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Global Carbon Fiber Composites Market Opportunities

November 11, 20223 Mins Read
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Global Carbon Fiber Composites Market Opportunities

Global Carbon Fiber Composites Market Opportunities | driven by an increase in the use of carbon fiber materials in the aerospace, automotive, wind energy, and sporting goods sectors, among others. The global carbon fiber composites market is to reach over US$ 35 billion by 2028.

A long, thin strand of material made primarily of carbon components is called carbon fiber. The carbon components are arranged in small crystals that are roughly parallel to the fiber’s long axis. Polymers include both carbon fibre and graphite fiber. Carbon fiber is great for making materials for many different parts. Its include sports equipment, vehicle parts, aeroplane body structures, and other items since it is stronger and lighter than steel.

An important driving force in this market is the rising demand for carbon fiber in the aerospace sector.

Global carbon fiber composites market was valued at US$ 12 billion in 2017. Due to the rising demand of carbon fiber, it is excpecting to grow to US$ 20 billion.

According to the International transportation and warehousing services Association, a trade group for airlines is worldwide. The income for the cargo aerospace sector is now US$ 100.08 billion. Between 2019 and 2022, it anticipated to increase by US$ 191 billion between 2019 and 2022.

Additionally, Hexcel states in July 2022 ‘They are entering into a long-term contract with Dassault to provide carbon fiber prepreg for the falcon 10X programme.”

The usage of carbon fiber in aeroplanes is very common nowadays. For instance, the Boeing 787 Dreamliner passenger airliner is 50% composite material by weight, with carbon fiber making up the majority of the composite material. The expension of aerospace sector is expecting to be the rise of carbon fiber composites market.

The booming wind sector is likely to fuel the growth of carbon fiber composites market.

BP Statistical Review of World Energy 2022 satates “the installation of 824.9 gigawatts (GW) of wind turbine capacity has taken place. China is dominating 39.9% of the market, with 16.1% of the world’s installed wind turbines coming from the USA.”

The high cost of carbon fiber is likely to hamper the market in comparision to other materials.

Numerous industries, including aerospace, automotive, wind energy, industrial, marine, and oil & gas, employ composites. The carbon fiber composites are widely use in high-performance vehicles, jet fighters, spaceships, racing cars, and other things.

The high cost of carbon fiber composites is the primary obstacle to prevent the widespread use of materials in industry. Due to their similar end-use applications, substitute composites of carbon fibers like glass fiber, aluminum, copper, basalt fiber, and natural fiber pose a significant threat to the growth of the carbon fiber composite market.

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