Carbon Fiber Composites Market Trends 2021 Global Industry Analysis and Forecast to 2024
Global Market Insights Inc. suggests that the global carbon fiber composites market size may surpass 290-kilo tons by the year 2024.
Delaware, United States – August 4, 2021 /MarketersMedia/ —
The global carbon fiber composites market is poised for robust growth on account of widespread applications across several industry verticals. These materials are extensively used in the aerospace and defense sector due to its superior strength to weight ratio, lightweight and temperature resistance properties.
As per the reports, the aerospace and defense sectors held for over 30% share of carbon fiber composites market in 2016. Moreover, it is expected that global carbon fiber composites market may record lucrative proceeds from these sectors in the coming years.
However, supply chain management and recycling difficulties faced by manufacturers could hinder carbon fiber composites market growth over the forecast period. Though, industry participants are strengthening their distribution capabilities to cater to the burgeoning demand for carbon fiber composites, which may fuel its industry growth.
Studies anticipate that the ceramic matrix material segment is expected to contribute significantly to carbon fiber composites market share on account of its surging demand from the construction sector. Excellent thermal stability coupled with high wear and tear resistance may accelerate product penetration over the forecast period.
Meanwhile, the polymer matrix material segment is expected to capture a major share in carbon fiber composites market. Improved product formability, extended shelf life, and reduced processing time may improve business outlook in the forthcoming years.
Carbon fiber composites market is essentially gaining traction across the automotive industry. In fact, research suggests that carbon fiber composites market from the automotive industry may record 13% CAGR over the forecast period. The product is extensively used in the automotive sector due to its superior strength and lightweight nature.
These features are increasingly valued across the automotive sector of Europe. Stringent government norms pertaining to the usage of lightweight materials in vehicles for fuel consumption reduction may augment product demand in the region.
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Apart from Europe, North America is also expected to offer lucrative growth opportunities to carbon fiber composites market owing to strong presence of aerospace companies. Replacement of traditional aircraft with lightweight alternatives may support the business outlook of North America carbon fiber composites market.
Meanwhile, Asia Pacific carbon fiber composites market is expected to record 12% CAGR through 2024. Strong presence of major manufacturers, particularly across nations like China, Japan, South Korea, and Taiwan, would offer lucrative growth opportunities to carbon fiber composites market of Asia Pacific. Moreover, burgeoning product demand from the automotive and aerospace sector may accelerate regional market growth.
Notably, Toho Co., Ltd., SGL Carbon, Rock West Composites, Solvay, MRC, Toray and Zoltek currently are at the forefront of carbon fiber composites industry. Meanwhile, other companies like Hyosung, Hexcel Corp., Sonstige, Zhongu-Shenying, and Aksa are focusing on increasing their production capacity to cater to burgeoning demand for carbon fiber composites.
About Global Market Insights Inc.
Global Market Insights Inc. headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/carbon-fiber-composites-market
Source: MarketersMedia
Release ID: 89040124
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