group AG, Kineco, and Dexcraft.

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