The carbon composites market size has shown strong growth in recent years, increasing from $19.27 billion in 2023 to $20.57 billion in 2024, at a compound annual growth rate (CAGR) of 6.7%. Factors driving this growth historically include regulatory and standards development, government regulations, evolution in sports equipment, infrastructure and construction advancements, and the rise of electric vehicles. Looking ahead, the carbon composites market size is anticipated to grow to $27.16 billion in 2028 at a CAGR of 7.2%. This future growth is attributed to increasing demand for high-performance materials, expansion in consumer electronics, heightened awareness of sustainability and lifecycle impacts, the initiation of new aerospace programs, and the rising automotive safety standards. Major trends influencing the forecast period include an expansion into 3D printing, the implementation of topology optimization, greater integration of AI and machine learning in production, advancements in green chemistry and biocomposites, and innovations in in-situ curing and manufacturing techniques.
Global Carbon Composites Market Key Driver
Expansion in the automotive industry is projected to fuel the growth of the carbon composites market, driven by rising global demand for personal mobility and advancements in electric vehicle technologies. In January 2024, British car manufacturing output surged by 21.0%, with electrified vehicle production increasing by 4.5%. The ability of carbon composites to reduce vehicle weight and enhance fuel efficiency while maintaining durability positions them as essential materials for automotive manufacturers, ensuring continued market growth.
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Global Carbon Composites Market Segments
The carbon composites market covered in this report is segmented –
1) By Type: Virgin Fiber (VCF), Recycled Fiber (RCF)
2) By Matrix: Hybrid, Metal, Ceramic, Carbon, Polymer
3) By Process: Prepreg Layup Process, Pultrusion And Winding, Wet Lamination And Infusion Process, Press And Injection Processes, Other Processes
4) By Application: Composite, Non-Composite, Other Application
5) By End-User: Aerospace, Automotive, Wind Turbines, Sport And Leisure, Civil Engineering, Marine
By Geography:The regions covered in the carbon composites market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the carbon composites market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Carbon Composites Industry Players
Northrop Grumman Corporation, Mitsubishi Chemical Holdings Corporation, 3M Company, Toray Industries Inc., Solvay S.A., Teijin Limited, GKN Aerospace Services Limited, Zhongfu Shenying Carbon Fiber Co Ltd., Epsilon Composite SAS, Hexcel Corporation, TPI Composites Inc., Freudenberg Performance Materials, Mersen S.A., Kordsa Global, SGL Carbon SE, Rockman Industries Limited, Hexagon Composites, SAERTEX GmbH and Co. KG, Mubea Fahrwerksfedern GmbH, CFC Carbon Co Ltd., Toyo Tanso Co Ltd., Advanced Composites Inc., Dowaksa Advanced Composites, China Composites Group Corporation Ltd., Carbon Composites Inc.
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Carbon Composites Market Overview
Carbon composites are materials made from a combination of carbon fibers or carbon-based materials embedded in a matrix, typically a polymer, metal, or ceramic. These composites are known for their high strength, low weight, and resistance to high temperatures and corrosion, making them ideal for use in aerospace, automotive, sports equipment, and industrial applications.
Carbon Composites Global Market Report 2023 provides data on the global carbon composites market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The carbon composites market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
