Carbon Composites Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 221.72 kilotons |
| Market Volume (2029) | 319.20 kilotons |
| CAGR (2024 - 2029) | 7.56 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Carbon Composites Market Analysis
The Carbon Composites Market size is estimated at 221.72 kilotons in 2024, and is expected to reach 319.20 kilotons by 2029, at a CAGR of 7.56% during the forecast period (2024-2029).
COVID-19 had a negative impact on the carbon composites sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the business has been recovering since 2021 and is expected to rise significantly in the coming years.
- The major factors driving the market are increasing demand from the aerospace and defense industry and increasing demand from the wind energy sector.
- However, the high cost of manufacturing in comparison to other composites and the presence of substitutes are hindering the market growth.
- Nevertheless, the growing adoption of carbon composites in 3D printing and increasing demand from fuel cell electric vehicles (FCEVs) will be the market opportunities.
- The Asia-Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.
Carbon Composites Market Trends
Aerospace and defense applications to dominate the market
- The aerospace and defense sectors dominate the carbon composite market as its primary end-users. Historically, aerospace manufacturing relied on metals like aluminum, steel, and titanium, which made up about 70% of an aircraft's weight. Recently, the use of carbon composites has surged due to their weight reduction, resistance, insulation, and radar absorption properties.
- Carbon composites, made of carbon fibers in a polymer matrix, reduce maintenance costs by resisting rust and corrosion.
- With superior strength-to-weight ratios, these materials lighten aircraft, reducing fuel consumption and allowing longer flights with more passengers.
- Key aerospace applications include clips, cleats, brackets, ribs, struts, stringers, wing leading edges, and specialized parts.
- The aerospace sector is also exploring their use in larger structures like wing torsion boxes and fuselage panels. Carbon composites are used in missile defense, ground defense, and military marine applications.
- Industry leaders like Boeing use various carbon fiber-based composite parts in their aircraft, such as the Boeing 787 Dreamliner, which features composite ceiling rails made using continuous compression molding (CCM) processes.
- The aerospace industry is witnessing a surge in aircraft manufacturing, driven by swift technological advancements and innovations. Boeing's Commercial Outlook for 2023-2042 highlights a rebound in international traffic and domestic air travel, returning to pre-pandemic levels. Owing to these factors, Boeing forecasts global demand for 48,575 new commercial jets by 2042.
- In 2023, Boeing delivered 528 aircraft and secured 1,314 net new orders, a notable increase from 480 deliveries and 774 net new orders in 2022. While Boeing met its revised goal of delivering at least 375 single-aisle planes, it delivered 396 narrowbody 737 jets in 2022, falling short of its initial target of 400 to 450 jets.
- Airbus, on the other hand, reported delivering 735 commercial aircraft to 87 global customers in 2023, marking an 11% increase from the prior year. Airbus's "Commercial Aircraft" division also secured 2,319 gross new orders in the same year. Indicated a strong positive market outlook.
- In 2023, the 31 NATO members collectively spent USD 1,341 billion, constituting 55% of the global military expenditure. The European defense market is projected to grow substantially as NATO members have aimed to increase the defense budget by targeting spending of 2% of the Gross Domestic Product (GDP).
- Hence, due to the aforementioned factors, the aerospace and defense sector is expected to dominate the market studied.
Asia Pacific to dominate the market
- Asia-Pacific accounts for the highest share of the global carbon composites market. Most of the demand for carbon composites comes from applications in aerospace and defense, automotive, sports and leisure, etc.
- Carbon composites have been witnessing tremendous demand in the automotive industry owing to their high strength-to-weight ratios, corrosion resistivity, and workability features. They have been replacing metals in various automotive applications due to their lightweight but tough features, which contribute to lesser fuel consumption.
- According to the International Trade Administration (ITA), China is the world's second-largest civil aerospace market. The Civil Aviation Administration of China (CAAC) estimates that the aviation sector is expected to recover domestic traffic to approximately 85% of pre-pandemic levels.
- In April 2023, Airbus signed a new cooperation agreement with Tianjin FZ Investment Company Ltd. and Aviation Industry Corp of China Ltd. to expand the final assembly capacity of the A320 Family. This expansion includes adding a second assembly line at Airbus's Tianjin facility. The agreement supports Airbus's overall target of producing 75 aircraft per month by 2026 across its global production network.
- According to the latest data released by the China Association of Automobile Manufacturers (CAAM), car production in the country exceeded 30.16 million units in 2023, an 11.6% increase compared to the previous year. A total of 30.09 million passenger cars were sold in the country in 2023, a 12% increase compared to the previous year.
- Moreover, the Chinese government estimates a 20% penetration rate of electric vehicles by 2025. Such significant investments are projected to propel the country's automotive sector and positively impact the market studied.
- All the above-mentioned factors are expected to drive the market for carbon composites in the coming years. Asia-Pacific is expected to dominate the market studied during the forecast period.
Carbon Composites Industry Overview
The global carbon composites market is partially fragmented in nature. The major players (not in any particular order) include Toray Industries Inc., Syensqo, Hexcel Corporation, Teijin Limited, and SGL Carbon SE, among other companies.
