The carbon composites market is expected to reach at US$ 30 billion by 2028; registering at a CAGR of 7% between 2022 and 2028, according to a new research study conducted by The Insight Partners.
Increasing Use of Carbon Composites in Automotive and Aerospace & Defense Sectors Drives Carbon Composites Market
Carbon Composites Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Matrix (Carbon, Thermoplastic, Ceramic, and Others), Application (Automotive, Aerospace & Defense, Marine Industry, Wind Turbines, Sports, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Carbon Composites Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
Carbon composites find applications in the automotive, aerospace & defense, marine, wind turbines, and sports industries. Engineers and designers in many industries use carbon fiber owing to its superior properties and characteristics. In addition, recent innovations and technological advancements, and shift toward environmental concerns propel the adoption of carbon fiber.
Based on matrix, the carbon composites market is segmented into carbon, thermoplastic, ceramic, and others. The carbon segment is expected to hold a significant share of the market during the forecast period. Carbon-carbon composite material is made from high-strength carbon fiber and carbon matrix. Carbon-carbon composites provide various advantages such as high intensity, high-temperature resistance, thermal shock resistance, low thermal expansion coefficient, low density, excellent corrosion resistance, and radiation performance. The material is mainly used in numerous industries, including aerospace, automotive, chemical, and machinery manufacturing.
The usage of carbon composites in aerospace manufacturing is growing rapidly due to increasing preferences for weight reduction and extreme resistance. The carbon composite materials help in reducing the maintenance cost of the airplane as the materials do not rust or corrode. Further, carbon fiber composites are used in various parts of vehicle. Carbon fiber-reinforced composites are highly used in bumpers to improve their strength and reduce the weight and size of the frame. Therefore, the increasing use of carbon composites in the automotive and aerospace & defense sectors is driving the carbon composites market growth.
Mitsubishi Chemical Corporation.; Toray Industries, Inc.; CFC Carbon Co., Ltd; Mersen Property; Toyo Tanso Co.,Ltd.; Solvay; SGL Carbon; and Carbon Composites, Inc. are among the players operating in the global carbon composites market. Market players are focusing on providing high-quality products to fulfill customer demand. Also, they perform various strategies such as new product launches, partnerships, and mergers & acquisitions to remain competitive in the market. For instance, in November 2021, Hexcel Corporation and Fairmat announced an agreement to build the capability to recycle carbon fiber prepreg from Hexcel European operations to reuse it in composite panels sold into commercial markets. Several other major companies were studied and analyzed during this research study to get a holistic view of the carbon composites market and its ecosystem.
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