Market Overview

North America Carbon Fiber Composites Market – to register 35%CAGR to 2024

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Strong demand in various industry verticals will fuel carbon fiber composites market outlook over the coming years. Global Market Insights Inc. estimates that by 2024, global carbon fiber composites demand will exceed 290 kilo tons.

Carbon fiber composites market is projected to witness exponential growth owing to increasing product penetration in defense and aerospace sector. Carbon fiber composites offer high tensile strength, high chemical resistance, low thermal expansion, and high temperature tolerance. With light weight and superior strength properties, they are extensively used in military, marine, construction, motorsports and aerospace sector. Additionally, there is extensive usage of carbon fiber composites in aircraft manufacturing as it increases overall fuel efficiency of aircrafts.

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Exceptional strength and high durability are the major factors influencing replacement of traditional materials with carbon fiber composites. Industry leaders in aerospace industry such as Boing and Airbus are using over 50% composites by weight in their new aircrafts. Furthermore, declining price of the commodity will direct product penetration in mid-range passenger cars, thereby expanding carbon fiber composites market share. Automotive industry is expected to contribute exponentially to carbon fiber composites industry and is projected to register highest growth at over 13% till 2024. 

Due to thermal stability along with superior wear and tear resistance, ceramic material will contribute substantially to carbon fiber composites market. Strong application opportunity in construction sector is anticipated to positively impact business growth.

By 2024, polymer matrix material is projected to hold around 60% share in the overall carbon fiber composites market. Good formability of the product and less processing time are the key properties stimulating the expansion of carbon fiber composites market size over forecast period. Additionally, extended shelf life of the product offers scope for bulk buying that will rapidly escalate revenue generation.

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Presence of large scale manufacturers of carbon fiber composites in the APAC region and particularly in Taiwan, South Korea, Japan and China will positively influence the business growth in the region. APAC fiber composites market is anticipated to register a CAGR of over 12% over the forecast timeline. Furthermore, expanding end use industries including aerospace and automotive will further provide impetus to APAC carbon fiber composites market.

Europe is projected to register significant growth impetus owing to rising demand and production of automobiles in the region. Rigorous government regulations regarding usage of lightweight materials in vehicles for minimizing fuel consumption and reducing carbon emission will propel the carbon fiber composites industry growth in the region.

Presence of established aerospace industry leaders across North America will drive carbon fiber composites market share in the region. With over 35% share, North America is projected to dominate the industry over the forecast time period. Rapid replacement of conventional aircrafts with new light weight and efficient aircrafts will further strengthen North America carbon fiber composites market forecast.

The industry leaders in carbon fiber composites market are focusing on enhancing their production capacity to cater to the escalating demand for strong and thermally stable products. Developing cost effective alternatives is another move by industry leaders for increasing penetration of carbon fiber composites into various end use industries.

Partial Chapter of the Table of Content:

Carbon Fiber Composites Market by End-Use

  • Aerospace
  • Automotive
  • Wind Turbines
  • Sport & Leisure
  • Civil Engineering
  • Marine
  • Others

Carbon Fiber Composites Market by Matrix Material

  • Polymer
    • Thermosetting
    • Thermoplastics
  • Carbon
  • Ceramics
  • Metal
  • Hybrid

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Prominent industry leaders in carbon fiber composites market include MRC, Toho, Solvay SGL, Toray, Zoltek and Rock West Comp, among others. Other notable players include Sonstige, Aksa, Hyongsung, Zhongu-Shenying and Hexcel.

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