Carbon Composites Market Leaders
-
Toray Industries Inc
-
Hexcel Corporation
-
Teijin Limited
-
SGL Carbon SE
-
Syensqo
*Disclaimer: Major Players sorted in no particular order
Carbon Composites Market News
- November 2024: Toray Advanced Composites has acquired assets, technology, and intellectual property from Gordon Plastics, including a 47,000-square-foot production facility in Denver, Colorado. This strategic acquisition enhances TAC's capabilities in the development, testing, and production of continuous fiber-reinforced thermoplastic composite unidirectional (UD) tapes and higher melting temperature polymer systems.
- February 2024: Syensqo has teamed up with Trillium to provide sustainable solutions that benefit the planet and help customers meet their environmental objectives, especially in curbing Scope 3 emissions. With this collaboration, Syensqo emphasizes creating sustainable raw materials tailored for carbon fiber applications. Syensqo and Trillium expect to further advance towards fully bio-based carbon fiber composites.
- February 2024: Schiebel, a manufacturer of unmanned air systems, partnered with Syensqo as its advanced material supplier. Syensqo's carbon fiber composite materials, integrated with titanium on the fuselage of Schiebel's CAMCOPTER S-100 UAS, enable diverse payload and endurance configurations. The CAMCOPTER S-100 UAS is actively utilized in both defense and civil sectors.
Carbon Composites Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Aerospace and Defense Industry
4.1.2 Increasing Demand from the Wind Energy Sector
4.2 Restraints
4.2.1 High Cost for Manufacturing in Comparison to Other Composites
4.2.2 Presence of Substitutes
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Matrix
5.1.1 Hybrid
5.1.2 Metal
5.1.3 Ceramics
5.1.4 Carbon
5.1.5 Polymer
5.1.5.1 Thermosetting
5.1.5.2 Thermoplastic
5.2 Process
5.2.1 Prepeg Layup Process
5.2.2 Pultrusion and Winding
5.2.3 Wet Lamination and Infusion Process
5.2.4 Press and Injection Processes
5.2.5 Other Processes
5.3 Application
5.3.1 Aerospace and Defense
5.3.2 Automotive
5.3.3 Wind Turbines
5.3.4 Sports and Leisure
5.3.5 Civil Engineering
5.3.6 Marine Applications
5.3.7 Other Applications
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 ASEAN Countries
5.4.1.6 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Carbon Composites Inc.
6.4.2 China Composites Group Corporation Ltd
6.4.3 Epsilon Composite
6.4.4 Hexcel Corporation
6.4.5 Mitsubishi Chemical Corporation
6.4.6 Nippon Carbon Co. Ltd
6.4.7 Plasan
6.4.8 Rockman
6.4.9 SGL Carbon
6.4.10 Syensqo
6.4.11 Teijin Limited
6.4.12 Toray Industries Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Adoption of Carbon Composites in 3D-Printing
7.2 Increasing Demand from Fuel Cell Electric Vehicle (FCEV)
Carbon Composites Industry Segmentation
Carbon composites are composite materials with carbon fiber reinforcements. Carbon composites usually comprise 80%–90% carbon and graphite. The unique blend of natural and synthetic graphite particles, carbon fibers, and amorphous carbon particles is proprietary and tailored for specific desired properties.
The carbon composites market is segmented by matrix, process, application, and geography. By matrix, the market is segmented into hybrid, metal, ceramic, carbon, and polymer. By process, the market is segmented into prepreg layup process, pultrusion, wet lamination and infusion process, press and injection processes, and others (3D printing). By application, the market is segmented into aerospace and defense, automotive, wind turbines, sport and leisure, civil engineering, marine applications, and other applications (electronics, medical applications, protective clothing, and pressure vessels). The report also covers the market size and forecasts for carbon composites in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
| Matrix | ||||
| Hybrid | ||||
| Metal | ||||
| Ceramics | ||||
| Carbon | ||||
|
| Process | |
| Prepeg Layup Process | |
| Pultrusion and Winding | |
| Wet Lamination and Infusion Process | |
| Press and Injection Processes | |
| Other Processes |
| Application | |
| Aerospace and Defense | |
| Automotive | |
| Wind Turbines | |
| Sports and Leisure | |
| Civil Engineering | |
| Marine Applications | |
| Other Applications |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Carbon Composites Market Research FAQs
How big is the Carbon Composites Market?
The Carbon Composites Market size is expected to reach 221.72 kilotons in 2024 and grow at a CAGR of 7.56% to reach 319.20 kilotons by 2029.
What is the current Carbon Composites Market size?
In 2024, the Carbon Composites Market size is expected to reach 221.72 kilotons.
Who are the key players in Carbon Composites Market?
Toray Industries Inc, Hexcel Corporation, Teijin Limited, SGL Carbon SE and Syensqo are the major companies operating in the Carbon Composites Market.
Which is the fastest growing region in Carbon Composites Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Carbon Composites Market?
In 2024, the Asia-Pacific accounts for the largest market share in Carbon Composites Market.
What years does this Carbon Composites Market cover, and what was the market size in 2023?
In 2023, the Carbon Composites Market size was estimated at 204.96 kilotons. The report covers the Carbon Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Carbon Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Carbon Composites Industry Report
Statistics for the 2024 Carbon Fiber Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Carbon Fiber Composites analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Carbon Composites Market Report Snapshots
