Carbon Composites Market size was valued at USD 20 Billion in 2023 and is poised to reach USD 38 Billion by the end of 2036, registering around 7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of carbon composites is assessed at USD 22 Billion.
The main reason behind the growth of the carbon composites market by the end of 2036 is the increasing use of carbon composites in different sectors across the world. According to the Clean Energy Manufacturing Analysis Center, moderate to large-tow fibers a collection of parallel filaments are used in wind energy carbon fiber. It represents almost 17% of the entire demand for carbon composites market and is foreseen to increase from 7,600 to 25,000 tons annually.
Growth Factors
Challenges
Base Year |
2023 |
Forecast Year |
2036 |
CAGR |
7% |
Base Year Market Size (2023) |
USD 20 Billion |
Forecast Year Market Size (2036) |
USD 38 Billion |
Regional Scope |
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Matrix (Hybrid, Metal, Ceramic, Carbon, Polymer)
Polymer segment is anticipated to capture around 53% carbon composites market share by the end of 2036. This growth will be seen due to its higher adaptability in various applications. In contrast to 1163 kg of iron and steel, an average vehicle uses 150–300 kg of plastics and plastic composites; as of late, it has been moving around 15-20% of the car's overall weight or more than 2,000 pieces and materials of various sizes and forms.
Although up to 13 various polymers may be utilized in a single car model, just three kinds of plastics fabricate about 66 % of the total plastics utilized in a car polypropylene (32%), polyurethane (17 %), PVC (16 %).
Application (Aerospace & Defense, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine Applications)
By the end of 2036, aerospace & defense segment is predicted to dominate around 46% carbon composites market share. The increasing expansion of the aerospace and defense sector will help this segment to advance.
Its supremacy is the outcome of the fact that carbon composites are massively used in making lightweight aviation and defense equipment. According to the Oklahoma Commerce Government Association, the state is home to about 1,100 aerospace organizations, including manufacturers, MRO, R&D, the military, and others.
End-Use (Aerospace, Automotive, Wind Turbines, Sport & Leisure, Civil Engineering, Marine)
In carbon composites market, automotive segment is projected to hold over 35% revenue share by the end of 2036. This growth will be noticed due to the increasing expansion of the automotive industry globally and the rising use of carbon composites to make lightweight engines. Global auto sales will rise overall, but by 2030, the yearly growth rate is predicted to fall from the 3.6 percent seen over the previous five years to about 2 percent.
Our in-depth analysis of the global carbon composites market includes the following segments:
Matrix |
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Process |
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Application |
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End-Use |
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APAC Market Statistics
Asia Pacific carbon composites market is anticipated to capture revenue share of over 32% by 2036. This growth will be noticed due to the increasing consumption of carbon composites in wind turbines in different countries of Asia Pacific.
Global Wind Report says that the sector in APAC managed to reach the new benchmark of 100 GW of yearly installations in 2021, with difficulties over the years. Due to erroneous government policies regarding procurement and offtake agreements, many of the industry's core manufacturers have witnessed growing financial losses as a result of the "race to the bottom" price. These losses have been made worse by increased inflation and logistical expenses.
China will hold a significant position in the carbon composites industry because of the country’s increasing expansion of renewable energies where carbon composites are required magnificently. According to the International Renewable Energy Agency (IRENA), Asia led the 473 GW renewable energy boom once again, accounting for 326 GW or 69% of the total. China was the main driver of this rise, with a 63% increase in capacity to 297.6 GW.
The Korean carbon composites sector will grow as an outcome of the Korean Government’s rigid regulations on restricting automotive pollution. Moreover, the Korean government intends to reduce the fine dust concentration by more than 35 percent by 2030 compared to the fine dust concentration in 2018, according to the recently revealed master plan, which was published in December 2022.
Japan has the most expanded automotive industry which will help the industry to increase at a fast rate. According to the International Trade Association (ITA), Japan has the fourth-largest automobile market globally after China, the US, and India. Japan, home to the manufacturers Toyota, Honda, Nissan, Mazda, Suzuki, Subaru, Daihatsu, and Mitsubishi, is renowned as a global leader in the manufacture of automobiles and smart automobile steering systems.
North American Market Analysis
The carbon composites market in the North America region will increase significantly because of giant manufacturers' increasing use of carbon composites in making aircraft. North American carbon composites industry will produce a demand of over 55 kilotons by 2036. For instance, NASA has published USD 50 million in awards to 14 companies to create manufacturing techniques and progressed composite components for aircraft frameworks. These green technologies hold the power to assist in limiting aviation carbon secretions.
In the U.S. the carbon composites industry will especially boom because of the presence of some special key players. For its attribution to the Sustainable Flight National Partnership, HiCAM works with a public-private co-operation, the Advanced Composites Consortium, which enables partners to take benefit of each other’s expertise and raise the probability of the U.S. aviation industry accepting results. Companies inside the consortium that accomplished funding through these newest awards will match NASA’s funding.
The Canadian industry of carbon composites will also have massive growth due to the rising construction industry in this region and the rising use of carbon composites in this country. Several big projects, such as the rebuilding of the George Massey Tunnel on Highway 99, which spans the Fraser River in Vancouver, British Columbia, or the 16-kilometer subway line in Toronto that connects Ontario Place to the Ontario Science Centre.
The carbon composites market is quite fragmented worldwide. The companies in this market are adopting various organic and inorganic strategies. Several key players in the carbon composites industry are:
Author Credits: Rajrani Baghel
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