The global Carbon Composites Market was estimated at around 188 kilo tons in 2022 and is expected to grow at a CAGR of over 6. 5% during the forecast period (2022-2027). The market was negatively impacted by COVID-19 in 2020.
New York, June 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Carbon Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06288104/?utm_source=GNW
Presently the market has now reached pre-pandemic levels.
One of the major factors driving the market is the increasing demand from the aerospace and defense sector. Another major driving factor of the market studied includes increasing demand from the wind energy sector.
However, the high cost associated with carbon composite manufacturing is hindering the growth of the market studied.
The Asia Pacific accounts for the highest market share and is expected to dominate the market during the forecast period.
Among the applications, aerospace and defense application dominated the market studied and is expected to dominate the market studied during the forecast period.
Key Market Trends
Aerospace and Defense Application to Dominate the Market
In the aerospace industry, some of the key applications of carbon-fiber-based composites include their use in manufacturing aircraft parts, such as clips, cleats, brackets, ribs, struts, stringers, chips, wing leading edges, and other special parts. Moreover, the aerospace industry is also exploring these composites’ uses in larger structures, like wing torsion boxes and fuselage panels. In the defense industry, the use of carbon composites is found in missile defense, ground defense, and military marine.
In recent years, owing to increasing preferences for properties like weight reduction, extreme resistance, insulation, and radar absorption, the usage of carbon composites in aerospace manufacturing has been growing rapidly. These composites consist of carbon fibers embedded in a carbon matrix. These composite materials also bring down the maintenance cost of the airplane as the materials do not rust or corrode.
Apart from these, owing to its high strength-to-weight ratios compared to metals, the material reduces the overall weight of the aircraft, thereby further reducing the aviation fuel consumption, which enables the aircraft to fly farther and carry more passengers
The increasing investments in the research and development (R&D) of advanced composite materials by several aerospace incumbents, like the General Electric Company, the Boeing Company, and Airbus SE, among others, is also supporting the growth of the carbon composites market.
The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,290 by 2038, from 7,141 in 2017, with an average annual growth rate of 0.7% per year.
Tremendous growth has been witnessed in the aerospace sector, especially in civil aviation in emerging economies, on account of an increase in the number of aircraft with fuel efficiency. For instance, according to the IBEF, in India, the number of airplanes is expected to reach 1,100 planes by 2027. Additionally, the Ministry of Civil Aviation (MoCA) increased the capacity of domestic flights to 65%, from 50%, effective from July 05, 2021.
Hence, owing to the above-mentioned reasons, the aerospace & defense sector is expected to dominate the market studied.
Asia Pacific to Dominate the Market
Asia Pacific accounts for the highest share of the global carbon composites market. The majority of the demand for carbon composites comes from applications in aerospace and defense, construction, sports & leisure, etc.
In 2021, the automotive production in China reached 26.08 million, which increased by 3%, compared to 25.23 million vehicles produced in 2020. The increase in automotive production is estimated to drive the demand for carbon composites.
China is one of the largest manufacturers of aircraft and one of the largest markets for domestic air passengers. Moreover, the aircraft parts and assembly manufacturing sector in the country has been growing at a rapid pace, with the presence of over 200 small aircraft parts manufacturers.
Chinese airline companies are planning to purchase about 7,690 new aircraft in the next 20 years, which were valued at approximately USD 1.2 trillion, which is further expected to raise the market demand for carbon composites market.
The sports equipment market in China has witnessed growth owing to the Beijing Winter Olympic Games, 2022. The craze of the Olympics has accelerated the sports industry in the country. The sports equipment makers and industry practitioners expect the sector to fuel consumers’ increasing appetite for sports activities and consumption. Moreover, it is expected that the sports industry will reach USD 773 billion by 2025.?
In India, 43,99,112 units of vehicles were produced in 2021, which increased by 30% in comparison to 33,94,446 units manufactured in 2020. The Indian automotive sector is optimistic about reaching pre-pandemic levels of production volume in 2022 after laying a solid foundation in 2021 despite manufacturing being hampered by a semiconductor shortage.
According to IATA (International Air Transport Association) report, India is poised to become the third-largest aviation market in the world by the end of the forecast period. According to the IATA, India is expected to overtake China and the United States as the world’s third-largest air passenger market by 2030.
India is projected to have a demand for 2,100 aircraft over the next two decades, amounting to over USD 290 billion in sales. ?Owing to these factors, the demand for carbon composites from the aerospace sector is expected to rise in the coming years.
Hence, owing to the above-mentioned trends Asia Pacific is likely to dominate the market studied during the forecast period.
The global carbon composites market is partially fragmented where major players hold around 30% to 40% market share. Key players in the market include Toray Industries, Inc., Hexcel Corporation, SGL Group, Solvay, and TEIJIN LIMITED., among others.
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