In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Carbon fiber, also known as graphite fiber, is a polymer composed majorly of carbon atoms. It is a thin strand-like structure which is stronger than steel and lighter in weight, making it an important component of the manufacturing industry. This fiber is 5-10 micrometers in diameter. The atoms are tightly interlinked with each other, giving the fiber its high strength and other useful properties.
It is popular owing to its exceptional properties such as heat resistance, high tensile strength, stiffness, high chemical resistance, low thermal expansion and tolerance to high temperatures. Carbon fiber does not corrode, which gives it an edge over the usage of aluminum in the aerospace industry.
Carbon fiber is used in industries such as aerospace, transportation, electronics, marine and sports industry.
The global aerospace carbon fiber market is mainly driven by the growing demand for lightweight and fuel efficient aircrafts. An increase in the air traffic along with the development of new airlines also gives a boost to growth of the market. The aerospace carbon fiber market is anticipated to record a CAGR of around 12% over the forecast period, i.e., 2019-2027 and is estimated to attain market size of around USD 800 million by the end of the 2027.
The market is segmented by aircraft type into commercial, military and rotorcrafts, out of which, the commercial aircrafts segment is estimated to hold leading stance in the global aerospace carbon fiber market on account of an increase in the production of these aircrafts. The usage of commercial fixed-wing aircrafts is anticipated to grow as majority of people prefer to travel by air nowadays. Another factor leading to expansion of this market is the growing advancement in the aviation industry which leads to the development of new inventions as per the customer demand.
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With increasing technological advancements, the aviation industry is anticipated to grow at a fast pace in the coming years. The rise in demand for commercial and military aircrafts has led to development of new aircrafts at a faster rate. Carbon fibers are used in the production of various parts of these aircraft models including the interior and exterior components. These are some of the major factors that are anticipated to significantly support the growth of the market in upcoming years.
Fuel efficient aircrafts are required as the airline industry runs on a low profit margin. Hence, the requirement of less expensive and cost saving aircrafts is increasing. Moreover, the new generation aircrafts are lighter in weight and with better aerodynamics, resulting in a growing demand for carbon fibers in the manufacturing of such aircrafts. Therefore, the rising demand for fuel efficient aircrafts is estimated to boost the market revenue.
The market is anticipated to witness significant growth on the back of higher demand of carbon fiber in the aviation industry. This can be attributed to its lightweight properties which also results in a reduced consumption of fuel.
The parts of an aircraft can be made by using only carbon fibers or by mixing the carbon fibers with other components, depending on the desired properties. It has been found that the usage of carbon fibers in wings can reduce the weight of an aircraft by thousands of pounds.
Since carbon fibers cannot be repaired, they need to be replaced every time the structure gets broken or cracked, which makes the material very expensive to use. Additionally, they are expensive and their tensile strength is reduced upon recycling. These factors are estimated to restrain the growth of the market over the forecast period.
Our in-depth analysis of the global aerospace carbon fiber market includes the following segments:
On the basis of regional analysis, the global aerospace carbon fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Asia-Pacific region is expected to hold highest shares in the aerospace carbon fiber market over the forecast period owing to the growth in the aerospace industry in regions such as China, Japan and India. The increasing air traffic and easy availability of raw materials in the Asia-Pacific region is anticipated to lead to a rapid growth of this industry.
The growing demand for lightweight raw materials including carbon fibers in the aerospace industry in North America is expected to significantly boost the growth of the market in this region.
The global aerospace carbon fiber market is further classified on the basis of region as follows: