Global Carbon Composites Market Growth Rate 2024, Forecast To 2033
12 Nov, 2024
The carbon composites market has expanded significantly, set to grow from $19.27 billion in 2023 to $20.57 billion in 2024 at a CAGR of 6.7%. This increase is due to regulatory developments, government regulations, innovations in sports equipment, infrastructure expansion, and the rise of electric vehicles. The carbon composites market will reach $27.16 billion by 2028, growing at a CAGR of 7.2%. The growth is driven by increasing demand for high-performance materials, the expansion of consumer electronics, sustainability awareness, new aerospace programs, and higher automotive safety standards. Trends in this market include advancements in 3D printing, topology optimization, AI integration, green chemistry, and biocomposites.
Major Driver In The Carbon Composites Market
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. The carbon composites market size is expected to reach $X billion in 2024 and grow to $Y billion by 2028, driven by the automotive industry's reliance on lightweight and high-performance materials.
Request A Free Sample Of The Carbon Composites Market ReportCarbon Composites Market Competitive Landscape
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.
Key Carbon Composites Market Trend
Companies in the carbon composites market are focusing on heat-resistant carbon fiber-based ceramic matrix composites to improve performance in extreme environments. In February 2024, Mitsubishi Chemical Group launched a heat-resistant ceramic matrix composite that withstands temperatures up to 1,500 °C, using pitch-based carbon fibers. This material, suitable for aerospace applications, retains its strength in extreme heat, making it ideal for reusable space transportation systems.
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Global Carbon Composites Market Segmentation
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.
The Carbon Composites Global Market Report 2024 furnishes information about the global carbon composites market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.