The global carbon composites market is expected to grow at with a CAGR greater than 9% during the forecast period. One of the major factors driving the market is the increasing demand for sustainable product solutions and material systems. However, high cost associated with carbon composite manufacturing is hindering the growth of the market studied.
- Another major driving factors of the market studied includes lower waste generation of carbon composites in comparison to other composites.
- North America accounts for the highest market share and is expected to dominate the market during the forecast period.
- Among the applications, aerospace & defense application dominated the market studied and is expected to dominate the market studied during the forecast period.
Key Market Trends
Aerospace & Defense Application to Dominate the Market
- Carbon composites are used for both structural applications and components in all aircrafts and spacecraft, from hot air balloon gondolas and gliders to passenger airliners and space shuttles.
- Some major applications include wing assemblies, rotor blades, propellers, instrument enclosures, seats, etc. The usage of carbon composites reduces the overall weight of the aircraft components significantly.
- The usage of these materials in defense applications is majorly due to their ability to withstand high shocks and sudden impacts. Composite technology continues to advance, thus increasing its usage in aerospace & defense application.
- The growing defense spending across the globe is a major driving factor for the demand of carbon composites in the aerospace & defense sector.
- Hence, owing to the above-mentioned reasons, the aerospace & defense sector is expected to dominate the market studied.
North America to Dominate the Market
- North America accounts for the highest share of the global carbon composites market. Majority of the demand for the carbon composites comes from the end-user industries like aerospace & defense, construction, sports & leisure, etc.
- The aerospace & defense industry of the United States is the largest in the world. It is also the largest exporter of commercial aircrafts. The growing investments in the defense and aerospace sector in the region are contributing to the growth of the carbon composite market in the country.
- Additionally, the construction industry in the country is also witnessing a significant growth in the country. This growth is likely to boost the demand for carbon composites in the country.
- Hence, owing to the above-mentioned trends North America is likely to dominate the market studied during the forecast period.
The global carbon composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Toray Industries, Inc., Hexcel Corporation, SGL Group, and TEIJIN LIMITED., among others.
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