Market Size of Carbon Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.68 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Carbon Composites Market Analysis
The carbon composites market is estimated to be at 205.90 kilotons by the end of this year. It is projected to reach 298.10 kilotons in the next five years, registering a CAGR of over 7.68% during the forecast period.
COVID-19 had a negative impact on the carbon composites sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business has been recovering since 2021 and is expected to rise significantly in the coming years.
- The major factors driving the market are increasing demand from the aerospace and defense industry and increasing demand from the wind energy sector.
- However, the high cost of manufacturing in comparison to other composites and the presence of substitutes are hindering the market growth.
- Nevertheless, the growing adoption of carbon composites in 3D printing and increasing demand from fuel cell electric vehicles (FCEVs) will be the market opportunities.
- The Asia-Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.
