Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Global Carbon Fiber Composites Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material, Type, End-Users, and Region" report has been added to ResearchAndMarkets.com's offering.
Global Carbon Fiber Composites Market - which grew from approximately US$ 15 Billion in 2017 to approximately US$ 20 billion in 2022 and is forecasted to grow further into approximately US$ 35 Billion opportunities by 2028, owing to the continuous technological upgradation in products from multiple players, and growing usage of carbon fiber composites in multiple industries such as wind energy, sports goods, marine, and others.
Carbon Fiber is a long, thin strand of material, formed mostly of carbon items. The carbon items are combined in microscopic crystals that are more or less aligned parallel to the long axis of the fiber. Carbon fiber is a polymer and is sometimes called graphite fiber. Carbon fiber is stronger and lighter than steel, which makes it ideal for manufacturing materials for multiple parts such as sports goods, automobile parts, airplane body structures, and others.
The surging automotive and defense sector, is likely to drive the carbon fiber composites market during the forecast period. For instance, in June 2022, Hexcel Corporation has been awarded a long-term agreement by Sikorsky, a Lockheed Martin company, to supply advanced composites structure for CH-53K King Stallion heavy lift helicopter program.
Furthermore, in January 2019, Teijin Industry announced to supply of TENAXPUD as an intermediate-advanced composite material for primary structural parts for Boeing. The growing aerospace industry, along with collaboration among players, is likely to boost the demand for carbon fiber composites.
Lack of skilled labor in the aerospace, automobile, and wind energy industry, are restraining the growth of the market. Since the outbreak of COVID-19, various industries suffer losses, which results in job losses and turbulence in the industry structure. Auto Car Professional, a website working towards the automotive industry, stated that India's auto industry requires 15 million skilled workers by 2022. The decline in skilled workers is likely to impact the carbon fiber composite market.
COVID-19 slowed down the growth of the carbon fiber composites market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in air traffic, were all those factors that reduce the use of carbon fiber composites in the market.
Toray Industries Inc
Mitsubishi Chemical Corporation
Hyosung Advanced Materials
Nippon Graphite Fiber Co. Ltd.
Anshan Sinocarb Carbon Fibers Co. Ltd.
Formosa Material Co. Ltd.
Advance Composites Inc.
Karbon composites & Technology Co. ltd.
Scope of the Report
By Raw Material
Virgin Fiber (VCF)
Recycled Fiber (RCF)
Aerospace & Defence
For more information about this report visit https://www.researchandmarkets.com/r/t1s8su
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