Carbon Fibre Composites Market Size, Share and Industry Analysis Report by End-Use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine), and Matrix Material (Polymer [Thermosetting, Thermoplastics], Carbon, Ceramic, Metal, Hy

Carbon Fibre Composites Market Size, Share and Industry Analysis Report by End-Use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine), and Matrix Material (Polymer [Thermosetting, Thermoplastics], Carbon, Ceramic, Metal, Hybrid), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The carbon fibre composites market is poised to depict substantial growth by 2030 owing to rising product utilization in the aerospace industry. In addition, potential applications of these composites in various industries are likely to further propel market growth over the forecast timeframe.

Recently, surging demand for automobiles due to an increase in purchasing power around the world has bolstered product adoption in the automotive sector. Following the COVID-19 pandemic, the industry witnessed a downfall in revenue due to delays in supply and reduced production capacity.

However, the easing of lockdown restrictions and continuous innovation to boost the growth of the wind energy sector have aided the carbon fibre composites market growth. For instance, in January 2021, a study headed by researchers from Honeywell International-owned Sandia National Laboratories introduced a novel low-cost carbon fiber material that has been designed to provide performance and cost benefits while lowering the price of blades for wind turbines.

Moreover, key participants have been focusing on rigorous R&D activities, along with geographical expansion through strategic partnerships and acquisitions, to maintain a strong presence in the market. To cite an instance, in November 2021, Toray, a multinational industrial company, and its U.S.-based subsidiary, Zoltek, announced plans to expand the production capacity of carbon fiber at Zoltek's Mexico facility by 6,000 MT in 2023 as part of the company’s strategy to commercialize carbon fiber globally.

The carbon fibre composites market has been bifurcated in terms of matrix material, end-use, and region.

Based on end-use, the industry has been categorized into sport & leisure, automotive, marine, aerospace, civil engineering, wind turbines, and others. The sport & leisure segment is anticipated to progress at a CAGR of over 8% through the forecast timeline as a result of increasing material uptake in sports like tennis, golf, cycling, skis, and snowboards.

Rapid urbanization attributed to the expanding global population is foreseen to impel the growth of the civil engineering segment, which is poised to capture about 5% volume share in the market by the end of the review period. The others segment is set to grow at around 6.5% CAGR over 2022-2030.

The carbon fibre composites market has been divided by matrix material into polymer, metal, carbon, hybrid, and ceramic. The hybrid segment is foreseen to progress at approximately 3% CAGR through the study period supported by mounting penetration of hybrid materials in various industries. The carbon segment is primed to expand at more than 5% CAGR from 2022 to 2030.

In the regional landscape, the Latin America carbon fibre composites industry is contemplated to grow at a CAGR of nearly 4.6% through the analysis timespan on account of robust industrial activities and soaring adoption of wind turbines in the LATAM region. Meanwhile, owing to the proliferating automotive sector in the MEA region, the Middle East & Africa carbon fibre composites market is slated to exhibit significant growth, recording a CAGR of about 4% over the analysis time period.