PUBLISHER: The Business Research Company | PRODUCT CODE: 1597010
PUBLISHER: The Business Research Company | PRODUCT CODE: 1597010
Carbon composites consist of carbon fibers or carbon-based materials that are embedded in a matrix, which is usually made of polymer, metal, or ceramic. These materials are renowned for their exceptional strength, lightweight properties, and resistance to high temperatures and corrosion, making them suitable for applications in aerospace, automotive, sports equipment, and various industrial fields.
The primary types of carbon composites include virgin fiber (VCF) and recycled fiber (RCF). Virgin fiber carbon composites are produced from newly created carbon fibers that have not been previously used. These composites can feature various matrix types, including hybrid, metal, ceramic, carbon, and polymer, and they accommodate a range of manufacturing processes such as prepreg layout, pultrusion, winding, wet lamination, infusion, pressing, and injection. They find applications in both composite and non-composite sectors, catering to a wide array of end users including aerospace, automotive, wind energy, sports and leisure, civil engineering, and marine industries.
The carbon composites market research report is one of a series of new reports from The Business Research Company that provides carbon composites market statistics, including carbon composites industry global market size, regional shares, competitors with a carbon composites market share, detailed carbon composites market segments, market trends and opportunities, and any further data you may need to thrive in the carbon composites industry. This carbon composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 during the historic period can be attributed to factors such as the development of regulations and standards, government policies, advancements in sports equipment, progress in infrastructure and construction, and the increasing adoption 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 the rising demand for high-performance materials, the expansion of consumer electronics, growing awareness of sustainability and lifecycle impacts, the launch of new aerospace programs, and stricter automotive safety standards. Key trends expected during this period include the expansion of 3D printing, the use of topology optimization, increased integration of AI and machine learning, the development of green chemistry and biocomposites, as well as advancements in in-situ curing and manufacturing techniques.
The growth of the automotive industry is anticipated to fuel the expansion of the carbon composites market in the future. The automotive industry encompasses the sector responsible for designing, developing, manufacturing, and selling motor vehicles. This industry's expansion is driven by rising global demand for personal mobility and significant advancements in electric vehicle (EV) technologies. Carbon composites aid the automotive industry by reducing vehicle weight, enhancing fuel efficiency, improving performance, and lowering emissions while maintaining strength and durability. For example, in February 2024, the Society of Motor Manufacturers and Traders, a UK-based trade association, reported a 21.0% surge in British car manufacturing output, reaching 82,997 units in January 2024. Export volumes grew by 11.6%, while electrified vehicle production rose by 4.5% to 29,590 units. As a result, the automotive industry's expansion is contributing to the growth of the carbon composites market.
Key companies in the carbon composites market are focusing on developing advanced materials, such as carbon fiber-based heat-resistant ceramic matrix composites, to improve performance and durability in extreme environments. Carbon fiber-based ceramic matrix composites (CMCs) are cutting-edge materials that combine the high strength and stiffness of carbon fibers with the thermal and chemical stability of ceramic matrices. For instance, in February 2024, Mitsubishi Chemical Group, a Japanese chemical corporation, introduced a highly heat-resistant ceramic matrix composite (CMC) capable of withstanding temperatures up to 1,500 °C. This material utilizes pitch-based carbon fibers rather than traditional ceramic fibers and retains its strength even after extended exposure to high heat, making it suitable for aerospace applications, particularly in reusable space transportation systems.
In October 2023, Mitsubishi Chemical Group acquired C.P.C. Group for an undisclosed sum. Through this acquisition, Mitsubishi Chemical aims to bolster its vertically integrated carbon fiber supply chain, strengthen its capabilities in the automotive parts industry, and offer comprehensive solutions by leveraging C.P.C.'s expertise in manufacturing and distributing carbon fiber composite components. C.P.C. Group, based in Italy, specializes in carbon fiber-reinforced plastic (CFRP) components for the automotive sector, which will drive innovation and efficiency in the carbon composites market.
Major companies operating in the carbon composites market are 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.
Asia-Pacific was the largest region in the carbon composites market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the carbon composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the carbon composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The carbon composites market consists of sales of carbon fiber prepregs, carbon fiber fabrics, carbon composite panels, and carbon composite laminates. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Carbon Composites Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on carbon composites market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for carbon composites ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The carbon composites market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.