Carbon Fiber Composites Market to Witness Phenomenal Growth, Projected to Reach US$ 39,412.1million by 2033

The global carbon fiber composites market size is anticipated at US$ 20,995.8 million in 2023. The market is likely to secure US$ 19.81 Billion in 2022. Due to the increasing adoption of carbon fiber composite materials in aerospace and automotive sectors, owing to several advantages are provided by these materials, thereby, garnering US$ 39,412.1 million in 2033, recording a CAGR of 6.5% from 2023 to 2033.  

Continuous breakthroughs in advanced carbon fiber composites, such as Carbon Fiber Reinforced Thermoplastic (CFRTP), as well as their vastly increased use in high-volume vehicles, will propel industry growth.  Carbon fiber composites’ unique characteristics, such as extreme strength, lightweight, corrosion resistance, equitable chemical reactivity, X-ray transparency, thermal conductivity, and low coefficient of thermal expansion, have elevated their relevance in heavy-duty applications.

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A matrix material is utilized in a wide range of industries to provide adequate physical, thermal, mechanical, and electrical properties. Notably, favorable regulatory norms to lessen vehicular emissions are expected to aid the growth of the carbon fiber composites market during the analysis period.

Key Takeaways from the Market Study

• By matrix material, polymer-based carbon fibers are forecast to garner US$ 21 billion by 2033
• Metal matrix carbon fiber composite sales are expected to flourish at a 6.6% CAGR
• North America to contribute significantly to market growth, growing at an 8% CAGR
• Europe to be a significant market player, anticipated to register a 7.7% growth rate
• A CAGR worth 4.7% is projected for the Asia Pacific carbon fibre composites market
• Aerospace to account for nearly 61% of total carbon fiber composites revenue in 2022
• Applications in the automotive industry are expected to rise at a 6.4% CAGR

“To achieve the modifying demands of consumers, manufacturers are making significant investments in the carbon fibre composites. Heavy investments aid in the technological development and offer a wide range of benefits, which is estimated to positively impact the market in the forecast period.”

Competitive Landscape in Carbon Fiber Composites Market

Key players in the global carbon fiber composites market include Toray+Zoltek, SGL, Toho, MRC, Hexcel, Rock West Composites, Solvay, and Hengshen, among others. Recent key developments among players are:

• Solvay and SGL Carbon signed a joint development agreement (JDA) in December 2019 to bring to market the first composite materials based on large-tow intermediate modulus (IM) carbon fiber. These materials clarify the need to reduce prices and CO2 emissions while also improving the manufacturing process and fuel efficiency of next-generation commercial aircraft.
• Teijin Limited acquired Renegade Materials Corporation in February 2019, a North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. This contributed to the company’s position as the largest provider of solutions for aerospace applications.
• Hexcel launched a new product line in May 2022 that encompasses Hexcel resin systems with bio-derived resin content with natural fiber reinforcements to construct material solutions for Automotive, Winter Sports, Marine, and Wind Energy applications.

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Key Segments

By End Use:

• Aerospace
• Automotive
• Wind Turbines
• Sports & Leisure
• Civil Engineering
• Marine Applications
• Carbon Fiber Composites for Other End Uses

By Matrix Material:

• Polymer Matrix Carbon Fiber Composites
  
  • Thermosetting Carbon Fiber Composites
  • Thermoplastics Carbon Fiber Composites
• Carbon Matrix Fiber Composites
• Ceramics Matrix Carbon Fiber Composites
• Metal Matrix Carbon Fiber Composites
• Hybrid Matrix Carbon Fiber Composites

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America