Advanced Carbon Fiber Composites Market Estimations: US$ 37.8 Billion by 2032

The global carbon fiber 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 fiber composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), as well as their vastly increased use in high-volume vehicles, will propel industry growth. Carbon fiber 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 fiber composites market during the analysis period.

Key Takeaways from the Market Study
• By matrix material, polymer-based carbon fibers are forecast to garner US$ 21 Billion by 2032
• Metal matrix carbon fiber 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 fiber 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 fiber 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 fiber 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 fiber. 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:
• Carbon Fiber Composites for Aerospace
• Carbon Fiber Composites for Automotive
• Carbon Fiber Composites for Wind Turbines
• Carbon Fiber Composites for Sports & Leisure
• Carbon Fiber Composites for Civil Engineering
• Carbon Fiber Composites for Marine Applications
• Carbon Fiber Composites for Other End Uses

Carbon Fiber Composites Market by Matrix Material:
• Polymer Matrix Carbon Fiber Composites
• Carbon Matrix Fiber Composites
• Ceramics Matrix Carbon Fiber Composites
• Metal Matrix Carbon Fiber Composites
• Hybrid Matrix Carbon Fiber Composites

Carbon Fiber Composites by Region:
• North America Carbon Fiber Composites Market
• Europe Carbon Fiber Composites Market
• Asia Pacific Carbon Fiber Composites Market
• Middle East & Africa Carbon Fiber Composites Market
• Latin America Carbon Fiber Composites Market

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More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global carbon fiber composites market presenting a historical analysis from 2017
to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis by End-Use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine), and Matrix Material (Polymer [Thermosetting, Thermoplastics], Carbon, Ceramic, Metal, Hybrid) & Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America).

Simultaneously, the automotive industry is predicted to expand at a 6.4% CAGR from 2022 to 2032. The rising global demand for electric vehicles is likely to propel the penetration of automotive carbon fiber composites to prolong the range of electric vehicles. Most carbon fiber automotive parts are currently used in high-end sports cars and European supercars; however, some carbon fiber composite parts are available aftermarket.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.