Carbon Fibre Composites Market from Aerospace Industry to Cross USD 19 billion till 2024

Carbon fibre composites market is likely to carve out a successful growth path in the years to come, driven by the huge demand for these composites from the aerospace and automotive sectors. Carbon fibre composites are five times stronger than steel but only one third of its weight, making them viable candidates for building any structure that needs to be durable as well as lightweight. These composites are also used in robotics, defense instruments, race cars, aerospace vehicles, sports equipment and any other component that requires low weight combined with speed, thereby augmenting the already vast expanse of carbon fibre composites industry.

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The growth in the aerospace domain is directly proportional to the carbon fibre market expansion, given the widespread use of carbon fibre composites in widebody aircrafts that has proven to be rather profitable in terms of revenue generation in commercial flights. In essence, the deployment of these composites has profoundly benefitted the airline manufacturing sector, since using these products in airplane bodies reduces fuel consumption as well as emissions, reduces maintenance costs, extends the lifespan of airplane parts, and brings down assembly and tooling costs. It also adds value to the passenger experience by damping engine noise and by creating favorable cabin atmosphere to prevent dehydration. It is estimated that carbon fibre composites will be used in the manufacturing of around 9,000 widebody aircrafts in the next 20 years, which is a direct growth indicator of carbon fibre composites market in the next few years. The demand for narrow-body aircrafts will also drive the carbon fibre composites industry, while simultaneously contributing toward making air travel more popular and affordable in the emerging economies of Asia and the Middle East.

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North America and Europe, with their large aerospace and automobile industries will be the key regions massively driving the growth of the overall carbon fibre composites market. While North America is forecast to account for nearly 35% of the carbon fibre composites market share 2024, the presence of reputed automobile manufacturers in Italy and Germany will contribute to Europe carbon fibre composites market growth. Asia Pacific carbon fibre composites market on the other hand, will register a 12% growth over 2017-2024, driven by the fact that major manufacturers and suppliers of carbon fibre composites have their base established across countries like China, Japan and Taiwan.

Europe will witness significant growth during the forecast timeframe owing to strong demand from automotive sector. Stringent government regulations towards usage of lightweight materials in the vehicles that improves efficiency by reducing fuel consumption will support the growth.

Asia pacific carbon fiber composites market is anticipated to witness highest growth at over 12% up to 2024. Presence of major manufacturers in the region particularly in China, Japan, South Korea and Taiwan will positively influence the revenue generation.

Further, propelling end use industries including automotive and aerospace will further drive the demand.

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SGL, Toray+Zoltek, Toho, Rock West Comp., MRC and Solvay are among the few major players in the carbon fiber composites market. Other key manufactures include Hexcel, Aksa, Hyongsung, Zhongu-Shenying, Hengshen Fib. Mat. and Sonstige. Manufacturers are focusing on enhancing the production capacity to cope up with the escalation demand.