Carbon Fiber Composite market size is USD 20.2 billion in 2023 and will grow at a CAGR of 6.80% from 2023-2030: Cognitive Market Research
Introduction of the Carbon Fiber Composite Market
Carbon fiber composites are advanced materials made by combining carbon fibers with a matrix material, typically a polymer, resulting in a strong, lightweight, and durable composite structure. The global carbon fiber composites industry is driven by the increasing demand across industries due to its lightweight, high-strength properties. Key players employ strategies like mergers, acquisitions, and partnerships to expand their product portfolios. Continuous research and development initiatives focus on enhancing material properties, lowering production costs, exploring novel applications, and fostering market growth. Additionally, collaborations with end-use industries, such as aerospace and automotive, aim to address specific market needs and stay competitive in the dynamic carbon fiber composites sector.
For instance, in February 2021, Tejin Limited announced the launch of BM and Tenax PW brands of carbon fiber medium materials for sports applications. This launch of the recent product helps the company maximize power and speed due to its outstanding durability and toughness.
Key Insights from Carbon Fiber Composite Market Report
The Global Carbon Fiber Composite market size is USD 20.2 billion in 2023 and will grow at a CAGR of 6.80% from 2023 to 2030.
Rising Interest of Various Technology Firms in Carbon Fiber 3D Printing to Provide Viable Market Output
The carbon fiber composites market is experiencing substantial growth, propelled by the rising demand for lightweight, high-strength materials across various industries. Carbon fiber composites offer exceptional strength-to-weight ratios and durability, making them perfect for applications in aerospace, automotive, and sports equipment. Moreover, the market is witnessing increased attention from technology firms exploring carbon fiber 3D printing. This emerging trend reflects the industry's pursuit of advanced manufacturing techniques, promising innovative solutions, and customization possibilities for diverse applications in the rapidly evolving technological landscape.
For instance, in January 2023, Roboze announced the latest 3D printing developments obtained from the implementation of two flagship materials: Carbon PA PRO, Carbon PEEK, a PA 6 reinforced with carbon fibers, and a PEEK matrix reinforced with carbon fibers.?
The carbon fiber composites market is experiencing robust growth, with heightened demand driven by its unparalleled strength-to-weight ratio and versatility. Industries, particularly aerospace, increasingly favor carbon fiber composites for structural components, as they enhance fuel efficiency and overall performance. The aerospace sector's demand is fueled by a quest for lightweight materials to improve aircraft efficiency, reduce emissions, and enhance durability. The unique properties of carbon fiber composites position them as a critical player in advancing aerospace technologies and meeting industry demands for innovation.
For instance, in March 2019, Hexcel showcased various composite creations in JEC World 2019 for aerospace and automotive applications, such as HexTow HM50. The material delivers high modulus and tensile strength for commercial and defense aircraft engines.
Market Dynamics of the Carbon Fiber Composites
The carbon fiber composites market faces challenges due to limited raw material availability. Carbon fibers, derived mainly from polyacrylonitrile (PAN) or petroleum-based precursors, are essential components. Fluctuations in PAN supply, dependent on petroleum prices, can impact carbon fiber production. Additionally, alternative precursors, such as pitch, face limited availability. These limitations can result in supply chain disruptions, affecting the overall production and pricing of carbon fiber composites, highlighting the market's vulnerability to raw material availability, and prompting the exploration of sustainable sourcing solutions.
Impact of COVID-19 on?the?Carbon Fiber Composites Market
The carbon fiber composites market has witnessed significant growth due to the material's lightweight, high-strength properties, finding extensive use in aerospace, automotive, and sporting goods industries. However, the COVID-19 pandemic disrupted global supply chains and manufacturing processes, causing temporary setbacks. Lockdowns, reduced production, and supply chain disruptions impacted the market. Despite these challenges, the market is poised for recovery as industries resume operations, and the increasing demand for lightweight, fuel-efficient materials remains a key driver post-pandemic.
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Competitive Landscape of the Carbon Fiber Composite Market
The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major carbon fiber composites market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.
