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Carbon Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Carbon Composites Market is segmented by Matrix (Hybrid, Metal, Ceramic, Carbon, and Polymer), Process (Prepreg Layup Process, Pultrusion and Winding, Wet Lamination and Infusion Process, Press and Injection Processes, and other processes), Application (Aerospace and Defense, Automotive, Wind Turbines, Sport and Leisure, Civil Engineering, Marine Applications, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast for Carbon Composites in volume (in kilo tons) for all the above segments.

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Carbon Composites Industry Overview

Carbon Composites Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: > 6 %

Major Players

Carbon Composites Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Carbon Composites Market Analysis

The global Carbon Composites Market is estimated to reach around 188 kilotons by the end of this year and is expected to grow at a CAGR of over 6% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.

  • One of the major factors driving the market is the increasing demand from the aerospace and defense sectors. Another major driving factor in the market studied includes increasing demand from the wind energy sector.
  • However, the high cost associated with carbon composite manufacturing hinders the market's growth.
  • Nevertheless, the acceptance of technological advancements like 3D printing in the carbon composites market is expected to present an opportunity in the future.
  • Among the applications, aerospace and defense applications dominated the market studied and are expected to continue to dominate the market studied during the forecast period.

The Asia-Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.

Carbon Composites Industry Segments

Carbon composites are composite materials with carbon fiber reinforcements. Reinforcing with carbon fiber enhances the material properties, such as improving strength and rigidity. The carbon composites market is segmented by matrix, process, application, and geography. By matrix, the market is segmented into hybrid, metal, ceramic, carbon, and polymer. By process, the market is segmented into prepreg layup process, pultrusion and winding​, wet lamination and infusion process​, press and injection processes, and other processes. By application, market is segmented into aerospace and defense, automotive, wind turbines, sport and leisure, civil engineering, marine applications, and other applications. The report also covers the market size and forecasts for carbon composites in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (in kilo tons).

Matrix
Hybrid
Metal
Ceramic
Carbon
Polymer
Thermosetting
Thermoplastic
Process
Prepeg Layup Process
Pultrusion and Winding
Wet Lamination and Infusion Process
Press and Injection Processes
Other Processes
Application
Aerospace and Defense
Automotive
Wind Turbines
Sport and Leisure
Civil Engineering
Marine Applications
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Carbon Composites Market Trends

This section covers the major market trends shaping the Carbon Composites Market according to our research experts:

Aerospace and Defense Application to Dominate the Market

  • In the aerospace industry, some of the key applications of carbon-fiber-based composites include their use in manufacturing aircraft parts such as clips, cleats, brackets, ribs, struts, stringers, chips, wing leading edges, and other special parts. Moreover, the aerospace industry is also exploring these composites’ uses in larger structures, like wing torsion boxes and fuselage panels. In the defense industry, carbon composites are used in missile defense, ground defense, and military marine.
  • In recent years, owing to increasing preferences for properties like weight reduction, extreme resistance, insulation, and radar absorption, the usage of carbon composites in aerospace manufacturing has been growing rapidly. These composites consist of carbon fibers embedded in a carbon matrix. These composite materials also bring down the maintenance cost of the airplane, as the materials do not rust or corrode.
  • Aside from these advantages, the material reduces the overall weight of the aircraft, reducing aviation fuel consumption and allowing the aircraft to fly farther and carry more passengers due to its high strength-to-weight ratio compared to metals.
  • The increasing investments in the research and development (R&D) of advanced composite materials by several aerospace incumbents, like the General Electric Company, the Boeing Company, and Airbus SE, among others, are also supporting the growth of the carbon composites market.
  • The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,290 by 2038, up from 7,141 in 2017, with an average annual growth rate of 0.7% per year.
  • Due to increased aircraft fuel efficiency, tremendous growth has been witnessed in the aerospace sector, especially in civil aviation in emerging economies. For instance, according to the IBEF, the number of airplanes in India is expected to reach 1,100 by 2027. Additionally, the Ministry of Civil Aviation (MoCA) increased the capacity of domestic flights to 65%, from 50%, effective July 5, 2021.
  • Hence, the aerospace and defense sector is expected to dominate the studied market due to the above reasons.
Carbon Composites Market, Volume CAGR (%), by Application, Global, 2022-2027

