The Compound Annual Growth Rate Of The Carbon Fiber Market Will Exceed 12% in 2021-2025
Nov 19, 2024
According to a market Research report released by Research and Markets in January 2020, the carbon fiber market is expected to grow at a CAGR of more than 12% during 2021-2025. Demand in the aerospace and defense sector will continue to grow at a high rate.
Carbon Fiber Market Overview
According to Research and Markets' January 2020 report, "Carbon Fiber Market-Growth, Trends, and Forecast (2021-2025)," The carbon fiber market is expected to grow at a compound annual growth rate of more than 12% in2020-2025.
The major factors driving the market growth include increasing demand for fuel-efficient and light-duty vehicles and increasing use of carbon fiber in the aerospace and defense sector. However, the high cost of carbon fiber and the availability of cheap alternatives such as fiberglass are expected to hinder the growth of the studied market.
There is growing demand in the aerospace and defense sector
Carbon fibers are ideal for aerospace and defense applications because they can provide the required strength, durability, and stability. Due to their lightweight yet robust design structure, conventional metal structures are increasingly being replaced by carbon fiber reinforced plastics (CFRP) on aircraft. From the interior ofan airplane or jet to the rotors of a helicopter, composite materials are becoming an integral part of the aerospace industry.
In the defense industry, CFRP can be found in missile defense, ground defense, and military Marine Corps. In the Asia-Pacific region, the aerospace industry is growing at a rapid rate due to increased spending on defense platforms and technologies in many/regions. Also, Southeast Asia is still the fast growing region in terms of passenger travel. The increasing use of carbon fiber in aircraft, coupled with the increase in the number of aircraft put on the market each year, is expected to provide significant growth opportunities for the carbon fiber market in the aerospace industry during the forecast period.
In the defense industry, CFRP can be used in missile defense, ground defense and military Marine Corps. In the Asia-Pacific region, the aerospace industry is growing at a rapid rate due to increased spending on defense platforms and technologies in many/regions. Also, Southeast Asia is still the fast growing region in terms of passenger travel. The increasing use of carbon fiber in aircraft, coupled with the increase in the number of
aircraft put on the market each year, is expected to provide significant growth opportunities for the carbon fiber market in the aerospace industry during the forecast period.
Germany is set to dominate the European market
Europe has more than 30 percent of the market and Germany has more than 25 percent of the European market. Germany is also one of the leading producers of sporting goods and equipment. International brands such as Adidas and Puma have production bases in the country, as well as brands such as Kettler and Triumph. This is expected to contribute to the demand for carbon fiber over the forecast period.
In addition, Germany ranks first in the European automotive market with 41 assembly and engine production plants, accounting for one third of total European vehicle production. Germany is one of the manufacturing bases of the automotive industry, with manufacturers from different sectors, such as equipment manufacturers, material and component suppliers, engine manufacturers, and entire system integrators.
The aviation industry in Germany consists of more than 2,300 companies spread across the country, with a high concentration of companies in the north of the country. Germany is one of the manufacturing bases of the aircraft industry and has manufacturers from different market segments. The carbon fiber market is expected to grow during the forecast period with increasing demand from key end-user industries.
Competitive landscape Analysis
The Carbon fiber market is highly integrated, with the current major players in the carbon fiber market including Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Corporation, SGL Carbon, Teijin Co LTD, Toray Industries, etc. The top 10 players in the carbon fiber industry account for almost 85 percent of the market share
