Market Overview
The market for carbon fiber is expected to register a CAGR of 12.07% during the forecast period, 2019 - 2024. Major factors driving the market studied include increasing demand for fuel-efficient and lightweight vehicles and increasing usage of carbon fiber in the aerospace and defense sector. However, the high cost of carbon fiber and availability of cheap alternatives, such as fiberglass, are expected to hinder the growth of the market studied.
Composite materials dominated the application segment of the market in 2018, and it is expected to grow during the forecast period, owing to the strong demand for carbon fiber reinforcement polymers from the aerospace, defense, automobile, construction, sports, and leisure sectors.
Its increasing application in the wind energy sector is likely to become an opportunity in the future.
Europe dominated the market across the globe, with a large consumption recorded by countries, such as Germany and France.
Key Market Trends
Increasing Demand from the Aerospace and Defense Sector
The carbon fibers are a perfect choice for numerous aerospace and defense applications as they provide strength, endurance, and stability as required.
Conventional metal structures are increasingly being replaced by carbon fiber-reinforced plastics (CFRP) in aircraft, due to their light yet stiff design structure. From the interior of an airplane or a jet to the rotor blades of a helicopter, composite materials are emerging as an integral part of the aerospace industry.
In the defense industry, the use of carbon fiber-reinforced plastics (CFRP) is present in missile defense, ground defense, and military marine.
In Asia-Pacific, the aerospace industry is growing at a fast rate, as many of the countries have increased their spending on defense platforms and technologies. In addition, Southeast Asia continues to be the fastest growing region in terms of passenger travel.
The US aircraft giant, Boeing, and Chinese aviation manufacturer, Commercial Aircraft Corporation of China Ltd (COMAC), came together to build a Boeing 737 production system with a capacity of 100 planes in the Zhoushan area of China. Under the collaboration, the company is expected to deliver its first flight in December 2018.
Increasing use of carbon fiber in aircraft, coupled with the increasing number of aircraft launched in the market, annually, is expected to provide a huge growth opportunity for the carbon fiber market in the aerospace industry in the forecast period.
