REPORT OVERVIEW
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The global carbon fibre pellets market size expanded rapidly in 2022. As per our research, the carbon fibre pellets market is expected to generate substantial revenue by 2029, a robust CAGR during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The expansion of the carbon fibre pellets market is primarily being driven by the expanding usage of carbon fibre pellets in the aerospace and defense industries. Carbon fibre pellets are used to make aircraft parts by large aircraft producers like Boeing and Airbus, lowering the weight of aircraft by about 50%. As aviation engineers concentrate on developing effective, lightweight aircraft structures, carbon fiber-reinforced polymers are a good fit for aerospace applications due to their better strength-to-weight ratio.
Aerial sections like wings, rudders, fuselages, interiors, doors, tails, and landing gear are made of carbon fibre pellets because of its outstanding rigidity, fatigue resistance, and wear resistance. Due to its great durability, fatigue resistance, and corrosion resistance, carbon fibre is used as the principal construction material for aero planes, resulting in lower maintenance costs. In the Boeing 787 Dreamliner, materials made of carbon fibre reinforced plastic (CFRP) account for around 50% of the structural weight. In comparison to conventional aluminum designs, this method results in an average weight decrease of 20%. Leading aircraft producer Airbus employs carbon fibre in its A350 XWB line of aero planes. The 53-Rbon composites used in the A350 XWB series aircraft ensure cost effectiveness with low weight and low maintenance costs.
COVID-19 Impact: Mounting Death Toll to Decline the Demand for the Market
The COVID-19 pandemic had a significant negative influence on the economies of many nations in 2020. Lockdowns were enacted in a number of nations throughout the world due of the mounting death toll from COVID-19. To stop the spread of COVID-19, numerous manufacturing plants for cars, aeroplanes, and other products were shut down. Due to widespread vaccination efforts, a sizable number of nations abolished lockdown restrictions in 2021, allowing a return of diverse trade and development operations on a worldwide scale. The restart of business at end-user industries' manufacturing facilities was further encouraged, which raised demand for carbon fibre. As a result, the market is anticipated to expand significantly throughout the course of the forecast period.
LATEST TRENDS
"Rising Need for Lightweight, High-Performance Materials to Augment Market Growth"
One significant factor driving the expansion of the carbon fibre pellets market is the rising need for lightweight, high-performance materials. Lightweight and high-performance materials are employed in many industrial applications because of qualities like energy efficiency and wear resistance, which increases their demand from many end-user industries. The aerospace, defence, and automobile industries all make extensive use of these materials.
SEGMENTATION
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- By Type
Based on type market is classified as carbon fiber abs pellets, carbon fiber pp pellets, carbon fiber pa pellets, carbon fiber pc pellets and others.
- By Application
Based on application market is classified as electronics, automotive, household appliances, aerospace, construction and other.
DRIVING FACTORS
"High Strength-To-Weight Ratio to Attract Customers"
Carbon composites are the most popular composites among the numerous forms of high-performance materials. This is brought on by traits including a high strength-to-weight ratio, resistance to high temperatures, resistance to thermal shock, non-conductivity, and increased fuel efficiency. Research and development efforts should increase due to the anticipated rise in demand for carbon composite materials, which will encourage the use of carbon fibre in a number of new application areas over the projection period.
"Aerospace And Defence Applications to Provide Impetus to The Market"
During the anticipated period, the aerospace and defence sector's market share rise will be strong. Due to its attributes including light weight, high tensile strength, corrosion resistance, fatigue resistance, and exceptional strength and stiffness, carbon fibre is frequently utilised in aerospace and defence applications. Because of its superior strength-to-weight ratio compared to other metals, carbon fibre is frequently employed in the construction of aircraft parts. High strength, superior chemical and corrosion resistance, and high viscosity are traits of carbon fibre materials.
RESTRAINING FACTORS
"Intense Substitute Competition to Impede Market Growth"
The growth of the carbon fibre market is being hampered by the intense substitute competition. Numerous industries, including the automotive, aerospace, defence, building, and wind energy, employ carbon fibre. Due to their similar end uses, substitutes like fibreglass, aluminium, copper, basalt fibre, aramid fibre, and natural fibres pose significant obstacles to the market's expansion. Numerous industries, including the building and automobile sectors, use basalt. Basalt fibre has good thermal stability and high-temperature filtration properties and is created from naturally occurring volcanic rock. As a result, it is employed as a reinforcing material in the automotive and construction sectors.
REGIONAL INSIGHTS
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"North America to Dominate the Market Due to Increasing Usage of Carbon Fibre"
During the forecast period, North America is anticipated to contribute 32% to the growth of the global carbon fibre market. The increasing usage of carbon fibre in sectors including aerospace, automotive, wind energy, and construction is credited with driving market expansion in the area. One of the biggest exporters of carbon fibre is the area. The regional market is led by the United States and Canada. The region is home to significant defence equipment producers as well as major aircraft manufacturers like Airbus and Boeing. Commercial aviation and the manufacture of large passenger and freight aircraft are the two industries that dominate the aerospace and defence industry. Consumption of carbon fiber-based composites will rise as a result of strict government regulations to reduce vehicle weight and greenhouse gas emissions.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Mitsui Chemical (Japan)
- Toray (Japan)
- Toho Tenax (Teijin) (U.S.)
- Hexcel (U.S.)
- Formosa Plastics Corp (Taiwan)
- Cytec Solvay (Belgium)
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
Frequently Asked Questions
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Which are the driving factors of the carbon fibre pellets market?
High strength-to-weight ratio and aerospace and defence applications are the driving factors of the carbon fibre pellets market growth.
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What is the leading region in the carbon fibre pellets market?
North America to dominate the carbon fibre pellets market share due to increasing usage of carbon fibre.
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Which are the top companies operating in the carbon fibre pellets market?
Alpinestars, Dainese, Fox Head, SCOTT Sports, Sparco Spa, Leatt, EVS Sports, Troy, Lee Designs, Strategic Sports are the top companies operating in the carbon fibre pellets market.
