Carbon Composites Market Analysis

Global Carbon Composites Market Overview

Carbon Composites Market Size was valued at USD 20.5 Billion in 2022. The Carbon Composites industry is projected to grow from USD 21.97 Billion in 2023 to USD 38.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). The increasing demand for lightweight and high-strength materials in various industries, including aerospace and automotive, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Carbon Composites Market Trends

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  Increasing use in the aerospace sector is driving the market growth

  
  

Market CAGR for carbon composites is driven by the excellent strength-to-weight ratio of carbon composites, making them perfect for use in spacecraft and airplanes. Carbon composites are essential to lightweight as the aircraft industry works to cut down on fuel use and emissions, which helps to increase fuel efficiency and environmental sustainability. As the aerospace industry develops, it is anticipated that major aircraft manufacturers will continue to include carbon composites in their designs.

Another noteworthy trend is the automotive industry's shift toward electrification and carbon composites. Lightweight materials are necessary for electric vehicles (EVs) to increase range and energy efficiency. Carbon composites offer a remedy by lowering the vehicle's weight without sacrificing safety. Automakers increasingly employ carbon composites in EV parts like battery enclosures and structural elements to improve performance and meet environmental objectives. The need for carbon composites in the automotive industry is anticipated to increase dramatically as the EV market grows.

In the field of renewable energy, carbon composites are increasingly being used, particularly in wind turbine blades. In the global endeavor to minimize carbon emissions, wind energy is essential. For longer and more effective wind turbine blades, carbon composites provide the strength and durability needed, improving overall performance and energy capture. The need for carbon composites to manufacture wind turbines is increasing as nations engage in offshore wind farms and wind energy infrastructure, providing a sizable potential opportunity for the carbon composites market in the renewable energy industry. Thus driving the Carbon Composites market revenue.

Carbon Composites Market Segment Insights

Carbon Composites Matrix Insights

Based on Matrix, the Carbon Composites Market segmentation includes Hybrid, Metal, Ceramic, Carbon, and Polymer. The "Polymer" category is the largest and continues to drive considerable segmental growth in the composites industry among matrix materials. This supremacy can be due to several important elements. First, due to their lightweight, resilience to corrosion, and ease of manufacture, polymer matrix composites are recognized for their adaptability, offering various applications across industries. Additionally, continual improvements in polymer chemistry and production methods have enhanced material qualities, making polymers more desirable for construction, automotive, and aerospace applications. In addition, as polymer matrix composites can provide sustainable solutions and are in line with global environmental trends, the desire for recyclable and environmentally friendly materials has also fueled growth in this industry.

Figure 1: Carbon Composites Market, by Matrix, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Carbon Composites Process Insights

Based on Process, the Carbon Composites Market segmentation includes Prepreg Layup Process, Pultrusion and Winding, Wet Lamination and Infusion Process, Press and Injection Processes, and Other Processes. Within the composite manufacturing sector, the "Wet Lamination and Infusion Process" category is the largest segment and is still responsible for significant segmental growth. Several factors influence its dominance. This method is appropriate for various applications across industries, including marine, automotive, and construction, because of its adaptability and affordability. Additionally, wet lamination and infusion methods allow for efficient and precise material distribution, producing composite structures that are both strong and light. This approach fits well with eco-friendly methods, which will help it flourish as sustainability becomes increasingly important in the composite manufacturing industry.

Carbon Composites Application Insights

The Carbon Composites Market segmentation, based on Application, includes Aerospace and Defense, Automotive, Wind Turbines, Sport and Leisure, Civil Engineering, Marine Applications, and Other Applications. The "Aerospace and Defense" category dominates the composite applications market and is responsible for most segmental growth. Its dominance is a result of several important aspects. First, composites excel at the high strength-to-weight ratios, corrosion resistance, and durability that the aerospace and defense industries require of their materials. Second, composite materials are used more frequently for lightweighting in aviation and defense equipment. This is due to the push for fuel efficiency and lower emissions. Composites' growth is further fueled by their design flexibility and performance advantages, making them indispensable in an industry where safety is a top priority.

Carbon Composites Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America is the carbon composites market's biggest consumer. Strong aerospace and defense industries, a rising need for lightweight materials in the automobile industry, and an emphasis on renewable energy, particularly wind turbines, promote regional growth. Strict environmental rules and sustainability objectives further facilitate the development of carbon composites in the area.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: CARBON COMPOSITES MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Carbon Composites market accounts for the second-largest market share. The strong aerospace industry, lightweight electric vehicles, and an emphasis on sustainable and environmentally friendly manufacturing processes promote regional prosperity. The market is expanding as a result of strict environmental restrictions as well as rising customer demand for eco-friendly goods. Further, the German Carbon Composites market held the largest market share, and the UK Carbon Composites market was the fastest-growing market in the European region.

