Aerospace Carbon Fiber Market Overview

Aerospace Carbon Fiber Market Size Was Valued at USD 508.41 Million In 2023, And Is Projected to Reach USD 1409.86 Million By 2032, Growing at A CAGR of 12% From 2024-2032.

Carbon fiber is made up of carbon atoms and has a diameter of 5-10 micrometers. Nearly 90% of carbon fiber is made from polyacrylonitrile (PAN). The rest is made of rayon or petroleum pitch. Organic polymers having long chains of molecules bound by carbon atoms provide great stiffness, tensile strength, low weight, chemical resistance, high-temperature tolerance, and minimal thermal expansion in the fiber. Carbon fiber has grown increasingly popular in aerospace, military, motorsports, and other areas as a result of these qualities. Aerospace is a constantly changing and innovating industry. Carbon fiber composite materials have been utilized in planes, helicopters, and even space shuttles by aerospace engineers trying to make flight safer and more sustainable.

Carbon fiber is a unique material that can be molded into practically any shape with epoxy, even ones that are impossible to achieve with metals or without welding multiple pieces together and creating weak points. As a result, carbon fiber is a versatile material that may be employed in aircraft applications ranging from seats to frames. The utilization of carbon fiber in the aerospace industry has decreased the overall cost of manufacturing thus, boosting the growth of the aerospace carbon fiber market over the forecast period.

Market Dynamics And Key Factors For Aerospace Carbon Fiber Market

Drivers:

Lightweight Ness Reduces Petrol Consumption

Aluminum was utilized to construct planes in the past, which made them heavy and inefficient. However, the industry has shifted to carbon fiber due to its superior properties. Because Carbon Fiber is lightweight, the aircraft's fuel consumption can be lowered greatly, allowing it to travel longer distances. Carbon fiber gives the industry relief since it is long-lasting, corrosion-resistant, and fatigue-resistant, all of which are problems with metals. As a result, aircraft maintenance costs have dropped significantly. For instance, the Boeing 787 Dreamliner passenger airliner is made up of 50% composite material by weight, the majority of which is carbon fiber laminate or carbon fiber sandwich. Carbon fiber elements make up the plane's fuselage, or main body, as well as sections of the wings and tail. Aside from fuel efficiency, Boeing claims that carbon and other composite materials require less maintenance than metals since they do neither corrode nor fatigue. Carbon fiber planes are more profitable since they require less maintenance and have more flight duration thus, supporting the growth of the aerospace carbon fiber market.

Carbon Fiber Enhances Aerodynamic Performance And Reduces The Total Number Of Parts

Aerodynamics, in addition to decreasing weight, is a key component in improving aircraft fuel efficiency. The plane's design becomes more fuel-efficient as it becomes sleeker. Aircraft designers can more easily optimize the aerodynamics of a carbon-fiber aircraft because carbon fiber composite fabrication technologies can provide very smooth yet complex geometries. Furthermore, the stiffness of carbon fiber allows for the usage of swept wing designs in commercial aircraft, which reduces aerodynamic drag and decreases fuel consumption by up to 5%. Moreover, carbon fiber in the production of aircraft reduces the overall cost as it reduces the number of parts required to construct the plane. For instance, six million parts were required to build the Airbus A380. However, since carbon fiber composite parts are molded, each mold can be designed to integrate numerous different parts into one casting, reducing the number of parts required to manufacture the plane significantly. As there are fewer components to create the plane, manufacturing time is reduced thus, strengthening the growth of the aerospace carbon fiber market in the forecast period.

Restraints:

High Production Cost

The most significant disadvantage of carbon fiber composites is their high manufacturing costs. The majority of carbon fiber composites are made by manually laying down a few layers of carbon fabric. The entire procedure takes time and costs money. Carbon textiles, resin, and pre-pregs are among the more expensive materials utilized. A square meter of carbon pre-preg costs around 35-55 USD and 4-5 layers are needed to make a composite 2mm thick. Treatment of carbon fiber composites is followed by 3 or 5-axis CNC carbon fiber machining, which is frequently followed by a few topcoat layers, resulting in high production costs. Expensive equipment is required for advanced products, such as making carbon fiber composites with an autoclave, which further increases the manufacturing cost thus, hampering the growth of the aerospace carbon fiber market.

Opportunities:

New Aerodynamic Sleek Design

When compared to traditional metals, carbon fiber allows aircraft designers more flexibility when it comes to optimizing aerodynamic performance and reducing fuel consumption. This adaptability also allows for the modification of traditional plane designs. Future commercial aircraft may use fuselage and wing designs similar to those used by some military aircraft today. This form of design enhances the lift-to-drag ratio of a plane, making it more aerodynamically efficient while also lowering weight. A recent Airbus concept plane featured a plane with a thicker, curved fuselage, that was designed to improve airflow and increase cabin capacity. Longer, thinner wings would minimize drag while also increasing fuel economy. A U-shaped tail reduces engine noise by acting as a shield. The usage of carbon fiber in the production of aircraft allows innovation in the aircraft industry thus, creating new opportunities for the market players in the aerospace carbon fiber market.