Carbon Fiber Composite?Industry News
Top Companies Market Share in Carbon Fiber Composite Industry:
Carbon Fiber Composite Market Analysis
Raw Type Segment Analysis:
According to Cognitive Market Research, pan-based carbon type held the prominent share in the market over the forecasted period due to the increasing demand in aerospace, automotive, and sports industries. PAN-based carbon fiber's exceptional strength, lightness, and versatility drive its prominence in advanced composite applications.
Pitch-based carbon type is the fastest-growing category over the projected period due to its superior strength, high thermal conductivity, and enhanced performance in demanding applications, making it a preferred choice for industries requiring lightweight yet robust materials like aerospace and automotive.
Application Segment Analysis:
According to Cognitive Market Research, non-composites hold a prominent market stake owing to their exceptional strength-to-weight ratio, corrosion resistance, and versatility. Rising demand across industries such as aerospace, automotive, and construction reflects the increasing recognition of composites' superior performance and durability.
Non-composite is the fastest-growing category as non-composite materials struggle to match carbon fiber's superior properties, and industries increasingly favor its adoption, emphasizing performance and efficiency in diverse applications.
Modulus Type Segment Analysis:
According to Cognitive Market Research, standard modulus holds a prominent market stake owing to the need for lightweight, high-strength materials in industries like aerospace and automotive. Standard modulus fibers offer an optimal balance of performance, making them essential in advanced composite applications.
Intermediate modulus is the fastest-growing category owing to the increasing demand for materials offering a balance of strength and flexibility. Applications in aerospace, automotive, and sports equipment benefit from these composites, driving their market growth in various industries.
Product Type Segment Analysis:
According to Cognitive Market Research, continuous carbon fiber holds a prominent market stake owing to its superior strength, stiffness, and lightweight properties. Applications in aerospace, automotive, and construction fuel demand, emphasizing the material's exceptional performance across diverse industries.
Long carbon fiber is the fastest-growing category owing to its ability to enhance structural integrity and reduce weight in applications like automotive and aerospace, meeting the demand for high-performance materials that offer strength, durability, and improved fuel efficiency.
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Fiber Type Segment Analysis:
According to Cognitive Market Research, virgin carbon fiber holds a prominent market stake owing to its exceptional strength-to-weight ratio, corrosion resistance, and versatility, driving innovation across sectors such as aerospace, automotive, and renewable energy.
Recycled carbon fiber is the fastest-growing category as this sustainable approach addresses environmental concerns, lowers production costs, and aligns with the global shift towards eco-friendly practices in various industries such as aerospace, automotive, and construction.
End-Use Segment Analysis:
According to Cognitive Market Research, aerospace & defense holds a prominent market stake owing to the rising need for fuel efficiency, reduced emissions, and enhanced performance in aircraft and defense applications, fueling technological advancements in composite manufacturing.
Automotive is the fastest-growing category owing to the pursuit of lightweight materials to expand fuel efficiency and decrease emissions. As automakers prioritize sustainability and performance, carbon fiber composites become integral for advanced and eco-friendly vehicle designs.
North America?Carbon Fiber Composite?Market dominated?in 2023 and accounted for 40% of the global revenue
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, owing to the region's high concentration of aircraft manufacturers along with the rising incorporation of composites in aircraft. The rowing aircraft demand across the globe, due to the expanded air passenger traffic coupled with the expansion of recent air travel routes, is fueling the regional share. Aircraft manufacturers, along with industry participants, are supporting R&D to develop cutting-edge materials that expand the operational capabilities of aircraft. Moreover, industry players are strengthening their distribution channels in the region with the addition of recent distributors.
Europe is the fastest-growing category as the region's growing awareness of environmental sustainability boosts the preference for carbon fiber composites, renowned for their strength and reduced carbon footprint. Rising investments in renewable energy and infrastructure projects further contribute to market expansion. Technological advancements in manufacturing processes enhance the efficiency and cost-effectiveness of carbon fiber composites, fostering innovation across industries and positioning Europe at the forefront of this dynamic and evolving market.
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