Carbon Fibre Composite Market Size, Share & Trends Analysis Report 2020-2027
Carbon fibre Composite Market
The Carbon fibre composite market was estimated at USD 16.8 billion in 2019, is expected to grow at a CAGR of 13% and reach around USD 33 billion by 2027. Increasing demand for lightweight vehicles and emphasising on lightweight composites for the manufacturing of aeroplanes are the market growth drivers which are expected to grow this market in the upcoming years. Growing demand for fuel-efficient vehicles and changing government regulations for lightweight pollution control automobiles are further expected to grow the demand for carbon fibre composite market. Growing aerospace industry with the two giants Boeing and Airbus in North America and Europe respectively is anticipated to boost the growth of the carbon fibre composite market since it is mostly used in the aerospace industry. The second most important application of carbon fibre is the automobile industry and sports and leisure equipment which is likely to grow in the upcoming years.
A considerable rise in the production of propylene which is the primary raw material of carbon fibre manufacturing has also boosted its demand in recent years. Heavy investments and extensive research and development by major players like Mitsubishi Rayon Co. Ltd., Teijin Limited and Toray Industries Inc. in the field of carbon fibre have driven the growth and is expected to grow in the upcoming years. The aviation industry is likely to boom in the upcoming years due to an increase in passenger travel which is likely to increase the demand for carbon fibres, thereby increasing the market share globally.
Raw Material dynamics
Carbon fibre is segmented largely on the basis of raw material and the primary raw material in manufacturing carbon fibre is polyacrylonitrile (PAN), the secondary raw material is pitch-based carbon fibre. Pan has rich in properties and is widely used in a number of applications. Due to its wide acceptance, the global PAN market is anticipated to grow at a CAGR of 12% annually. PAN possesses superior material properties and lower cost over pitch-based carbon fibre which is expected to support its growth.
Tow Size Dynamics
Carbon fibres are segmented on the basis of tows which are formed by grouping the filaments. Fibres have filaments up to 23,000 and are referred to as small tow. Small tow fibres have unique tensile strength and good modulus, which makes it an appropriate component for the aerospace industry. These are costlier than the large tow fibres. Small tow is the fastest-growing segment and is anticipated to increase at a CAGR of 13% over the upcoming years.
Carbon fibres are widely used in the wind turbines segment and are expected to grow at a CAGR of 14% over the upcoming years. The world is taking a turn towards renewable sources of energy, with its increasing energy efficiency and lightweight, wind turbines are expected to increase the product demand over the upcoming years thereby increasing the utilisation of carbon fibres. The aerospace and defense segment is the second-fastest-growing segment due to an increase in the utilization of lightweight equipment and carbon fibre are the best alternative. The growing aerospace industry is one of the most emerging industries which is further expected to increase the demand for carbon fibre over a period of time. Due to an increase in demand for lightweight vehicles, the automobile segment is one of the growing segments in terms of carbon fibre application.
Owing to the presence of the main aircraft manufacturer, Boeing, the North American region is expected to be one of the growing regions and is anticipated to grow at a CAGR of 11.5%. The governments also invest a huge amount of capital in defence systems which also contributes to the growth of carbon fibres in this region. The presence of automobiles manufacturers such as Ford and General Motors is investing a good amount in research and development of lightweight automobiles which aids the growth of carbon fibre. Europe is expected to be the largest region in terms of growth and revenue, owing to the presence of Airbus and stringent government laws in the region the utilisation of carbon fibre which is anticipated to support its growth.
Segments covered in this report:
This report would forecast the growth of Carbon fibre market, revenue-wise and volume-wise and provides an in-depth analysis of each sub-segment as mentioned under. For this research study, Confianza Market Research has segmented the global carbon fibre composites market on the basis of, tow size, application, raw material and region.
Get a tailor-made report suitable to your budget. Connect with us to buy specific chapter, a country level report or just the datasheet of this report.