Carbon Fibre Composites Market Size & Share 2020 | Growth With Top Players By 2024
Selbyville, Delaware, United States, September 22 2020 (Wiredrelease) Global Market Insights, Inc –:Carbon fiber composites market provide high tensile strength, superior stiffness, high chemical resistance, low thermal expansion, and low weight properties for component manufacturing. The materials are known for being strong yet lightweight for ensuring fuel efficiency and help in reducing carbon emissions.
Carbon fiber is a high strength to weight ratio material which is produced mainly from acrylonitrile, extensively being used in various applications like automobiles, aircraft, recreational products, gas pressure vessels, and wind turbines. Growth in commercial and defense aerospace industry will positively influence global carbon fiber composites market share.
Commercial aviation has gained widespread recognition owing to the improving economic conditions among people in both developed and developing nations. Today, people are traveling by air for medical, recreational, business, and education purposes.
Reduced cost of air tickets along with increased air routes will support commercial aviation development over the years. In the year 2018, more than 1.1 billion people in Europe had traveled by air, registering a 6% increase as compared to 2017.
Moreover, the use of carbon fiber as a primary aircraft construction material also reduces the cost of maintenance. It also helps in resisting corrosion and fatigue and there will also be a reduced risk of failure within the aircraft parts, reducing the possibility of crash and loss of lives.
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Increase defense expenditure across various countries due to increased cross border tension will boost the product demand. As per reports, in 2018, the total defense expenditure of the U.S. was recorded at over US$649 billion. Estimates suggest that with growing demand from aerospace & defense sector as well as automotive, sports, wind power and marine applications, global carbon fibre composites market size will reach US$31 billion in annual revenues by 2024.
Consistent production and sale of automobiles
In the automobile industry, carbon fiber when used with the polymer, or carbon-fiber reinforced plastics can be made into the shape of a car part which is stronger and lighter as compared to aluminum and steel components. There has been an increase in automobile sales across the globe due to increasing purchasing power among people along with the introduction of advanced vehicle options.
Key Point of TOC:
Chapter 7. Company Profiles
7.1.1. Business Overview
7.1.2. Financial Data
7.1.3. End-use Landscape
7.1.4. Strategic Outlook
7.1.5. SWOT Analysis
7.2.1. Business Overview
7.2.2. Financial Data
7.2.3. End-use Landscape
7.2.4. Strategic Outlook
7.2.5. SWOT Analysis
7.3.1. Business Overview
7.3.2. Financial Data
7.3.3. End-use Landscape
7.3.4. Strategic Outlook
Nearly 1,300,000 cars were manufactured in the U.K. during the year 2019. Indicating considerable potential for the consumption of composite materials across the regional market itself. Carbon fiber composites are considered to be flexible fabric-like materials that can be molded into any shape or figure.
Many leading automobile giants are favoring the use of carbon fibers in the production of their vehicles to enhance their vehicular offerings. BMW is using carbon fiber in key roof elements, door frames and supporting roof pillars. The automobile giant is also utilizing carbon fiber-based parts in its i3 and i8 plug-in electric vehicles.
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Variable raw material prices and production cost
Globally, there are fluctuations in the cost of raw material acquisition required in the production of carbon fiber composites, slightly restricting the material adoption for various applications. In the automobile industry, carbon fiber composites are only used in high end and luxury cars owing to these factors, further indicating some restraints in the auto manufacturing sector.
As many companies are now producing low-cost carbon fiber, there will be a rise in its use in the automotive sector that the aerospace industry, where superior-grade carbon fiber is used, impacting the use of carbon fibre composites.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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