August 2024
11 Sep 2024
The global carbon fibre composites market surpassed USD 20.70 billion in 2023 and is expected to touch around USD 37.15 billion by 2033 poised to grow at a CAGR of 6.02% during the forecast period.
It is for these characteristics such as high corrosion resistance, low coefficients of thermal expansion and high durability that carbon fiber composites are used in the manufacturer of parts for aircrafts. In the same way, demand in the aircraft manufacture could also increase the growth of the carbon fiber composites market over the forecast period.
The current carbon fiber composites market has witnessed the entry of new materials within the market, for instance CFRTP which is an acronym for Carbon Fiber Reinforced Thermoplastic. The latest CFRTP advanced with mass production technology has a molding time of 1 minute and is approximately 40% lighter with ten times higher impact resistance than steel. B 20 8 car makers are on the lookout for the latest technological advances that would allow the use of lightweight materials in mass production vehicles. GM and Teijin Limited worked together in formulating the box design that can be molded in approximately one minute thus enhancing the production rates.
Continual Rise in Need for Lighter and Sturdier Materials from the Aerospace Sector Drive the Market
This is primarily due to the constant search for lighter and stronger materials by aerospace industries hence there has been an increased demand for carbon fiber composites. At this point, most critical are issues about performance and fuel efficiency; hence, it can be said that carbon fibre composites are changing all aspects of plane design and manufacture. The main appeal for these materials lies within their notable strength-to weight ratio which helps in addressing the urgent need for lower weights on aircrafts while maintaining their structural integrity. For aircraft manufacturers, the use of carbon-fiber composites is meant to fulfil these goals in terms of higher fuel efficiency and less carbon emissions. As it is made from light materials, carbon fiber composites reduce fuel consumption directly, less energy is needed to push a lighter plane.
Thus, this leads to lower operating costs and ecological effects. In addition, the structural integrity of carbon fibers is enhanced by their strength, thus protecting them from possible breaches in safety regulations. Hence, carbon fiber reinforced plastics are chosen by the aviation sector because; they combine well the lightness and strong nature which make them strong. And it does this making large amounts of airplane parts from wings to fuselage sections and inside elements etc.
Recent Innovations
| Company Name | Solvay and spirit AeroSystems |
| Headquarters | Solvay’s Headquarters are in Brussels, Belgium. And AeroSystems Headquarters are in Wichita, Kansas. |
| Recent Development | In June 2023, Solvay and AeroSystems have cemented their research and technology relationship on the development of composite aerostructures |
| Company Name | Celanese Corporation |
| Headquarters | Dallas, Texas. |
| Recent Developments | In November 2022, Celanese Corporation completed the acquisition of the majority of the Mobility & Materials (M&M) business of DuPont. |
After North America, Asia Pacific is observed to be the fastest growing marketplace in the carbon fiber composites market. This dominance is due to the strong industrialization and technological advances of countries like China, Japan and South Korea. These nations have become manufacturing giants with a focus on such sectors as aerospace, automobile and electronics which rely extensively on carbon fiber composites. In this way there are different creators that can take advantage of these changes in order to attain success in East Asia’s predominant market area. The strong economic growth that has taken place in China over the years, coupled with the billions pumped into various fields, is what has made it consumer and producer of carbon fiber composites. A case in point is that China’s aerospace industry heavily relies on carbon fiber composites for lightweight pieces which makes it one of the most competitive producers worldwide.
The auto industry is bursting with opportunities for Asia Pacific
The carbon fiber composites market is expected to experience the highest growth in South Asia and Oceania. This region is growing for several reasons like rising disposable incomes, expanding industrialization and increasing emphasis on sustainable technologies. Countries like Australia, India and Southeast Asia are experiencing increased demand for carbon fiber composites in the automotive and construction sectors. Due to strict emission regulations and a focus on improving fuel economy, carbon fiber composites are increasingly being used by South Asian countries in their car industry. On the other hand, the wind energy sector in Oceania uses these materials to produce strong but light-weight wind turbine components.
Rapid advancement of EV industry
The world carbon fiber composites market is presented with a huge opportunity by the rising global electric vehicle (EV) market. Carbon fiber composites have emerged as pivotal enablers in designing and manufacturing EVs at the time when automobile industry is undergoing a profound transition towards eco-friendly and energy-efficient modes of transport. To solve problems that EVs face notably in terms of range enhancement and overall energy efficiency, the primary role of lightweight characteristics of carbon fiber composites is significant.
| Report Coverage Details | Key Statistics |
| Market Revenue by 2024 | USD 21.95 Billion |
| Market Revenue by 2033 | USD 37.15 Billion |
| CAGR | CAGR of 6.02% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Base Year | North America |
| Forecast Period | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Market Segmentation
By Application
By Region
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