Ocean View, DE -- (SBWire) -- 05/19/2020 --The Carbon fibre composites market is poised to accumulate noteworthy gains in the coming years owing to rising product significance in aerospace and defense sector. Carbon fiber composites are renowned for their superior strength and light weight. They are increasingly used in the aerospace sector for developing aircraft that offer enhanced fuel efficiency. Prominent firms like Airbus and Boeing are using carbon fiber composites in their current commercial aircraft.
The product is also used across several end-user industries like marine, construction, sports and leisure, wind turbines, and automotive. Decreasing product price will encourage product use in mid-level passenger vehicles. Global Market Insights, Inc., thereby estimates that the carbon fibre composites market may surpass $31 billion by 2024.
Growing use of polymer and ceramic matrix material
Robust application of ceramic in the construction industry is likely to fuel the carbon fibre composites market size. Exceptional thermal stability and superior mechanical resistance are some of the features that will lay a positive influence on the product penetration.
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Meanwhile, polymer matrix material is anticipated to hold a key volume share of nearly 60% over the projected time period. Good formability and low processing time are the main properties that are likely to boost product demand. In addition to this, its long shelf life will encourage bulk buying, further supporting carbon fibre composites market growth.
Escalating demand across the automobile sector
The automotive industry is anticipated to account for a substantial carbon fibre composites market share and is likely to showcase high growth of about 13% by 2024. The product's light weight as well as growing use in vehicle's to attain greater strength will support product penetration over the estimated period.
Increasing application in the global aerospace sector
North America is anticipated to contribute nearly 35% of the global carbon fiber composites industry share over the forecast time period. Presence of key aerospace manufacturers in the region will stimulate product demand. Replacing traditional aircraft with new, light weight model will aid the deployment of carbon fiber composites.
Meanwhile, APAC market is expected to growth by 12% by the end of the projected time period. Existence of key manufacturers in countries like Japan, Taiwan, China, and South Korea will lay a positive impact on revenue generation. Spurring end-use industries which includes the aerospace sector will fuel new demand for carbon fiber composites market.
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Hindering factors impacting product demand
Recycling being a major issue faced by the manufacturer and supply chain management may hinder carbon fiber composites market. Despite this restraints, companies like Solvay, Hengshen Fib. Mat., Toray+Zoltek, Hyongsung, Rock West Comp, Sonstige, SGL, MRC, Zhongu-Shenying, Toho, Aksa, and Hexcel among others that are operating in the carbon fibre composites market are expected accrue robust opportunities and demand over the projected timeframe.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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