Global Carbon Composites Market 2017-2021
About Carbon Composites
Composites are the mixture of two or more materials, which are mixed to produce a superior material with new, better properties of the both base materials. As compared to the metals alloys, composites retain the individual chemical, mechanical, and physical properties of the base chemicals. The two key components of composites are reinforcements and matrix. The reinforcement materials have superior properties than that of matrix materials in terms of hardness, strength, and stiffness.
Technavio’s analysts forecast the global carbon composites market to grow at a CAGR of 11.40% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global carbon composites market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Carbon Composites Market 2017-2021
Technavio recognizes the following companies as the key players in the global carbon composites market: Hexcel, SGL Group, Solvay, TEIJIN, and Toray Industries.
Other Prominent Vendors in the market are: Exel Group World Wide, Gurit, Innegra Technologies, Koninklijke Ten Cate, Mitsubishi Chemical, METYX Composites, Nippon Graphite Fiber, PLASAN CARBON COMPOSITES, SAERTEX, Sigmatex, TEI/TTC, and TPI Composites.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing use of carbon nanocomposites. Continuous improvements in nanotechnology have resulted in innovations in the nanocomposites segment. Nanocomposites are gaining popularity as they are recyclable and can be processed at low cost for various applications ranging from drug delivery to the prevention of corrosion of metals.”
According to the report, one driver in the market is emerging demand from developing economies. The demand for carbon composites from developing economies of APAC and ROW is expected to drive the global carbon composites market. The demand for carbon composites is expected to grow during the forecast period because of industrialization and economic growth in these regions. In APAC, it is expected that the total commercial and cargo aircraft fleet and the number of annual passengers will double in the next two decades. In addition, companies are shifting their manufacturing hubs to India, China, and Mexico due to the availability of low-cost labor and government initiatives such as Make in India.
Further, the report states that one challenge in the market is high manufacturing cost of carbon composites. Carbon composites are used in several end-user industries such as the automobile, aerospace, and sporting equipment segments. However, carbon composites are highly expensive than the substitutes such as plastics, metals, and other polymers. This is because of the high manufacturing cost of carbon fiber, which is almost eight times costlier than steel. The process is also slow and energy intensive. In addition, the raw material used in the production of carbon fiber is polyacrylonitrile, which is also very expensive.
Hexcel, SGL Group, Solvay, TEIJIN, Toray Industries, Exel Group World Wide, Gurit, Innegra Technologies, Koninklijke Ten Cate, Mitsubishi Chemical, METYX Composites, Nippon Graphite Fiber, PLASAN CARBON COMPOSITES, SAERTEX, Sigmatex, TEI/TTC, and TPI Composites.