Carbon Fiber Resin Market size is estimated to reach USD 7 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of carbon fiber resin was USD 1 Billion. The growing demand for lightweight composites is increasing the market growth. Lightweight materials have a high potential for boosting vehicle efficiency since it requires slighter energy to encourage a lighter item than a heavy one. For instance, a 10% lowering of vehicle weight nearly results in a 6%-8% rise in fuel economy. When compared to traditional substances such as steel or aluminum, one of the primary advantages of carbon fiber is its low weight while keeping excellent strength and characteristics.
In addition to these, aspects that are thought to fuel the growth of the carbon fiber resin market are the growing technological advancements of carbon fiber resin. Higher-quality carbon fiber resins with greater qualities have emerged from advances in resin formulas and manufacturing techniques, making them more appealing to a variety of sectors. Carbon fiber resins have become more cost-effective and easier to work with as a result of these advancements, fueling carbon fiber resin market expansion.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 1.0 Billion |
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Forecast Year Market Size (2035) |
~ USD 7.0 Billion |
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Regional Scope |
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Resin Type (Thermoset Resin, Thermoplastic Resin)
The thermoset resin segment in the carbon fiber resin market is expected to have the biggest revenue share of 65% by 2035. The growth of the segment is primarily attributed to high strength and extremely retardancy to temperature when compared to thermoplastic resin, which further increases its application in different sectors. The common thermoset resin, phenolic and melamine resin are used for manufacturing brake pads and linings in automobiles. The growing production of automobiles is also expected to drive the segment’s growth. In 2022, around 85 million motor vehicles were produced worldwide, a 5.7% increase over 2021. These resins provide excellent friction properties and thermal stability, ensuring reliable braking performance even under high-temperature conditions.
Application (Wind Energy, Automotive, Aerospace & Defense, Marine, Electrical & Electronics, Civil Engineering, Sporting Goods)
In the year 2035, the aerospace and defense segment in the carbon fiber resin market is predicted to have a major proportion of roughly 40%. Growing expenditure on the defense sector is expected to drive the segment’s growth. In 2021, total worldwide military spending rose by 0.7% in real terms to USD 2113 billion. The five countries that dominated the global defense expenditures in 2021 were the United States, China, India, the United Kingdom, and Russia, accounting for 62% of total spending. Furthermore, owing to better economic status, people are increasingly choosing airplanes for traveling, resulting in the expansion of the aerospace industry. As of March 2023, the number of commercial fleet aviation across the world is around 27,400. Carbon fiber resins' combination of high strength, low weight, and good mechanical qualities benefits the aerospace and defense industries considerably. In the design and manufacturing of important components of missiles, protective systems, spacecraft, fighter aircraft, unmanned aerial vehicles, helicopters, and others., these materials contribute to improved performance, fuel efficiency, durability, and overall cost savings.
Our in-depth analysis of the global carbon fiber resin market includes the following segments:
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Resin Type |
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Form Type |
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Application |
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North American Market Forecast
Carbon fiber resin market is expected to have the greatest revenue share in North America, accounting for around 33% of the total market by the end of 2035. The growth of the market can be attributed majorly to the rising government initiatives for reducing vehicular emissions. Corporate Average Fuel Economy (CAFÉ) standards like laws set by National Highway Traffic Safety Emission on 19th September 2022, aim at curbing the carbon oxides emission for vehicle exhaust. It entails an environment impact statement (EIS) to assess the probable impact of new fuel efficiency criteria for medium and heavy-duty vehicles on the environment. Furthermore, the growing focus on producing higher electricity from wind energy is also expected to drive market growth in the region.
European Market Statistics
The Europe carbon fiber resin market is expected to be the second largest, with a share of approximately 27% by the end of 2035. The growth of the market in the region can be attributed majorly to the introduction of CAFÉ regulation in the European region, as it will encourage to use of composite parts that are manufactured with the help of carbon fiber resin.
Author Credits: Smruti Ranjan, Rajrani Baghel
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