Driven by the growing usage of carbon fiber material in automotive, wind power, aerospace, sports goods, and other industries. The Global Carbon Fiber Composites Market is forecasted at approximately US$ 35 Bn by 2028 says Ken Research Study
Carbon Fiber is a long, thin strand of material, formed mostly of carbon items. The carbon items are combined in microscopic crystals that are more or less aligned parallel to the long axis of the fiber. Carbon fiber is a polymer and is sometimes called graphite fiber. Carbon fiber is stronger and lighter than steel, which makes it ideal for manufacturing materials for multiple parts such as sports goods, automobile parts, airplane body structures, and others.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
1. Increasing Demand for Carbon Fiber in Aerospace Industry, is a Driving Factor for This Market.
According to Ken Research Analysis, the Global Carbon Fiber Composites Market was valued at US$ 12 billion in 2017, it is estimated to be ~US$ 20 billion in 2022 and is forecasted to reach a market size of ~US$ 35 billion opportunities by 2028.
As per International Air Transportation Association (IATA), a trade association for the world’s airlines, mentioned in the fact sheet for June 2022, cargo aerospace revenue is US$ 100.08 billion and is estimated to grow by US$ 191 billion from 2019 to 2022.
Furthermore, In July 2022, Hexcel announced it has signed a long-term agreement with Dassault to supply carbon fiber prepreg for the falcon 10X program.
Carbon fiber is mostly used everywhere in aircraft. For instance, the Boeing 787 Dreamliner passenger plane is composed of 50% composite material by weight, with the major portion of composite material being carbon fiber. The growing aerospace industry is likely to boost the Carbon Fiber Composite Market.
2. Surging Wind Energy Sector, is Likely to Fuel the Carbon Fiber Composites Market Growth.
According to the BP Statistical Review of World Energy 2022, a total of 824.9 of wind turbine capacity in gigawatts (GW) was installed worldwide. China held the majority of the market share 39.9%, and the USA covered the 2nd position with 16.1% of total wind turbines installed worldwide.
Furthermore, the carbon fiber material is used in the manufacturing of turbine blades, which results in higher efficiency, is lightweight, stiffer, and also provides a lower Levelized cost of energy. Furthermore, increasing government initiatives toward clean energy to reduce carbon emissions and other environmental issues. All these factors combine, will lead to the advancement of the wind energy sector, which is likely to impact positively in the carbon fiber composite market.
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3. High Prices of Carbon Fiber as Compared to Other Materials, are Likely to Hamper this Market.
Composites are used in numerous industries including aerospace, automotive, wind energy, industrial, marine, oil, and gas. Carbon fiber composites are highly used in high-performance automobiles, jet fighters, spacecraft, racing cars, and others. Cost of the carbon fiber composites is the major factor restraining the wide spread of material used in industry. Substitute composites of carbon fibers such as glass fiber, aluminum, copper, basalt fiber, and natural fiber, pose a serious threat to the growth of the carbon fiber composite market because of having similar end-use applications and being cost-effective.
For more information on the research report, refer to the below link:-