Carbon Fiber Reinforced Metal Composites Market size is forecast to reach $27.57 billion by 2025, after growing at a CAGR of 10.5% during 2020-2025. Carbon fiber reinforced metal composites are made by dispersing carbon fibers into a metal matrix. They have high specific strength and excellent corrosion resistance owing to its use in various end-use industries like automotive, aerospace, defense, and electronics. Increasing demand for a high-quality product with good durability and strength is driving the growth of carbon fibers reinforced metal composites market globally. Moreover, government regulations to minimize the accidents have increased the demand for carbon fiber reinforced metal composites in the automotive sector which augmented their market growth.
Type- Segment Analysis
Aluminium segment holds the largest share of more than 35% in carbon fiber reinforced metal composites market in 2019. Carbon fiber reinforced aluminium composites have a high strength-to-weight ratio, lower thermal expansion, excellent creep, and wear & fatigue resistance. Due to exceptional properties of carbon fiber reinforced metal composites, they have replaced cast iron and other materials from various end-use applications, substantially escalating the growth of carbon fiber reinforced metal composites market.
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End Use- Segment Analysis
Based on the application, automotive is the fastest growing segment with a CAGR of 13% during the forecast period. An increase in the need for lightweight material for the automotive and aerospace industries is driving the carbon fiber reinforced metal composites market. Reduction of weight of automobile also lowers the greenhouse gas emissions, thereby accelerating the demand of carbon fiber reinforced metal composites market. After automotive, the aerospace & defense segment has shown significant growth. They are extensively used in aerospace industries because of thermally insulating behavior and their ability to withstand extreme pressure
The outbreak of novel coronavirus (COVID-19) has negatively impacted the automotive industry. Automobile and component manufacturing industries are being shuttered around the world and are facing their biggest downfall. According to China Passenger Car Association (CPCA), car sales in China fell 92% in first half of February 2020. The Decrease in production and sales of automobiles lowers the demand for carbon fiber reinforced metal composites which in turn inhibit their market growth.
Geography- Segment Analysis
North America dominated the carbon fiber reinforced metal composites market with a share of more than 30% in 2019, followed by the Asia Pacific and Europe. Rapid industrialization coupled with an increase in aeronautical activities has driven the growth of carbon fiber reinforced metal composites in developing nations. Carbon fiber reinforced metal composites have shown significant growth in countries like China, Japan and India due to the expansion and strengthening of the defense sector. Moreover, rise in disposable income and high standard of living has also accelerated the use of carbon fiber reinforced composites in the automotive and sports industry for safety & security purposes.
Drivers – Carbon Fiber Reinforced Metal Composites Market
Growing demand from end use industries
Increase in demand from various end-use industries for their high impact resistant, good thermal conductivity, vibrations, and shock absorbent properties has boosted the growth of carbon fiber reinforced metal composites market. Due to their exceptional properties than other materials, they are widely used in aerospace and automotive industries which further fuels the growth of carbon fiber reinforced metal composites market.
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Challenges – Carbon Fiber Reinforced Metal Composites Market
High Manufacturing Cost and Non biodegradability
Carbon fiber reinforced metal composites require tons of energy for their production, which further increases their cost as compared to steel or aluminium. Due to their high cost, they are only used in high-quality products such as aircraft, sports car, and defense equipment for better efficiency. Their limitation to high-quality products has hampered the growth of carbon fiber reinforced metal composites market. Additionally, unlike other metals and non-metals carbon fibers reinforced metal composites are non-biodegradable and donot decompose in the landfill. Recycling the carbon fiber is very difficult and requires lot of energy. Thus, long lasting carbon fiber scraps has bad impact on environment and acts as a restraining factor for the growth of high carbon fibers reinforced metal composites market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the carbon fiber reinforced metal composites market. Major players in the carbon fiber reinforced metal composites market are Hexcel Corporation, Toray Industries Inc., Mitsubishi Rayon Co. Ltd., SGL Group, Materion Corporation, Owens Corning, Cytec Industries Inc., Teijin Limited, ADMA Products, CPS Technologies, among others.
In March 2019, Hexcel has joined forces with Lavoisier Composites for tackling environmental challenges and use composite by-product generated from aerospace sector.
In February 2019, Teijin has acquired Renegade Materials Corporation and expanded carbon fiber intermediate material business for aerospace applications.
In September 2018, Materion has collaborated with Plug and Play to explore new opportunities in advanced materials innovation.
In December 2018, SGL Group and Fraunhofer IGVC had set up development and manufacturing center for advanced fiber placement technologies in Meitingen.
In April 2018, Teijin expanded their carbon fiber operations in China and Taiwan with the establishment of Teijin Carbon Shanghai Co., Ltd. in Shanghai, China and Teijin Carbon Taiwan Inc. in Taipei, Taiwan.
United States has shown significant growth in the carbon fiber reinforced metal composites market due to an increase in demand from applications such as automotive, defense and aviation industries.
Properties such as durability, high tensile strength, flame, and chemical resistance are the major factors driving the growth of carbon fiber reinforced metal composites market.
Increasing awareness of safety and security among people has also accelerated the growth of the market.
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