Carbon Composites Market Share

APAC Market Statistics

Asia Pacific carbon composites market is anticipated to capture revenue share of over 32% by 2037. This growth will be noticed due to the increasing consumption of carbon composites in wind turbines in different countries of Asia Pacific.

Global Wind Report says that the sector in APAC managed to reach the new benchmark of 100 GW of yearly installations in 2021, with difficulties over the years. Due to erroneous government policies regarding procurement and offtake agreements, many of the industry's core manufacturers have witnessed growing financial losses as a result of the "race to the bottom" price. These losses have been made worse by increased inflation and logistical expenses.

China will hold a significant position in the carbon composites industry because of the country’s increasing expansion of renewable energies where carbon composites are required magnificently. According to the International Renewable Energy Agency (IRENA), Asia led the 473 GW renewable energy boom once again, accounting for 326 GW or 69% of the total. China was the main driver of this rise, with a 63% increase in capacity to 297.6 GW.

The Korean carbon composites sector will grow as an outcome of the Korean Government’s rigid regulations on restricting automotive pollution. Moreover, the Korean government intends to reduce the fine dust concentration by more than 35 percent by 2030 compared to the fine dust concentration in 2018, according to the recently revealed master plan, which was published in December 2022.

Japan has the most expanded automotive industry which will help the industry to increase at a fast rate. According to the International Trade Association (ITA), Japan has the fourth-largest automobile market globally after China, the US, and India. Japan, home to the manufacturers Toyota, Honda, Nissan, Mazda, Suzuki, Subaru, Daihatsu, and Mitsubishi, is renowned as a global leader in the manufacture of automobiles and smart automobile steering systems.

North American Market Analysis

The carbon composites market in the North America region will increase significantly because of giant manufacturers' increasing use of carbon composites in making aircraft. North American carbon composites industry will produce a demand of over 55 kilotons by 2037. For instance, NASA has published USD 50 million in awards to 14 companies to create manufacturing techniques and progressed composite components for aircraft frameworks. These green technologies hold the power to assist in limiting aviation carbon secretions.

In the U.S. the carbon composites industry will especially boom because of the presence of some special key players. For its attribution to the Sustainable Flight National Partnership, HiCAM works with a public-private co-operation, the Advanced Composites Consortium, which enables partners to take benefit of each other’s expertise and raise the probability of the U.S. aviation industry accepting results. Companies inside the consortium that accomplished funding through these newest awards will match NASA’s funding.

The Canadian industry of carbon composites will also have massive growth due to the rising construction industry in this region and the rising use of carbon composites in this country. Several big projects, such as the rebuilding of the George Massey Tunnel on Highway 99, which spans the Fraser River in Vancouver, British Columbia, or the 16-kilometer subway line in Toronto that connects Ontario Place to the Ontario Science Centre.