Carbon Fibre Composites Market 2021: Global Trends, Business Overview, Challenges, Opportunities Analysis and Forecast to 2024

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Carbon Fibre Composites Market Size, Share,
Growth, Sales Revenue and Key Drivers Analysis
Research Report by 2024
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Global Market Scenario of Carbon Fibre Composites
Industry

• Global carbon fiber composites market size is
  slated to surpass an annual valuation of US31
  billion by 2024, with rising penetration in
  aerospace and automotive applications.
• Carbon fiber composites market also known as
  carbon fiber-reinforced polymer (CFRP)
  composites, are among the most popular structural
  materials used today. These high-performance
  materials possess a unique set of properties that
  make them stand out from other composite
  materials. CFRP composites are up to five times
  stronger and twice as stiff as steel, while at
  the same time being fairly lighter than steel,
  making it the desired choice of material for
  structural elements. Carbon fiber composite
  materials are extremely popular in myriad
  industries including aerospace, marine,
  automotive, civil engineering, wind turbines, and
  sports and leisure.
• Over the past few decades, carbon fiber
  composites have increasingly found their way into
  automotive and aerospace applications. Their
  exceptional physical properties make them ideal
  for modern aircraft and auto designs which mainly
  focus on enhancing fuel-efficiency and weight
  reduction. Numerous companies in the aerospace
  and automaking business are relying on carbon
  fiber composite suppliers for upcoming projects.

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• For instance, in May 2020, Classic Recreations
  announced a partnership with CFRP composite
  manufacturer SpeedKore Performance for the
  recreation of the iconic 1967 Shelby. With this
  partnership, the recreated Shelby GT500CR models
  will feature CFRP bodies for the first time.
  Following the GT500CR, Classic Recreations plans
  to launch CFRP-bodied Shelby Cobra in the future.
• MDA Corporation is another key CFRP market player
  prominently using carbon fiber materials in its
  satellite parts including single-beam and
  multi-beam antenna systems, and
  composite-intensive satellite antenna subsystems.
• Toray Advanced Composites is a key supplier of
  carbon fiber composites market for MDA
  Corporation, which specializes in commercial
  space intelligence and communications
  applications.
• In March 2020, Toray was selected by OceanGate
  Inc. to supply aerospace-grade carbon fiber
  composites for use in the production of new
  carbon fiber pressure vessels to be used in
  deep-sea manned submersibles. The production of
  these new pressure vessels is expected to begin
  later in 2020.

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360 Industry Analysis

• COVID-19 impact and future opportunities
• The global COVID-19 pandemic has forced
  automakers globally to temporarily halt or
  postpone auto production. In addition, travel
  restriction in most countries has resulted in a
  sharp decline in air travel. These trends are
  likely to affect carbon fiber composites market
  demand in the near future.
• However, increased manufacturing efforts from
  automakers and a strong demand for lightweight
  and fuel-efficient vehicles will bolster the
  market outlook. In addition, increased
  expenditure in aerospace defense and marine
  sectors will offer promising growth opportunities
  to carbon fiber composites market.
•  

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• Competitive Analysis
• TorayZoltek, SGL, Toho, MRC, Rock West
  Composites, and Hexcel are among the prominent
  players in the carbon fiber composites industry.
  Other notable players include Solvay,
  Zhongu-Shenying, Aksa, Hengshen Fib. Mat.,
  Hyongsung, and Sonstige. The industry
  participants focus on extensive RD activities
  and geographic expansion to enhance their product
  line. For instance, in September 2017, Hexcel
  launched a multi-axial infused materials (MAXIM)
  RD project worth USD 10 million for producing
  solutions for large aerospace and automotive
  composite structures. The company also expanded
  its manufacturing unit in Leicester, UK.

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