This research report titled ‘Global Carbon Composites Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global carbon composites market is expected to grow during the forecast period. This can be attributed to the factors such as the high demand for fuel-efficient, lightweight vehicles around the world, rise in the demand for energy from renewable sources, and efficient functionality. Industries such as construction, wind energy, and sports are fostering the demand for carbon composites materials.
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Technavio’s analysts categorize the global carbon composites market into five major segments by end user. They are:
- Sporting goods
- Wind energy
- Aerospace and defense
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The top three end-user segments of the global carbon composites market are discussed below:
Global carbon composites market by aerospace and defense
Carbon composites are extensively used in the aerospace industry as carbon fiber reinforced plastics (CFRP). This can be attributed to their properties such as lightweight and high-performance that helps in reduced emission and lowering the fuel requirement. CFRPs are used in manufacturing structural parts of rockets, satellites, and all types of aircraft such as commercials, passenger, and freight.
According to Kshama Upadhyay, a lead textile, fiber, composites research analyst from Technavio, “The global defense expenditure has increased, and this is expected to drive the market for military planes. The countries responsible for the growth in the global defense market are the Middle Eastern countries, the US, North Korea, and China. The US is a major contributor to the global defense market.”
Global carbon composites market by automotive
The high adoption of carbon composites in the automotive sector can be attributed to the rise in demand for fuel-efficient and lightweight vehicles around the world. Automobile structures made of carbon composites are light-weight and fuel-efficient. These materials are used in the exteriors, interiors, structural, electronic and electric, and powertrain components of automobiles.
“SGL will be providing carbon composites for i3 and i8 electric and hybrid BMW cars. Tesla and Hyundai are also expected to use carbon composites in electric cars. This shows that automobile manufacturers are readily opting for carbon composites to manufacture fuel-efficient and lightweight vehicles. Thus, in the coming five years, the consumption of carbon composites is the automotive sector will grow,” says Kshama.
Global carbon composites market by wind energy
Carbon composites are extensively used in the blades of the windmills owing to its lightweight, stiffness, fatigue resistance, and strength. In the recent years, the adoption of renewable sources such as the wind, solar, and hydel for energy production is quite high. In 2015, an investment of more than USD 300 billion was made on clean energy sources around the world.
In terms of new windmills installations, China was the leading country in 2015 with a new installed capacity of more than 30 Gigawatts (GW), followed by the US with a new installed capacity of more than 8 GW. In China, the year-over-year (YoY) growth rate of 2014-2015 was more than 25%, and in the US, it was more than 12%.
The top vendors highlighted by Technavio’s research analysts in this report are:
- SGL Group
- Toray Industries
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