Sellbyville, DE -- (SBWIRE) -- 10/17/2018 -- Carbon fiber composites market share is likely to cross 290 kilo tons till 2024. Positive product outlook from aerospace & defense industry due to benefits such as superior strength and light weight will primarily drive the industry growth. Rising demand for products enhancing aircraft fuel efficiency will further escalate the revenue generation over the forecast timeframe.

Strengthening penetration in numerous industries including wind turbines, automotive, construction & marine, and sports and leisure will have a significant contribution towards the industry growth. however, supply chain management coupled with the recycling issues faced by manufacturers may pose a threat to carbon fiber composites market. Industry participants focus on enhancing their distribution to cater to the increasing demand.

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Industry leaders including Airbus and Boeing are using composites in their aircrafts at over 50% by weight. Price reduction in commodity will propel its deployment in mid-range passenger cars. Enhanced strength with durability are factors that will lead to traditional materials with composites.

Ceramic material will contribute significantly to carbon fiber composites market share owing to strong application outlook from construction sector. Provision of benefits such as excellent thermal stability along with superior wear and tear resistance are other factors positively impacting the product penetration till 2024.

Polymer is anticipated to capture a major share by volume over the forecast timeframe. Better product formability coupled with lesser processing time are among the major properties supporting the industry dominance. Moreover, extended shelf life provides bulk buying, further escalating the revenue generation.

Aerospace and defense sector exhibited the highest volume share, crossing 30% in 2016 and is anticipated to continue its dominance. High demand of superior quality product from the application will primarily drive the industry growth. It can be attributed to increasing requirement of enhanced properties such as temperature resistance and high strength to weight ratio.

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Carbon fiber composites market from automotive industry will grow at over 13% CAGR from 2017 to 2024. Increasing usage of composites due to advantages such as light weight and superior strength will drive the industry growth.

North America is anticipated to dominate the industry with over 35% share over the forecast timeframe. Presence of established aerospace industry leaders across the region will primarily drive the carbon fiber composites market. Replacement of conventional aircrafts with efficient light weight aircrafts will further support the region's dominance over the next eight years.

Europe will exhibit significant growth owing to rising demand from the region's automobile industry. Stringent government regulations regarding usage of lightweight materials in vehicles for fuel consumption reduction will fuel the industry growth in the region. Asia Pacific is set to grow at over 12% CAGR till 2024. Presence of major manufacturers, especially in the countries including Japan, China, Taiwan, and South Korea will have a positive impact on the revenue generation. Strengthening penetration in aerospace and automotive sector will further propel the carbon fiber composites market growth from Asia Pacific.

MRC, Solvay, Toho, SGL, Rock West Comp., and Toray+Zoltek are among the prominent players in the industry. Other notable players include Aksa, Sonstige, Hyongsung, Hexcel, Zhongu-Shenying. The industry participants focus on enhancing their production capacity to cater to the escalating demand.

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Mergers and acquisitions is among the prominent strategies adopted by the manufacturers to strengthen their foothold. For instance, in March 2014, Toray announced the acquisition of Zoltek to attain a leading position in the industry. Developing cost effective alternatives is another move adopted by manufacturers for penetration into various end use industries.