Carbon Fiber Composites Companies | Forecast by 2033


07 Oct 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.

Carbon Fiber Composites Market Statistics

Market Overview

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.

Growth Factors

  • It is anticipated that the carbon fiber composites market will also grow and expand more in the course of the given forecast period. The current focuses is towards the economy, sustainability and innovation are expected to create requirements for carbon fiber composites in the future periods. For instance, the aerospace industry is anticipated to record an improved development in the near future. E.g., for the fabrication and production of lightweight aircraft parts.’
  • Wind energy industry is expected to consume carbon fiber composites as construction of wind farms remains an ongoing process across the world. As for the choice of wind turbine blades, carbon fiber composites are considered to be lightweight and high strength to be applied.

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.

Carbon Fiber Composites Top Companies

  • Toray Industries Inc.
  • Teijin Limited
  • Mitushi Chemical
  • Corporation
  • Hexcel
  • Corporation
  • Solvay
  • SGL Carbon
  • Hyosung Advanced Materials
  • Zhongfu Shenying Carbon Co., Ltd.
  • Kureha Corporation
  • DowAksa
  • Jilin Chemical Fiber Group Co., Ltd
  • Jiangsu Hengshen Co., Ltd.

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. 

Regional Insights

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.

Market Potential and Growth Opportunity

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.

Carbon Fiber Composites Market Scope

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

Carbon Fiber Composites Market News

  • To provide significant time and cost reductions for the aerospace, industrial, automotive and race car industries, Solvay launched an advanced epoxy prepreg carbon fiber tooling material called LTM 350 in September 2022.
  • In February 2021, Teijin Limited launched two carbon fiber intermediate material brands intended for sports applications; they are Tenax BM (beam series) and Tenax PW (power series). According to the company, this will help them improve their power and speed.

Market Segmentation

By Application

  • Aerospace
  • Automotive
  • Wind Turbines
  • Sports & Leisure
  • Civil Engineering
  • Marine Applications
  • Other Applications

By Region

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

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