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Carbon Composites Market Growth Driven by Aerospace and Asia-Pacific Surge, Forecasts 2023-2028
Carbon Composites Market Carbon Composites Market Volume C A G R By Application Global 2022 2027
Carbon Composites Market Carbon Composites Market Growth Rate By Region 2022 2027
Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Carbon Composites Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global carbon composites market is exhibiting substantial growth, with projections anticipating a reach of 298.10 kilotons by 2028, marking a notable compound annual growth rate (CAGR) of over 7.68% during the forecast period of 2023 to 2028. This uptrend is primarily fueled by robust demand emerging from the aerospace and defense sectors, as well as increased utilization within the wind energy sector.
The COVID-19 pandemic initially imposed a severe downturn within the carbon composites sector due to widespread lockdowns and stringent governmental regulations that led to the cessation of production activities. However, since 2021, the industry has been on a recovery path, foretelling a significant escalation in demand and production in the forthcoming years.
Strategic Insights on Carbon Composites Market Trends
One of the key sectors driving the carbon composites market is aerospace and defense. These industries rely increasingly on carbon composites, thanks to their advantages in weight reduction and durability over traditional metal components. According to the latest aerospace industry projections, a renewed surge in international air traffic is expected, indicating a robust demand for commercial jets and, consequently, carbon composites used in their construction.
Even as the manufacturing cost of carbon composites remains high relative to other composite materials, which poses a challenge to market growth, these hurdles are being offset by the burgeoning opportunities presented by the adoption of carbon composites in 3D printing technologies and the demand from fuel cell electric vehicles (FCEVs).
Market Expansion in the Asia-Pacific Region
The Asia-Pacific region takes the lead in the carbon composites market share, supported by growth in multiple industries including aerospace, automotive, and sports and leisure. The automotive sector, in particular, exhibits a strong inclination towards carbon composites due to their high strength-to-weight ratios and contributions to enhanced fuel efficiency.
In China, vehicle production has witnessed a noteworthy hike in numbers, suggesting an increased opportunity for carbon composite integration. Similarly, the Indian automotive sector is reflecting positive trends with significant production growth. These elements indicate a growing need for carbon composites within the Asia-Pacific automotive industry.
The aerospace sector in the region is similarly escalating, with China's air traffic projected to exceed global averages over the next two decades, necessitating a substantial number of new aircraft that will likely incorporate carbon composite materials.
The dynamic nature of the sports and electronics sectors in Asia-Pacific also suggests a vibrant future for carbon composites, stimulated by major events such as the Beijing Winter Olympic Games and substantial growth in electronics manufacturing and consumption.
A Glimpse into Carbon Composites Industry Dynamics
The carbon composites industry is characterized by partial fragmentation with the presence of numerous notable entities that continue to innovate and cater to the rising demand. Among these key players are Toray Industries Inc., Solvay, Hexcel Corporation, Teijin Limited, and SGL Carbon SE, which represent a significant portion of the market.
An extensive analysis covering these trends and more is encapsulated in a comprehensive report, providing deep insights, strategic industry assessments, and forecast data crucial for businesses and stakeholders engaged in or exploring the carbon composites market.
Note: The detailed report and market insights are designed to inform and assist industry professionals in formulating market strategies and investment decisions. Additional information is available, presenting a rounded view of the carbon composites market landscape.
A selection of companies mentioned in this report includes
Solvay
Nippon Carbon Co Ltd.
TORAY INDUSTRIES INC.
Teijin Aramid BV
Mitsubishi Chemical Holdings Corporation.
Carbon Composites Inc.
SGL Carbon
Hexcel Corporation
China Composites Group Corporation Ltd
Rockman
Epsilon Composite
Plasan Carbon Composites
For more information about this report visit https://www.researchandmarkets.com/r/4js0sf
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Carbon Composites Market Carbon Composites Market Volume C A G R By Application Global 2022 2027
Carbon Composites Market Carbon Composites Market Growth Rate By Region 2022 2027
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