Carbon Composites Market Size to grow by 177.9 mn t between 2023-2027

The Carbon Composites Market is segmented by Type (Virgin Fiber and Recycled Fiber), End-user (Aerospace and Defense, Automotive, Wind Energy, Sporting goods, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). As per the Global Forecast research report 2023-2027 published by Technavio, the market size is estimated to grow by 177.9 mn t, at a CAGR of 11.49% during the forecast period. There are several companies that are contributing to the market as per this report. Rise in demand from wind energy sector .

By Type, the Virgin Fiber segment is projected to dominate the market size in 2024

Carbon composites represent a significant segment in the materials industry, characterized by their unique properties derived from the use of carbon fibers. These fibers are typically bonded with matrix materials such as metals, plastics, or ceramics. The resulting composites exhibit desirable features including lightweight, superior strength, and minimal thermal expansion. Applications span various sectors, including aerospace and defense, renewable energy, sports equipment, and healthcare, due to their high performance and precise manufacturing capabilities. Virgin carbon fibers, as opposed to recycled ones, offer enhanced strength and durability, enabling the production of components with stringent dimensional requirements, crucial for high-performance applications.

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By End-user, Aerospace and Defense segment is expected to hold the largest market size for the year 2024

Carbon composites have gained significant traction in the aerospace and defense sectors due to their superior properties, including high tensile strength, corrosion and fatigue resistance, and excellent strength-to-weight ratio. These advantages make carbon composites an ideal choice for manufacturing aircraft components and structures. Compared to traditional metals like aluminum and titanium alloys, carbon composites offer higher young modulus and superior chemical and corrosion resistance. Consequently, they are extensively used in the production of aerospace exterior and interior parts. The use of carbon composites in the aerospace industry contributes to weight reduction, thereby enhancing fuel efficiency and overall aircraft performance.

Why is North America forecasted to hold the largest regional market size in 2024?

The carbon composites market in North America is experiencing significant growth due to the robust demand from key industries such as aerospace, automotive, wind energy, and construction. With North America being a leading exporter of carbon composites, the US and Canada dominate the regional market. Notable players in the region include Airbus Group Inc. (Airbus) and Boeing Co. (Boeing), major contributors to the aerospace and defense sectors, which are primarily driven by commercial aviation and the production of large passenger and cargo jets. Moreover, the US government's CAFE standards, aiming for a fleet-wide average fuel efficiency of 36 mpg by 2017 and 55 mpg by 2025, are expected to boost the demand for lightweight vehicles, thereby increasing the market potential for carbon composites.

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Research Analysis Overview

The Carbon Composites Market is witnessing significant growth in various industries, including Wind Energy, Renewable Energy, Electric Vehicles, and the Aircraft Industry, driven by the need for high-strength and lightweight materials for improved environmental sustainability, fuel efficiency, and performance. Carbon composites, made from carbon fibers in a carbon matrix, are increasingly being used in the production of Wind Turbine Blades due to their superior strength-to-weight ratio and resistance to fatigue. In the Electric Vehicle sector, carbon composites are used in the manufacturing of batteries, chassis, and body panels for enhanced fuel efficiency and reduced weight. The Aerospace industry also relies heavily on carbon composites for the production of Pressure Vessels, Pitch Fibers, and other critical components. The Semiconductor industry uses carbon composites in the manufacturing of advanced electronic devices due to their excellent thermal conductivity and electrical insulation properties. The global lockdowns have affected the production hubs of carbon composites, particularly in China, but the market is expected to recover as industries resume operations. Key players in the Carbon Composites Market include SGL Carbon, PAN, Plastic Fibers, and Glass Fibers. The market also caters to niche industries like Motorsports, Military, and Civil Engineering, where the demand for high-performance materials is high. 3D printing technology is also being explored for the production of complex carbon composite structures. Overall, the Carbon Composites Market is poised for continued growth in the coming years.

Market Research Overview

According to Technavio, the global carbon composites market is a segment of the broader global commodity chemicals market, which encompasses businesses primarily engaged in the production of industrial and basic chemicals. This market category includes manufacturers of plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, it excludes companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. The size of the global commodity chemicals market is determined by the consolidated revenue generated by its constituent industrial and basic chemical manufacturers. Key growth factors for this market include the burgeoning construction sector, leading to heightened demand for commodity chemicals such as paints, pigments, and other construction chemicals. - The Carbon Composites Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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