The Asia-Pacific Carbon Composites Market is the region with the fastest market growth for carbon composites. The expansion of the automotive and aerospace industries, fast industrialization, and the growing use of carbon composite materials in constructing lightweight aircraft and electric cars are all contributing factors to regional growth. Government programs supporting infrastructure improvement and renewable energy also help to increase demand for carbon composites in the area. Moreover, China’s Carbon Composites market held the largest market share, and the Indian Carbon Composites market was the fastest-growing market in the Asia-Pacific region.

Carbon Composites Key Market Players & Competitive Insights

Key firms, including Toray Industries, Teijin Limited, Hexcel Corporation, and countless smaller businesses, are driving fierce competition in the carbon composites market. Leading market players compete through ongoing research and development, concentrating on advancements in resin technology, composite applications, and production techniques for carbon fiber. Strategic alliances and acquisitions are among the popular market developments for extending a company's worldwide reach and diversifying its product offerings.

Sustainability and eco-friendliness have become more popular, with businesses focusing on recycling and minimizing environmental impacts in the global Carbon Composites industry. In recent years, the Carbon Composites industry competition is projected to grow as more industries use carbon composites for their lightweight and high-strength characteristics. Major players in the Carbon Composites market, including 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, and Plasan Carbon Composites.

Solvay is a multinational chemical corporation based in Belgium that specializes in producing advanced materials and chemicals. They provide various carbon composite products for industrial, automotive, and aerospace applications, such as prepregs and carbon fiber reinforcements. Carbon composites from Solvay are well renowned for their high-performance qualities, such as strength and lightweight, making them crucial in industries needing cutting-edge materials. The business is dedicated to sustainability and innovation, integrating these values with developing its carbon composite products to satisfy the market's changing needs for high-performance, eco-friendly products.

Leading Japanese conglomerate TORAY INDUSTRIES INC. has a worldwide presence and specializes in sophisticated materials, textiles, and chemicals. They are a major player in the carbon composites industry and provide a variety of composites reinforced with carbon fiber. TORAY's carbon composites' remarkable strength-to-weight ratio and durability find applications in the aerospace, automotive, sporting goods, and industrial sectors. The company's dedication to R&D fosters ongoing innovation in carbon composites, satisfying the changing needs of sectors looking for lightweight and high-performance materials.

Key Companies in the Carbon Composites market include

• 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

Carbon Composites Industry Developments

July 2023: A consultative group has been established by the government, businesses, and research institutions of South Korea to strengthen the nation's ability to develop carbon composites, such as the carbon fiber used in space launch vehicles.  The First Vice Minister of Trade, Industry, and Energy, Jang Young-jin, joined representatives from businesses involved in the carbon composites value chain and research institutions to announce the Carbon Composites Jump-up Partnership launch at the Kensington Hotel in Seoul.

November 2022: A $35 million Series A fundraising round (€34 million) for the French startup Fairmat was completed last month. It aims to create a new material from a carbon fiber composite that is no longer in use to be used for new products. The round is being led by Temasek and CNP (Compagnie Nationale à Portefeuille), with Pictet Group, Singular, the Friedkin Group International, and others also participating. Since its founding, the business has amassed $45.5 million (€44 million).

December 2021: Rocket Lab unveiled Neutron, the world's first big carbon-composite launch vehicle. The new launcher from Rocket Lab, called Neutron, will be utilized for human spaceflights, deep space missions, and mega-constellations of satellites. The successful Electron launch vehicle was a learning tool for developing the 8-ton payload class Neutron, which has a novel design and reusability-focused materials.

Carbon Composites Market Segmentation

Carbon Composites Matrix Outlook

• Hybrid


• Metal


• Ceramic


• Carbon


• Polymer

Carbon Composites Process Outlook

• Prepreg Layup Process


• Pultrusion and Winding


• Wet Lamination and Infusion Process


• Press and Injection Processes


• Other Processes

Carbon Composites Applications Outlook

• Aerospace and Defense


• Automotive


• Wind Turbines


• Sport and Leisure


• Civil Engineering


• Marine Applications


• Other Applications

Carbon Composites Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America