Rising demand for carbon fibers in manufacturing Heating, Ventilation, and Air Conditioning (HVAC) products is a major driving factor driving Carbon Fiber Composite Heating Element market revenue growth
Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global carbon fiber composite heating element market size was USD 4.25 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.4 % during the forecast period. China Decorative and Plate
Aerospace Industry Accelerates Adoption:
The aviation sector, witnessing a surge in demand for carbon fibers, is incorporating them into aircraft components to reduce weight and enhance fuel efficiency.
Notable aircraft models like Boeing 787 Dreamliner and Airbus A350 XWB are utilizing carbon fiber composite materials, showcasing a trend towards advanced manufacturing.
Dassault Aviation's integration of carbon fiber composites in Falcon 10x program's wings highlights the industry's commitment to leveraging innovative materials.
Global automotive manufacturers are increasingly using carbon fiber to improve the structural integrity and reduce the weight of vehicles, particularly in sports cars, luxury cars, and electric vehicles.
Dash-CAE's recent launch of TR01, a standard carbon fiber monocoque chassis for performance road vehicles, underscores the industry's shift towards lightweight and sturdy materials.
The surge in electric vehicle sales, with a 55% global increase in 2022, is further propelling the demand for carbon fiber composite materials in the automotive sector.
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Type Insights - Heating Tubes Lead:
Among various types of carbon fiber composite heating elements, heating tubes secured the largest revenue share in 2022. This is attributed to their widespread use in industrial applications such as industry heaters and tubular heaters.
Carbon fiber heating tubes offer significant advantages, including high-temperature resistance, wear resistance, and corrosion resistance, contributing to their popularity.
According to the Department of Energy, carbon fiber can convert electricity to heat up to 98%, with carbon fiber heating tubes saving up to 30% energy.
Application Insights - Aerospace Dominates:
The aerospace segment is anticipated to hold a substantial revenue share in the global carbon fiber composite heating element market. Carbon fiber composites play a crucial role in manufacturing aircraft components like wings and engine cowlings, contributing to weight reduction and improved fuel efficiency.
The International Trade Administration reports that the North America market accounted for the largest revenue share in 2022, fueled by the rapid growth of aerospace and defense industries.
Regional Insights - North America Leads:
North America emerged as the leader in the global carbon fiber composite heating element market in 2022, primarily due to the thriving aerospace and defense sectors. The use of carbon fibers in manufacturing processes aids in weight reduction, enhances fuel efficiency, and improves aerodynamics.
Europe secured the second-largest revenue share, driven by a growing demand for carbon fibers in energy production, satellites, and high-end automobiles.
The Asia Pacific market is poised to capture a considerable revenue share, propelled by the increased usage of carbon fibers in industrial and construction applications, especially in fast-developing countries like India, Indonesia, and Vietnam.
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Revenue in USD Billion and CAGR in % from 2023 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
SGL Carbon, Solvay, Methode Electronics, LIANG THING ENTERPRISE Co., LTD, TOKAI CARBON, GKN Powder Metallurgy, Schunk Carbon Technology, CFCCARBON CO, LTD, Hexcel Corporation, Nippon Graphite Fiber Co., Ltd, TORAY INDUSTRIES, INC., Present Advanced Composites Inc., and ZOLTEK Corporation.
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MAJOR COMPANIES and Market Share Analysis
The global carbon fiber composite heating element market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the global carbon fiber composite heating element market report are:
LIANG THING ENTERPRISE Co., Ltd.
Nippon Graphite Fiber Co., Ltd.
On 12 September 2023, SGL Carbon and Brembo signed an agreement to expand production capacities for their Brembo SGL Carbon Ceramic Brakes (BSCCB) joint venture. The two companies have confirmed that BSCCB will invest around USD 16 million between now and 2027 to expand production capacity at sites in Meitingen (Germany) and Stezzano (Italy) by over 70%.
On 18 November 2021, Zoltek Corporation announced that in 2023 Zoltek’s Guadalajara, Mexico facility will expand its production of large-tow carbon fiber (fibers with over 40,000 filaments). The planned 6,000 Metric Ton (MT) capacity expansion, reported by Toray to cost about USD 130 million, will increase Zoltek’s North American carbon fiber production capacity to 20,000 MT. The company’s global production capacity will be 35,000 MT and will add onto Zoltek’s 2021 6,000 MT capacity expansion.
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For the purpose of this report, Emergen Research has segmented the global carbon fiber composite heating element market on the basis of type, application and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Application Outlook (Revenue, USD Billion; 2019-2032)
Regional Outlook (Revenue, USD Billion; 2019-2032)
Rest of Middle East & Africa
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