Composites are two or more materials with markedly different physical or chemical properties – categorized as “matrix” or “reinforcement” – combined in a way that they act in concert, yet remain separate and distinct at some level because they don’t fully merge or dissolve into one another. Carbon fibers have several advantages such as high stiffness, high tensile strength, low weight, high chemical resistance, high temperature tolerance, low thermal expansion, etc. These properties support the application of carbon fiber in the manufacturing of various composites.
Increase in demand for lightweight materials from end use industries such as aerospace and automotive drives the carbon-based composite material market. Carbon-based composite material is recognized as a strong resilient and lightweight composite that can be used as a substitute for heavy steel and aluminium applications in multiple industries. Stringent government regulations regarding vehicular emissions and increasing in the fuel efficiency are expected to prompt automobile manufacturers to use carbon-based composite material in order to reduce the overall weight of the components.
Based on type of matrix, carbon-based composite material can be divided into carbon fiber reinforced carbon matrix, carbon fiber reinforced metal matrix, carbon fiber reinforced ceramic matrix, carbon fiber reinforced polymer matrix, and carbon fiber reinforced hybrid matrix. Carbon fiber reinforced polymer matrix composite can be further bifurcated into carbon fiber reinforced thermoset matrix and carbon fiber reinforced thermoplastic matrix. Among these, carbon fiber reinforced polymer matrix composite has the dominant market share, followed by carbon fiber reinforced carbon matrix composite.
In terms of process employed for manufacturing of carbon-based composite material, the market can be classified into lay-up process, filament winding, injection moulding, pultrusion, compression moulding and resin transfer moulding. The lay-up process of manufacturing is projected to lead the carbon-based composite material market during the forecast period. The lay-up process comprises of hand lay-up and spray-up processes. The lay-up process helps the manufacturer to customize the orientation of fibers to make them absorb maximum stress when subjected to heavy loads. The filament winding and pultrusion processes of manufacturing are anticipated to drive the carbon-based composite material market in the near future.
In terms of end-user, the carbon-based composite material market can be segmented into aerospace & defense, automotive, wind energy, sports & leisure, construction, marine, and others which includes construction of pipes, tanks, and household products. The aerospace & defense constitutes the leading share of the market due to the increase in requirement for lightweight materials for increased fuel efficiency. Extensive development in the global aerospace and defense sector is expected to rise the demand for carbon-based composite material in the industry. Furthermore, increase in demand for carbon-based composite material from automotive OEMs is projected to boost the market in the near future. Usage of carbon-based composite material in wind energy (turbine manufacturing) and construction is also gaining momentum.
Based on geography, the carbon-based composite material market can be segmented into, North America, Latin America, Asia-Pacific, Europe and Middle East & Africa. North America is expected to be the dominant market owing to concentration of several aircraft manufacturers such as Boeing in the region. The carbon-based composite material market in Europe is expected to expand during the forecast period. It can be attributed to the prevalence of stringent environmental regulations in the region. Industrial expansion in the region and presence of well-established car manufacturers prompt European automotive manufactures to use lightweight materials in construction of cars for increasing fuel efficiency. The carbon-based composite materials market in Asia Pacific is primarily driven by China and Japan and is anticipated to expand in the next few years.
Key players operating in the global carbon-based composite material market include, Toho Tenax, Mitsubishi Chemical Carbon Fiber and Composites, Hexcel, SGL Group, Teijin Limited, Toray, Carbon Composites Inc., 3C-Carbon Group AG, Kineco, and Dexcraft.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.