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Carbon Composites Market Report 2024 - Carbon Composites Market Size And Analysis
Carbon Composites Market
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According to The Business Research Company's, The carbon composites market size has grown strongly in recent years. It will grow from $19.27 billion in 2023 to $20.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to regulatory and standards development, government regulations, sports equipment evolution, infrastructure and construction, and the rise of electric vehicles.
The carbon composites market size is expected to see strong growth in the next few years. It will grow to $27.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increasing demand for high-performance materials, increasing consumer electronics, increasing awareness of sustainability and lifecycle impacts, increasing new aerospace programs, and increasing automotive safety standards. Major trends in the forecast period include expansion into 3D printing, topology optimization, greater integration of AI and machine learning, green chemistry and biocomposites, and in-situ curing and manufacturing.
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Market Drivers and Trends:
The expansion of the automotive industry is expected to propel the growth of the carbon composites market going forward. The automotive industry refers to the economy sector that designs, develops, manufactures, and sells motor vehicles. The expansion of the automotive industry is due to increasing global demand for personal mobility and significant advancements in electric vehicle (EV) technologies. Carbon composites help the automotive reduce vehicle weight, which improves fuel efficiency, accelerates performance, and reduces emissions while maintaining high strength and durability. For instance, in February 2024, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, the British car manufacturing output surged by 21.0% to 82,997 units in January 2024, with export volumes rising 11.6% and electrified vehicle production increasing by 4.5% to 29,590 units. Therefore, the expansion of the automotive industry is driving the growth of the carbon composites market.
Major companies operating in the carbon composites market are focusing on developing advanced materials, such as carbon fiber-based heat-resistant ceramic matrix composites, to enhance performance and durability in extreme environments. Carbon fiber-based heat-resistant ceramic matrix composites (CMCs) are advanced materials designed to combine carbon fibers' high strength and stiffness with the thermal and chemical stability of ceramic matrices. For instance, in February 2024, Mitsubishi Chemical Group, a Japan-based chemical corporation, launched a high heat-resistant ceramic matrix composite (CMC) that can withstand temperatures up to 1,500 °C, utilizing pitch-based carbon fibers instead of traditional ceramic fibers. This innovative material maintains its strength after prolonged exposure to extreme heat, making it suitable for aerospace applications, particularly in reusable space transportation systems.
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Major Key Players of the Market:
Northrop Grumman Corporation, Mitsubishi Chemical Holdings Corporation, 3M Company, Toray Industries Inc., Solvay S.A., Teijin Limited, GKN Aerospace Services Limited, Zhongfu Shenying Carbon Fiber Co Ltd., Epsilon Composite SAS, Hexcel Corporation, TPI Composites Inc., Freudenberg Performance Materials, Mersen S.A., Kordsa Global, SGL Carbon SE, Rockman Industries Limited, Hexagon Composites, SAERTEX GmbH and Co. KG, Mubea Fahrwerksfedern GmbH, CFC Carbon Co Ltd., Toyo Tanso Co Ltd., Advanced Composites Inc., Dowaksa Advanced Composites, China Composites Group Corporation Ltd., Carbon Composites Inc.
Carbon Composites Market 2024 Key Insights:
• The carbon composites market size is expected to see strong growth in the next few years. It will grow to $27.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Increasing Expansion Of The Automotive Industry Is Driving The Growth Of The Carbon Composites Market.
• Advancements In Carbon Composites Enhanced Market Growth
• Asia-Pacific was the largest region in the carbon composites market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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