Carbon Composites Market size is set to grow by 177.9 mn tons from 2023-2027, increasing demand for fuel-efficient vehicles to boost the market growth, Technavio

NEW YORK, May 15, 2024 /PRNewswire/ -- The global carbon composites market  size is estimated to grow by 177.9 mn t from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  11.49%  during the forecast period. 

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Key Market Trends Fueling Growth

Carbon composites have gained significant attention in various industries, including aerospace, civil engineering, and military, due to their lightweight and high strength-to-weight ratio. These materials are also extensively used in motorsports, marine, consumer goods, and renewable energy sectors. Notably, in the wind energy industry, carbon composites are the primary choice for making wind turbine rotor blades. SGL Carbon, a leading carbon composite manufacturer, produces pitch and PAN carbon fibers for this purpose. The use of carbon composites in pressure vessels for hydrogen, fuel cell vehicles, and CNG storage tanks is another growing application. Despite the lack of standardization, the market for carbon composites continues to expand, driven by the demand for lightweight and high-strength materials in various sectors. Additionally, advancements in technologies like 3D printing and the use of solvay and other lightweight materials are expected to further fuel the market growth. 

Market Challenges

• Carbon composites, derived from carbon fibers and a carbon matrix, are essential in various sectors such as automotive, aerospace and defense, construction, wind energy, and sports goods. Despite their widespread use, alternatives like glass fiber, aluminum, copper, basalt fiber, aramid fibers, and natural fiber pose threats due to their similar applications. Basalt fiber, sourced from volcanic rocks, offers superior thermal stability, high-temperature filtration, excellent acid and UV resistance, and high energy-electromagnetic radiation, making it a preferred reinforcing material in construction and automotive industries. Additionally, carbon composites are utilized in marine, consumer goods, PAN and pitch carbon fibers, luxury cars, pressure vessels, gas storage, hydrogen gas, wind turbine blades, and renewable energy applications. The market for carbon composites is influenced by factors such as fuel efficiency, environmental sustainability, electric vehicles, and the prepreg layup process, pultrusion and winding techniques. Furthermore, advancements in 3D printing, metals, semiconductors, and lightweight materials contribute to the growth of this industry.

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Segment Overview 

This carbon composites market report extensively covers market segmentation by

1. Type 
• 1.1 Virgin Fiber
• 1.2 Recycled Fiber
2. End-user 
• 2.1 Aerospace and Defense
• 2.2 Automotive
• 2.3 Wind Energy
• 2.4 Sporting goods
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Virgin Fiber-  Carbon composites, a class of high-performance materials, are segmented into various types based on matrix materials, manufacturing processes, and applications. Fuel efficiency and environmental sustainability are key drivers in the market, particularly in the electric vehicle and renewable energy sectors. Wind turbine blades, a significant application, contribute to the wind energy and renewable energy segments. The matrix materials include polymers such as vinyl ester and epoxy, while manufacturing processes like prepreg layup, pultrusion, and winding are utilized. Aerospace and defense, wind turbines, sport and leisure, marine applications, civil engineering, military, motorsports, and consumer goods are primary markets. Glass fibers and plastic fibers, including PAN carbon fibers and pitch carbon fibers, are used in various applications. The pressure vessels segment caters to hydrogen fuel cell vehicles, CNG storage tanks, and LPG storage. Lack of standardization is a challenge in the composites market. Other applications include luxury cars, gas storage, and various consumer goods.

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Research Analysis

The Carbon Composites Market encompasses the production and application of carbon fibers, including those derived from glass fibers and plastic fibers, in various industries such as Aerospace, Civil Engineering, Military, Motorsports, and the Wind Energy sector. These composites are manufactured using materials like Polyacrylonitrile (PAN) and Pitch, with key components being the Carbon Matrix and Semiconductors. SGL Carbon and other manufacturers produce Pressure Vessels utilizing these lightweight, high-strength materials, which are essential for Fuel Efficiency and Environmental Sustainability in the Aircraft Industry. The global lockdowns have disrupted Production Hubs, but the demand for Carbon Fibers remains strong in Electric Vehicles and Wind Turbine Blades, driving growth in the Renewable Energy sector. Additionally, 3D Printing technology is revolutionizing the production process of Carbon Composites, offering new opportunities for innovation.

Market Research Overview

The Carbon Composites Market encompasses the production, application, and sale of carbon fiber reinforced polymers (CFRP), a lightweight and high-strength material. These composites are gaining popularity in various industries, including aerospace, automotive, and construction, due to their superior properties. The market is driven by factors such as increasing demand for fuel efficiency and lightweight materials, advancements in manufacturing technologies, and growing applications in renewable energy. The global carbon composites market is segmented by type, application, and region. The types include unidirectional, bidirectional, and woven composites. The applications include transportation, infrastructure, industrial, and wind energy. The market is expected to grow significantly in the coming years, with Asia Pacific being a major contributor due to its large manufacturing base and increasing demand from end-use industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Virgin Fiber
• Recycled Fiber
• End-user
• Aerospace And Defense
• Automotive
• Wind Energy
• Sporting Goods
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio