Carbon Composites Market Trends

Growth Factors

• Rising use of carbon composites in the aerospace sector - Another reason will be the increasing use of carbon composites in aerospace that will propel the carbon composites market through 2036. Furthermore, aerospace was one of the first industries to implement carbon fiber because of its power and weight savings, and they've made good implementation of the component.
  
  For instance, according to the Clean Energy Manufacturing Analysis Center, CFRP makes it possible for "light-weighting," which reduces energy consumption through fuel savings, in transportation applications like cars and aircraft. An estimated 6%-8% more fuel economy is achieved for every 10% reduction in vehicle mass.
  
  In addition, utilizing carbon fiber composites to create an airplane limits its weight by equal to 20%, versus the weight of a conventional aluminum plane. For every kilogram of weight limitation, specialists calculate a savings of about USD 1 million in costs over the life of the plane which adds up to huge savings.
   
• Increasing use of electric vehicles across the world - Rising sales impelled the total number of electric cars in the world’s ways to 26 million, an increase of 60% compared to 2021, with BEVs attributing to more than 70% of total yearly expansion, as in earlier years. As an outcome, around 70% of the international stock of electric cars in 2022 were BEVs.
  
  The rise in sales from 2021 to 2022 was just as great as from 2020 to 2021 in absolute terms, an increase of 3.5 million but comparative expansion was lower (sales two-folded from 2020 to 2021). The remarkable rise in 2021 may be described by EV markets keeping up in the wake of the coronavirus (COVID-19) epidemic.

Challenges

• Carbon composites are toxic to the human body - Carbon fiber composite components are utilized in several applications in industries, and machining techniques frequently produce aerosols of these components in the workplace. Because the possible health impacts of these particles are doubtful, researchers assessed the toxicity of a series of carbon fiber composites artificially utilizing rabbit alveolar macrophages and in living organisms utilizing straight glottic injection into rat lungs.
• High cost and accessibility of alternatives - One significant issue with the carbon composites market expansion is the high cost of carbon fiber. Since these composites are expensive, their use is limited, and the manufacturer's biggest difficulty is coming up with low-cost technology. Carbon fiber composites are exclusively seen in high-end, premium vehicles in the automobile industry.