Segmentation Analysis of Aerospace Carbon Fiber Market

By Application, the commercial fixed-wing aircraft segment is expected to have the highest share of the aerospace carbon fiber market over the forecasted timeframe. Aviation contributes nearly 4 percent of the global gross domestic product (GDP) and supports more than 65 million jobs around the world. More than 40 million commercial flights would have taken to the skies in 2020 if it had been a regular year, carrying more than 4.7 billion people and 65 million tonnes of cargo. Vaccination coupled with decreasing cases of COVID-19 the demand for tourism has increased. Commercial aircraft owners are increasing their fleet to manage the increasing load on the airline industry as well as upgrading older planes with high tech technologies thus, driving the growth of the market.

By Type, the polyacrylonitrile (PAN) segment is anticipated to lead the growth of the aerospace carbon fiber market through the forecast period. For its greater strength, stability, and increased carbon yield, polyacrylonitrile (PAN) is the most commonly utilized precursor for carbon fiber. PAN accounts for around 90% of carbon fiber production, with rayon or petroleum pitch accounting for the remaining 10%. PAN is an important polymer for aerospace carbon fibers because of its unique properties, such as low density, thermal stability, high resistance, and elasticity modulus, UV stability, non-melting, and chemical resistance thus, strengthening the development of the segment during the forecast period.

Regional Analysis of Aerospace Carbon Fiber Market

The European region is anticipated to dominate the aerospace carbon fiber market over the forecast period attributed to the presence of prominent aircraft manufacturers. Germany is home to manufacturers from several areas, including equipment manufacturers, material and component suppliers, engine producers, and entire system integrators. Germany is one of the key production bases for the aircraft industry. For decades, the German aerospace sector has been on the rise and has been a global leader, meeting global demand for the future of efficient air transport. Moreover, government funding has supported the growth of the aerospace industry in Germany. Similarly, funding from other countries in R&D is expected to support the growth of the aerospace carbon fiber market growth over the forecast period.

The North American region is anticipated to have the second-highest share of the aerospace carbon fiber market during the analysis period attributed to the rise in defense expenditure. The defense industry has been better insulated than the commercial aerospace industry in terms of COVID-19's global impact, and continued US government backing for the National Defense Strategy is expected to keep defense spending consistent in 2022. President Biden's budget proposal calls for a $753 billion defense spending (up 2 percent YoY). Heavy investment in research and development, as well as certain long-term projects such as the fifth-generation F-35 Joint Strike Fighter and the B-21 Long-Range Strike Bomber, account for the majority of the US military budget thus, strengthening the expansion of the aerospace carbon fiber market in this region.

The aerospace carbon fiber market in the Asia-Pacific region is projected to develop at a significant growth rate over the forecasted period. The raw material required for the production of aircraft is mostly exported from the countries such as China, India, South Korea, Japan, and Indonesia. Moreover, governments are promoting air travel to boost the aviation industry. For instance, The Indian government's National Civil Aviation Policy 2016 (NCAP) aims to make flying more accessible to the general public through improving affordability and connectivity. Ease of doing business, deregulation, simpler procedures, and e-governance are all encouraged thus, supporting the growth of the aerospace carbon fiber market.

COVID-19 Impact on Aerospace Carbon Fiber Market

The COVID-19 pandemic negatively affected the functioning of several industry verticals. Sanctions were imposed by several governments across the globe to curb the spread of the virus. COVID-19 protocols such as shutting down non-essential activities of business operations and schools, imposing curfews, stay-at-home orders, and closing international borders. As international borders were closed, it negatively affected the supply chain of the aerospace carbon fiber market. The recovery in air travel has been substantial, but it has been unevenly distributed regionally. In 2021, global passenger counts increased by about 30% to 2.3 billion, but this is still less than half of the 4.5 billion air travelers in 2019. The International Air Transport Association (IATA) estimates that the figures will not return to 2019 levels until 2024. Large domestic markets (such as the United States, China, Russia, and Brazil) have propelled this rebound, as has recovery in the European market in the latter half of the year, as the benefits of the EU vaccine passport and the reopening of transatlantic travel became apparent. The Asia Pacific market continues to be the cause of the most concern, with traffic levels staying up to 70% below 2019 levels due to strong travel restrictions. The last two years have been the most difficult for aviation in its history, but the sector's resilience has been amazing. A global vaccination rollout, along with a coordinated international effort to manage constraints, will propel air travel back to levels seen in 2019 thus, supporting the growth of the aerospace carbon fiber market during the forecast period.

Players Covered  in Aerospace Carbon Fiber Market are

• Hexcel Corporation
• SGL Carbon SE
• Solvay
• Toho Tenax (Tenjin Carbon)
• Toray Industries Inc.
• Tencate
• DuPont
• Mitsubishi Rayon
• BASF SE and other major players.

Recent Industry Developments In Aerospace Carbon Fiber Market

In January 2022, A letter of intent has been signed by Solvay and Trillium Renewable Chemicals to develop the supply chain for bio-based acrylonitrile (bio-ACN). The goal of this collaboration is to develop carbon fiber for usage in a variety of industries, including aerospace, automotive, energy, and consumer goods.

In November 2021, Hexcel Corporation announced a partnership with Fairmat to build a utility that will recycle carbon fiber prepreg from Hexcel European operations for reuse in composite panels sold into commercial markets. Recycled prepreg will be utilized in the production of carbon fiber.