PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1617216
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1617216
According to Stratistics MRC, the Global Aviation Carbon Fiber Market is accounted for $2.19 billion in 2024 and is expected to reach $4.65 billion by 2030 growing at a CAGR of 13.4% during the forecast period. Aviation carbon fiber is a lightweight, high-strength composite material extensively used in the aerospace industry for manufacturing critical components such as aircraft fuselages, wings, and interiors. This material, which is well-known for having an outstanding strength-to-weight ratio, helps to reduce aircraft weight, which improves fuel efficiency and lowers emissions.
According to the International Air Transport Association (IATA), the demand for air travel increased by 55.5% in February 2023 compared to February 2022, driving the need for more fuel-efficient and lightweight aircraft.
Demand for lightweight and fuel-efficient aircraft
The growing demand for lightweight, fuel-efficient aircraft is one of the main factors propelling the aviation carbon fiber market. Because carbon fiber composites have an excellent strength-to-weight ratio, manufacturers are able to drastically lower the overall weight of aircraft. In order to meet the aviation industry's sustainability goals, a lighter aircraft must use less fuel, which lowers operating costs and carbon emissions. Moreover, the use of lightweight materials, such as carbon fiber, has become strategically necessary for manufacturers and airlines due to stringent emission regulations and rising fuel prices.
Expensive production costs
The high cost of production is one of the major factors limiting the market for aviation carbon fiber. Complex procedures like high-temperature carbonization, which are necessary for the production of carbon fiber, call for sophisticated machinery and energy-intensive operations. Production costs are further increased by the high cost of raw materials like pitch and polyacrylonitrile (PAN). Furthermore, the cost of premium aerospace-grade carbon fiber is still a barrier, particularly for smaller manufacturers and low-budget aviation projects, even though technological advancements have increased production efficiency. Its adoption is also constrained by this cost factor in areas where cost competitiveness is crucial.
Creation of hybrid and electric aircraft
One of the main growth avenues for carbon fiber in aviation is the introduction of electric and hybrid aircraft. High strength-to-weight ratio materials are needed for these aircraft in order to maximize energy efficiency and increase flight range. For these kinds of uses, carbon fiber composites are perfect because they provide the required structural integrity without significantly increasing weight. Moreover, demand for cutting-edge lightweight materials like carbon fiber is expected to increase as the industry makes significant investments in the study and creation of next-generation propulsion systems. Businesses that concentrate on these applications can serve a dynamic and extremely creative market niche.
Tough competition from other substances
Advanced glass fiber composites, titanium, and aluminum-lithium alloys are some of the lightweight materials that compete fiercely with carbon fiber despite its superior strength-to-weight advantages. These substitutes are frequently easier to produce and more affordable, especially for uses where drastic weight reduction is not a top concern. Additionally, continuous research and development in these substitute materials is enhancing their performance attributes, directly challenging carbon fiber's hegemony in the aviation industry. Carbon fiber's market share may decrease if producers put cost ahead of performance.
Due to the worldwide disruption of air travel and the aerospace industry, the COVID-19 pandemic had a major effect on the aviation carbon fiber market. The demand for new aircraft, which are important consumers of carbon fiber, fell as a result of airlines scaling back expansion plans, delaying aircraft deliveries, and grounding fleets. The situation was made worse by workforce shortages, supply chain disruptions, and manufacturing shutdowns, which caused production to be delayed and expenses to rise. Moreover, investments in cutting-edge materials like carbon fiber were also curtailed as manufacturers and airlines turned their attention to cost-cutting strategies. In the post-pandemic era, the market is anticipated to pick up steam as the industry bounces back with a renewed focus on sustainability and lightweight materials to increase efficiency.
The Prepreg segment is expected to be the largest during the forecast period
It is projected that the prepreg segment is anticipated to hold the largest market share. Carbon fiber that has been pre-impregnated with a resin system is known as "prepreg," which guarantees excellent performance in aerospace applications and streamlines the manufacturing process. Because of its extensive use in key aircraft structures like wings, fuselages, and tail sections-where accuracy and strength-to-weight ratio are crucial-this segment dominates. Furthermore, prepreg is the go-to option for creating lightweight, high-strength parts that improve aircraft performance and fuel efficiency because of its consistency, robustness, and exceptional mechanical qualities.
The Regenerated Carbon Fiber segment is expected to have the highest CAGR during the forecast period
In the aviation carbon fiber market, the Regenerated Carbon Fiber segment is projected to grow at the highest CAGR. The aerospace industry's growing focus on cost-effectiveness and sustainability has led to a surge in the use of regenerated carbon fiber, which is made from recycled composites. Regenerated carbon fiber offers a competitive substitute for virgin materials while retaining respectable mechanical qualities for noncritical applications, especially as environmental regulations become more stringent and the industry works toward a circular economy. Moreover, propelling its increasing use are developments in recycling technologies, which allow for higher-quality output and less waste, in line with the sustainability objectives of the aviation industry.
Due to its established aerospace industry and the presence of major aircraft manufacturers like Boeing and Lockheed Martin, the North American region is expected to hold the largest share of the aviation carbon fiber market. A strong supply chain for carbon fiber and composite materials, substantial investments in R&D, and cutting-edge manufacturing technologies all benefit the area. Carbon fiber adoption is also fueled by the strong demand for lightweight, fuel-efficient aircraft in North America, especially in the commercial and defense sectors. Additionally, North America now dominates the global aviation carbon fiber market owing to government initiatives and military modernization programs.
Due to the fast expansion of the aviation industries in nations like China, India, and Japan, the Asia-Pacific region is anticipated to have the highest CAGR in the aviation carbon fiber market. Due to the rising demand for both military and commercial aircraft, these nations are making significant investments in the growth of their aerospace industries. Carbon fiber and other lightweight, fuel-efficient materials are in high demand due to the region's growing manufacturing capabilities and government programs to support the aviation and defense industries. Furthermore, the region's strong market growth is also aided by the emergence of new aircraft programs and the increased emphasis on sustainability.
Key players in the market
Some of the key players in Aviation Carbon Fiber market include DuPont de Nemours, Inc., Mitsubishi Chemical Corporation, Hexcel Corporation, Formosa Plastics Corporation, BGF Industries Inc., SGL Carbon SE, Hyosung, Solvay S.A., Teijin Limited, Nippon Steel Corporation, Zoltek Companies Incorporated, Aernnova Aerospace, Chomarat Group, Park Aerospace Corp and Toray Industries, Inc.
In September 2024, Mitsubishi Corporation and Exxon Mobil Corporation have signed a Project Framework Agreement for Mitsubishi Corporation's participation in ExxonMobil's facility in Baytown, Texas which is expected to produce virtually carbon-free hydrogen with approximately 98% of carbon dioxide (CO2) removed and low-carbon ammonia.
In June 2024, DuPont announced it has signed an agreement to acquire Donatelle Plastics Incorporated, a leading medical device contract manufacturer specializing in the design, development and manufacture of medical components and devices. The transaction is expected to close in the third quarter 2024, subject to satisfaction of customary closing conditions and receipt of regulatory approvals.
In May 2024, Hexcel Corp. and Fairmat have announced a 10-year agreement to recycle carbon fiber composite materials from Hexcel Salt Lake City for reuse in composite materials sold into various commercial markets. Fairmat recently opened its new 15,000-square-foot recycling facility near the Hexcel Salt Lake City site, which is the largest high-performance carbon fiber manufacturing facility in North America, according to the company.