Asia Pacific to Dominate the Market

  • Asia-Pacific accounts for the highest share of the global carbon composites market. Most of the demand for carbon composites comes from applications in aerospace and defense, construction, sports and leisure, etc.
  • In 2021, the automotive production in China reached 26.08 million vehicles, which increased by 3% compared to the 25.23 million vehicles produced in 2020. The increase in automotive production is estimated to drive the demand for carbon composites.
  • China is one of the largest aircraft manufacturers and one of the largest markets for domestic air passengers. Also, the country's industry for making aircraft parts and assemblies has been growing quickly, and there are now more than 200 small aircraft parts manufacturers.
  • Chinese airlines plan to buy about 7,690 new planes worth about USD 1.2 trillion over the next 20 years. This is expected to increase the demand for carbon composites even more.
  • The sports equipment market in China has witnessed growth owing to the 2022 Beijing Winter Olympic Games. The craze of the Olympics has accelerated the sports industry in the country. The makers of sports equipment and industry practitioners expect the sector to fuel consumers' increasing appetite for sports activities and consumption. Furthermore, by 2025, the sports industry is expected to be worth USD 773 billion.​
  • In India, 43,99,112 vehicles were produced in 2021, which increased by 30% compared to the 33,94,446 units manufactured in 2020. The Indian automotive sector is optimistic about reaching pre-pandemic levels of production volume in 2022 after laying a solid foundation in 2021, despite manufacturing being hampered by a semiconductor shortage.
  • According to an IATA report, India is on track to become the world's third-largest aviation market by the end of the forecast period.According to the IATA, India is expected to overtake China and the United States as the world's third-largest air passenger market by 2030.
  • India is projected to have a demand for 2,100 aircraft over the next two decades, amounting to over USD 290 billion in sales. Due to these factors, the demand for carbon composites from the aerospace sector is expected to rise in the coming years.

All the above factors are expected to drive the market for carbon composites in the coming years. Asia Pacific will likely dominate the market studied during the forecast period.

Carbon Composites Market - Growth Rate by Region, 2022-2027

Carbon Composites Market Competitor Analysis

The global carbon composites market is partially fragmented, where major players hold around 30% to 40% market share. Key players in the market include (not in any particular order) Toray Industries, Inc., Hexcel Corporation, SGL Carbon, Solvay, and TEIJIN LIMITED., among others.

Carbon Composites Market Top Players

  1. Hexcel Corporation

  2. TEIJIN LIMITED.

  3. Solvay

  4. SGL Carbon.

  5. TORAY INDUSTRIES, INC.

*Disclaimer: Major Players sorted in no particular order

Carbon Composites Market Concentration

Carbon Composites Market Recent Developments

  • November 2021: Hexcel and Fairmat established a partnership to develop the capability to recycle carbon fiber prepreg from Hexcel's European operations for use in commercial composite panels.
  • April 2021: Japan Polychem Corporation, a wholly-owned subsidiary of Mitsubishi Chemical Corporation, acquired Japan Polypropylene Corporation (JPP) Group companies and transferred the polypropylene compound (PPCP) business and FUNCSTER thermoplastic resin reinforced with long glass fiber business held by JPP.

Carbon Composites Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Aerospace and Defense Sector

      2. 4.1.2 Increasing Demand from the Wind Energy Sector

    2. 4.2 Restraints

      1. 4.2.1 High Cost for Manufacturing in Comparison to Other Composites

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Matrix

      1. 5.1.1 Hybrid

      2. 5.1.2 Metal

      3. 5.1.3 Ceramic

      4. 5.1.4 Carbon

      5. 5.1.5 Polymer

        1. 5.1.5.1 Thermosetting

        2. 5.1.5.2 Thermoplastic

    2. 5.2 Process

      1. 5.2.1 Prepeg Layup Process

      2. 5.2.2 Pultrusion and Winding

      3. 5.2.3 Wet Lamination and Infusion Process

      4. 5.2.4 Press and Injection Processes

      5. 5.2.5 Other Processes

    3. 5.3 Application

      1. 5.3.1 Aerospace and Defense

      2. 5.3.2 Automotive

      3. 5.3.3 Wind Turbines

      4. 5.3.4 Sport and Leisure

      5. 5.3.5 Civil Engineering

      6. 5.3.6 Marine Applications

      7. 5.3.7 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 ASEAN Countries

        6. 5.4.1.6 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Solvay

      2. 6.4.2 Nippon Carbon Co Ltd.

      3. 6.4.3 TORAY INDUSTRIES INC.

      4. 6.4.4 Teijin Aramid BV

      5. 6.4.5 Mitsubishi Chemical Holdings Corporation.

      6. 6.4.6 Carbon Composites Inc.

      7. 6.4.7 SGL Carbon

      8. 6.4.8 Hexcel Corporation

      9. 6.4.9 China Composites Group Corporation Ltd

      10. 6.4.10 Rockman

      11. 6.4.11 Epsilon Composite

      12. 6.4.12 Plasan Carbon Composites

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 New Technological Advancements in Carbon Composites

**Subject to Availability
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Carbon Composites Market Research FAQs

The Carbon Composites Market market is studied from 2017 - 2027.

The Carbon Composites Market is growing at a CAGR of >6% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Hexcel Corporation, TEIJIN LIMITED., Solvay, SGL Carbon., TORAY INDUSTRIES, INC. are the major companies operating in Carbon Composites Market.

Carbon Composites Industry Reports

In-depth industry statistics and market share insights of the Carbon Composites sector for 2020, 2021, and 2022. The Carbon Composites research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Carbon Composites report PDF.

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