Selbyville, Delaware, July 26, 2022 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Carbon Fiber Composites Market was valued at USD 18.4 billion in 2021 and is expected to reach above $30 billion in revenue by 2030, registering with a CAGR of 6% from 2022 to 2030. The report provides a detailed analysis of drivers & opportunities, market size & estimations, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Several unique benefits provided by carbon fiber composites, such as extreme strength, lightweight, corrosion resistance, balanced chemical reactivity, X-ray transparency, thermal conductivity, and minimal coefficient of thermal expansion, have bolstered their applicability in heavy-duty products. A matrix material is used to provide the required physical, thermal, mechanical, and electrical qualities in varied applications. Notably, favorable regulatory norms to reduce vehicular emissions are set to aid carbon fiber composites market growth over the analysis period.
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As carbon fiber composites are highly durable and reliable and can endure extreme marine situations, they are widely used in cruisers, racing vessels, and yachts. Marine vehicles with carbon fiber composites have better speed & fuel efficiency along with cost-effectiveness. Accelerated by these advantages, the marine end-use segment is primed to grow at a CAGR of more than 7% over 2022-2030.
On the other hand, the aerospace end-use segment is poised to witness significant expansion through the forecast timeline. Surging installations of carbon fibers in aircraft structures due to their improved stability at high temperatures are slated to positively influence segmental development.
Key reasons for carbon fiber composites market growth:
- Soaring product demand in marine industry.
- Mounting adoption in aerospace and automotive sectors.
- Rising usage of metal matrix material in diverse applications.
2030 forecasts show the ‘metal’ segment retaining its dominance:
In terms of matrix material, the metal segment is foreseen to be valued at around $2.5 billion by the end of 2030 as a result of varied benefits like fire and radiation resistance, and higher transverse stiffness & strength offered by these materials. Reinforced metal matrix provides certain mechanical properties that regular metals lack, which makes it suitable for application in the aerospace sector. To cite an instance, reinforced aluminum is used to fabricate composites that are 30-40% more rigid and strong compared to barebones aluminum, which is likely to foster segmental outlook.
Asia Pacific to continue its top status in terms of revenue:
In the regional context, the Asia Pacific carbon fiber composites market is speculated to progress at approximately 4.5% CAGR to accumulate a sizable industry share over the assessment timespan. This growth is driven by surging production and sales of vehicles in the region. In addition, mounting purchasing power, burgeoning cargo transport, passenger travel, and air flight iterations, as well as discounts offered by vehicle manufacturers, are anticipated to propel market growth in the APAC region.
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Impact of COVID-19 pandemic on carbon fiber composites market:
The COVID-19 pandemic impeded market growth primarily on account of global supply chain disruptions and labor shortages. Limitations on travel, delays in production activities in the automotive sector, and higher costs of carbon composites materials utilized in aerospace components hindered product penetration. However, prevalent environmental concerns, proliferating disposable income, soaring emphasis on physical health, and booming demand for lightweight and fuel-efficient vehicles have helped the market regain its pre-pandemic momentum.
Leading market players:
Major companies studied in the global carbon fiber composites industry report include Toray+Zoltek, Toho, SGL, MRC, Hengshen, Rock West Composites, Hexcel, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
