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Carbon Composites Market Size (2024 - 2029)

The carbon composites market is experiencing a recovery and is poised for significant growth, driven by increasing demand from the aerospace, defense, and wind energy sectors. Despite challenges such as high manufacturing costs and the presence of substitutes, opportunities are emerging from the adoption of carbon composites in 3D printing and the rising demand from fuel cell electric vehicles. The Asia-Pacific region holds the largest market share and is expected to maintain its dominance throughout the forecast period.

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Market Size of Carbon Composites Industry

Carbon Composites Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 7.68 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Carbon Composites Market Major Players

*Disclaimer: Major Players sorted in no particular order

Carbon Composites Market Analysis

The carbon composites market is estimated to be at 205.90 kilotons by the end of this year. It is projected to reach 298.10 kilotons in the next five years, registering a CAGR of over 7.68% during the forecast period.

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 Industry Segmentation

Carbon composites are composite materials with carbon fiber reinforcements. Reinforcing with carbon fiber enhances the material properties, such as improving strength and rigidity.

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 and winding, wet lamination and infusion process, press and injection processes, and other processes. By application, the market is segmented into aerospace and defense, automotive, wind turbines, sport and leisure, civil engineering, marine applications, and other applications. 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 (kilotons).

Matrix
Hybrid
Metal
Ceramics
Carbon
Polymer
Thermosetting
Thermoplastic
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
Sport and Leisure
Civil Engineering
Marine Applications
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Carbon Composites Market Size Summary

The carbon composites market is experiencing a robust recovery and is poised for significant growth over the forecast period. Initially impacted by the COVID-19 pandemic, which led to production halts and supply chain disruptions, the market has been on an upward trajectory since 2021. The aerospace and defense sector emerges as the largest end-user, driven by the need for lightweight, durable materials that offer benefits such as weight reduction and resistance to corrosion. This shift from traditional metals to carbon composites in aircraft manufacturing is fueled by the demand for enhanced performance and reduced maintenance costs. Additionally, the wind energy sector is contributing to the market's expansion, alongside emerging opportunities in 3D printing and fuel cell electric vehicles. However, challenges such as high manufacturing costs and the availability of substitutes continue to pose hurdles to market growth.

The Asia-Pacific region holds the largest market share, with significant demand stemming from industries such as aerospace, defense, automotive, and sports. The automotive sector, in particular, is witnessing increased adoption of carbon composites due to their superior strength-to-weight ratio and corrosion resistance, which contribute to improved fuel efficiency. The region's dominance is further supported by the robust growth of the automotive industry in China and India, alongside the expanding aerospace sector. The market is characterized by a fragmented landscape with key players like Toray Industries Inc., Solvay, Hexcel Corporation, Teijin Limited, and SGL Carbon SE actively participating. Strategic collaborations and investments in innovative materials and production techniques are expected to drive further advancements in the carbon composites market.

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Carbon Composites Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Aerospace and Defense Industry

      2. 1.1.2 Increasing Demand from the Wind Energy Sector

    2. 1.2 Restraints

      1. 1.2.1 High Cost for Manufacturing in Comparison to Other Composites

      2. 1.2.2 Presence of Substitutes

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Matrix

      1. 2.1.1 Hybrid

      2. 2.1.2 Metal

      3. 2.1.3 Ceramics

      4. 2.1.4 Carbon

      5. 2.1.5 Polymer

        1. 2.1.5.1 Thermosetting

        2. 2.1.5.2 Thermoplastic

    2. 2.2 Process

      1. 2.2.1 Prepeg Layup Process

      2. 2.2.2 Pultrusion and Winding

      3. 2.2.3 Wet Lamination and Infusion Process

      4. 2.2.4 Press and Injection Processes

      5. 2.2.5 Other Processes

    3. 2.3 Application

      1. 2.3.1 Aerospace and Defense

      2. 2.3.2 Automotive

      3. 2.3.3 Wind Turbines

      4. 2.3.4 Sport and Leisure

      5. 2.3.5 Civil Engineering

      6. 2.3.6 Marine Applications

      7. 2.3.7 Other Applications

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 ASEAN Countries

        6. 2.4.1.6 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle East and Africa

Carbon Composites Market Size FAQs

The Carbon Composites Market is projected to register a CAGR of 7.68% during the forecast period (2024-2029)

Toray Industries Inc, Solvay, Hexcel Corporation, Teijin Limited and SGL Carbon SE are the major companies operating in the Carbon Composites Market.

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