Introducing Latest Industry Carbon Fibre Composites Market 2018 – 2024

Carbon Fiber Composites Market size is estimated to surpass USD 31 billion by 2024; according to a new research report by Global Market Insights, Inc.

Global carbon fiber composites market share is expected to exceed 290 kilo tons till 2024. Strong product outlook from aerospace and defense sector owing to its light weight and superior strength will drive industry growth during the forecast timeframe. Increasing demand for products improving the overall fuel efficiency of the aircraft will further support the industry demand.

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Polymer matrix material is expected to hold major volume share of around 60% by 2024. Low processing time along with good formability of the product are the key properties propelling the carbon fiber composites market size from 2017 to 2024. Additionally, extended shelf life offers bulk buying that will further support the industry.

Aerospace and defense sector dominate the industry, contributing over 30% volume share in 2016. The sector requires superior quality product owing to the need of enhanced properties such as high strength to weight ratio and temperature resistance.

North America carbon fiber composites market is expected to contribute over 35% by 2024 owing to strong presence of major aerospace manufacturers in the region. Moreover, replacing conventional aircraft with efficient light weight aircrafts will support the industry growth.

Automotive industry is expected to account for considerable volume share and will exhibit highest growth at over 13% till 2024. Rising usage of the components offering superior strength along with light weight will support the carbon fiber composites market growth.

Europe will witness significant growth during the forecast timeframe owing to strong demand from automotive sector. Stringent government regulations towards usage of lightweight materials in the vehicles that improves efficiency by reducing fuel consumption will support the growth.

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Asia pacific carbon fiber composites market is anticipated to witness highest growth at over 12% up to 2024. Presence of major manufacturers in the region particularly in China, Japan, South Korea and Taiwan will positively influence the revenue generation. Further, propelling end use industries including automotive and aerospace will further drive the demand.

SGL, Toray+Zoltek, Toho, Rock West Comp., MRC and Solvay are among the few major players in the carbon fiber composites market. Other key manufactures include Hexcel, Aksa, Hyongsung, Zhongu-Shenying, Hengshen Fib. Mat. and Sonstige. Manufacturers are focusing on enhancing the production capacity to cope up with the escalation demand.

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Mergers and acquisitions is the key strategy adopted by the carbon fiber composites manufacturers that offers them a competitive edge. For instance, in March 2014, Toray acquired Zoltek to achieve a leading position in the market. Moreover, price reduction is another move adopted by producers to penetrate in various end-use industry.

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