Carbon Composites Market By Matrix (Hybrid, Metal, Ceramic, Carbon, Polymer) , By Process (Prepreg Layup, Pultrusion and Winding, Wet Lamination and Infusion, Press and Injection, Others) By Application (Aerospace and Defense, Automotive, Wind Turbines, Sport and Leisure, Civil Engineering, Marine, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Carbon Composites Market
The carbon composites market was valued at $21.7 billion in 2023 and is projected to reach $42.7 billion by 2033, growing at a CAGR of 7% from 2024 to 2033.
Carbon composites are materials consisting of carbon fibers integrated into a matrix of metal, polymer, or ceramic. The different properties of carbon fiber and matrix jointly offer unique characteristics to the composite material, enhancing its efficacy & durability. The key properties of carbon composites include high stiffness, resistance to corrosion & fatigue, thermal stability, and electrical conductivity.
The lightweight properties of carbon composites have fueled their requirement in several industries, including automotive, aerospace, and defense, thereby propelling the development of the market. In addition, rise in awareness across diverse sectors regarding the importance of reducing environmental footprint acts as a key driver of the carbon composites market. To optimize the design of composites and tailor properties as per application requirements, the usage of advanced computational tools such as finite element analysis and ML algorithms is trending in the market. These intelligent design algorithms take into account elements such as stress concentrations, load distribution, and material interactions during the manufacturing of carbon composites, hence improving their reliability & performance.
However, high costs of advanced production methodologies increase the overall price of carbon composites, deterring several small-scale industries from their usage and restraining the development of the market. Moreover, stringent competition from competent alternatives, including aluminum alloys and advanced thermoplastics hampers the market growth. On the contrary, notable shift from conventional carbon composites to earth-friendly ones is poised to open new avenues for the market. According to an article by the National Renewable Energy Laboratory in the U.S., the replacement of steel with recyclable carbon composites in the hoods and roofs of vehicles is expected to reduce their weight without compromising on strength. Furthermore, it boosts the fuel efficiency of vehicles by 35%. Therefore, the emergence of novel applications is anticipated to present lucrative opportunities for the carbon composites market.
Segment ReviewThe carbon composites market is segmented into matrix, process, application, and region. On the basis of matrix, the market is divided into hybrid, metal, ceramic, carbon, and polymer. Depending on process, it is classified into prepreg layup, pultrusion & winding, wet lamination & infusion, press & injection, and others. According to application, it is categorized into aerospace & defense, automotive, wind turbines, sport & leisure, civil engineering, marine, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of matrix, the polymer segment held a high share of the market in 2023.
Depending on process, the wet lamination & infusion segment acquired a high stake in the market in 2023.
According to application, the aerospace & defense segment dominated the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global carbon composites market include Solvay SA, Nippon Carbon Co Ltd., TORAY INDUSTRIES INC., Teijin Aramid BV, Mitsubishi Chemical Holdings Corporation, Carbon Composites Inc., Hexcel Corporation, Plasan Carbon Composites LLC, SGL Carbon SE, and China Composites Group Corporation Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy MatrixHybrid
Metal
Ceramic
Carbon
Polymer
Thermosetting
Thermoplastic
By ProcessPrepreg Layup
Pultrusion and Winding
Wet Lamination and Infusion
Press and Injection
Others
By ApplicationAerospace and Defense
Automotive
Wind Turbines
Sport and Leisure
Civil Engineering
Marine
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersSolvay SA
Nippon Carbon Co Ltd.
TORAY INDUSTRIES INC.
Teijin Aramid BV
Mitsubishi Chemical Holdings Corporation.
Carbon Composites Inc.
Hexcel Corporation
Plasan Carbon Composites LLC.
SGL Carbon SE
China Composites Group Corporation Ltd