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Aviation Carbon Fiber Market Trends, Top Companies, Share, Growth And Forecast 2033
Aviation Carbon Fiber Market Trends
According to The Business Research Company's, The aviation carbon fiber market size has grown strongly in recent years. It will grow from $2.47 billion in 2023 to $2.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to aircraft lightweighting initiatives, increasing demand for fuel-efficient aircraft, stringent emission standards, expansion of the commercial aircraft fleet, preference for high-performance materials.
The aviation carbon fiber market size is expected to see strong growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to rapid growth in electric and hybrid aircraft, increasing emphasis on sustainable aviation, integration of composite materials in aircraft design, urban air mobility (uam) and advanced aerial vehicles, global efforts to reduce carbon footprint. Major trends in the forecast period include increased use in aircraft components, rising demand for lightweight aircraft, advancements in manufacturing technologies, focus on fuel efficiency and emissions reduction, expansion of electric and hybrid aircraft.
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Market Drivers and Trends:
Growth in passenger air traffic is expected to propel the growth of the aviation carbon fiber market going forward. Passenger air traffic refers to an increase in the number of passengers traveling by air over time that can be measured in a variety of ways, including the number of passengers carried by airlines, the number of flights operated, and the revenue generated by the air travel industry. Carbon fiber composites are being used in aircraft manufacturing due to their lightweight properties, high strength, and fuel efficiency, which offer improved passenger experiences such as more spacious and comfortable cabins. For instance, in February 2023, according to the International Air Transport Association (IATA), a Canada-based association of world airlines, international passenger traffic increased by 152.7% in 2022 compared to 2021. Additionally, Asia-Pacific airlines reported an increase of 363.3% in full-year international traffic in 2022 compared to 2021, maintaining the highest year-over-year rate among the regions. Therefore, the growth in passenger air traffic is driving the growth of the aviation carbon fiber market going forward.
Technological advancements are a key trend gaining popularity in the aviation carbon fiber market. Companies operating in the aviation carbon fiber market are adopting new technologies in the manufacturing of carbon fiber materials used in the aviation industry to sustain their position in the market. For instance, in October 2023, Toray Industries, a Japan-based manufacturer of carbon fiber, launched TORAYCA T1200, the highest-strength carbon fiber globally. This new offering should help to reduce environmental footprints by creating lighter carbon-fiber reinforced plastic materials. Its potential applications span from sporting and leisure goods to aircraft, contributing to various industries.
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Major Key Players of the Market:
Toray Industries Inc.; Hexcel Corporation; Teijin Carbon Co. Ltd.; SGL Carbon SE; DuPont de Nemours Inc.; Solvay S.A.; BGF Industries Inc.; Taekwang Industrial Co. Ltd.; Weihai Tuozhan Fibers Co. Ltd.; Jiangsu Hengshen Co. Ltd.; Mitsubishi Chemical Corporation; BASF SE; Bally Ribbon Mills; Park Aerospace Technologies Corp.; Renegade Materials Corporation; Nippon Graphite Fiber Co. Ltd.; Zoltek Companies Inc.; Formosa Plastics Corporation; Hyosung Advanced Materials Corporation; Kureha Corporation; Zhongfu Shenying Carbon Fiber Co. Ltd.; Jiangsu Tianniao High Technology Co. Ltd.; Jilin Carbon Fiber Co. Ltd.; Weihai Guangwei Composites Co. Ltd.; Jushi Group Co. Ltd.; Hengshen Co. Ltd.; Jiangsu Hangke Composite Materials Technology Co. Ltd.; Jiangsu Jiuding New Material Co. Ltd.; Zhejiang Juxing Carbon Fiber Technology Co. Ltd.; Zhejiang Guanghua Technology Co. Ltd.; Zhejiang Mengtex Special Materials Technology Co. Ltd.; Zhejiang Weitong Composite Material Co. Ltd.; Zhejiang Hailong New Materials Co. Ltd.; Zhejiang Jinggong Science & Technology Co. Ltd.; Zhejiang Guxiandao High Technology Co. Ltd.; Anshan Sinocarb Carbon Fibers Co. Ltd.; DowAksa LLC
Aviation Carbon Fiber Market 2024 Key Insights:
• The aviation carbon fiber market will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Rising Passenger Air Traffic Fuels Growth Of Aviation Carbon Fiber Market
• Technological Advancement Revolutionizing Aviation Carbon Fiber Market
• North America was the largest region in the aviation carbon fiber market in 2023
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