Global carbon fiber composite heating elements market was valued at US$ 4,254.1 Million in 2022 in terms of revenue, exhibiting a CAGR of 6.98% during the forecast period (2023 to 2030) and expected to grow at US$ 7,295.7 Million by 2030.
Carbon fiber composite heating elements are lightweight and strong fiber-reinforced elements that contain carbon fiber. Carbon fiber composites can be potential alternatives to other metal-based heating elements such as aluminum, owing to properties such as lightweight, high temperature tolerance, and high tensile strength. As a result, carbon fiber composites have a wide range applications as industrial and commercial heaters, and also in the aerospace industry for de-icing purposes.
Drivers
Rising car production, along with the surging need for lightweight vehicles, is likely to fuel the carbon fiber market growth. The increasing demand from manufacturers to produce automotive body parts such as hoods, deck lids, bumper beams, and fenders may favor the product demand. Adopting carbon fibers increases the durability of vehicles, thus longer life auto parts. Composites are primarily used in motorsports and luxury vehicles, which are driving the market. Companies are adopting strategies and investing in processes that can reduce the overall vehicle’s weight. Hence, the application of carbon fiber reinforced polymer (CFRP) is widely used in high-end supercars. The material has a very high strength-to-weight ratio, and the density is as low as 1.6g/cc, making it extremely lightweight. The advantage of a lightweight car is to have better fuel efficiency, and a 10% reduction in weight can save up to 6% to 8% of fuels in automobiles.
Car companies such as Audi, BMW, Honda, Polestar, and General Motors are focusing on collaborating with carbon composite material manufacturers for mass production and are investing in their processes to support low-cost composite materials. For instance, in May 2020, General Motors collaborated with Teijin, a Japanese information technology, chemical, and pharmaceutical company, to use CFRTP in its high production vehicle, and the material is being used for the mass production of vehicles.
Figure 1. Global Carbon Fiber Composite Heating Elements Market Value Share (%), By Region, 2021
Market Restraints
The high price of fiber composite heating elements is presently the only key factor restraining their use.
The research offers a comprehensive analysis of the sector, outlining the key factors influencing industry growth as well as its potential and difficulties. The carbon fiber composite heating element market is currently experiencing severe issues as a result of the numerous potent competitors. The specifications provide a clear summary of the precise laws and regulations that apply to the organization. To evaluate market performance and develop wise corporate judgments, compelling parameter postponement from the study may be used.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: |
US$ 4,254.1 Mn |
| Historical Data for: | 2017-2021 | Forecast Period: | 2023 |
| Forecast Period 2023 to 2030 CAGR: | 6.98 % | 2030 Value Projection: | 2023-2030 |
| Geographies covered: |
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| Companies covered: |
SGL Group, Solvay, Methode Electronics, Lianyungang O-Yate Lighting Electrical Co. Ltd., Tokai Carbon, GKN Plc, Schunk Group, CFC Carbon Co., Ltd, and Flexel.
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Market Trends
Growing demand for ceramic matrix composites in emerging countries
Demand for ceramic matrix composites has increased significantly in growing Asia Pacific nations such as Thailand, China, India and Singapore which is projected to fuel market expansion. To fight growing fuel consumption and prices, these emerging countries are attempting to implement fuel-efficient aero engines and car modules based on ceramic matrix composites. Aside from that, ceramic matrix advanced composites are used in engine parts such as combustor liners, blades, nozzles, and shrouds. The reduced operational and administrative expenses of the aircraft result from better fuel economy. The high economic process in these nations, in addition to high urbanization, industrialization, and rising living standards, plays a critical role in the adoption of fuel-efficient cost-cutting machinery.
Figure 2. Global Carbon Fiber Composite Heating Elements Market value Share (%), By Application, 2021
Global Carbon Fiber Composite Heating Elements Market- Impact of Coronavirus (Covid-19) Pandemic
Covid-19 Pandemic affected various industry in the global market. Lockdown was imposed across the globe, travel restrictions, social distancing was imposed in various countries. Production, manufacturing, logistics, supply chain sector highly impacted due to covid-19, supply and demand was decreased for global carbon fiber composite heating elements market in coronavirus pandemic. However, after pandemic the global carbon fiber composite heating element market is improving and demand is also growing.
Recent Developments
Competitive Section
Major players operating in the global carbon fiber composite heating elements market include SGL Group, Solvay, Methode Electronics, Lianyungang O-Yate Lighting Electrical Co. Ltd., Tokai Carbon, GKN Plc, Schunk Group, CFC Carbon Co., Ltd, and Flexel.
Carbon fiber heating elements are lightweight fibers and delivers excellent characteristics such as high tensile strength and high temperature tolerance in comparison with conventional structure metals such as aluminum and steel. Thus, high demand for carbon fiber composites for manufacturing heating tubes and other elements is expected to increase demand for carbon composite heating elements over the forecast period. Rising applications of these elements in transportation, home appliances, aerospace, and other industries is expected to drive the market growth over the forecast period.
Key players operating in the market are focused on expansion strategy, in order to enhance its production capacity. For instance, Mitsubishi Chemical Corporation announced that it will acquire c-m-p GmbH, Germany through its subsidiary, Mitsubishi Chemical Advanced Material, in January 2020, in order to strengthen its presence in the carbon fibre composite material business. The production expansion strategy was implemented to make carbon fiber reinforced composite materials for application in the aerospace industry. The carbon fiber-reinforced composite material is used to manufacture aeroplane wing movable flaps and engine nacelles.
Market Dynamics
Based on product type, global carbon fiber composite heating elements market is segregated into carbon fiber composite heating tube, carbon fiber composite heating plate, carbon fiber composite heating wire, and others. In 2020, carbon fiber composite heating plates segment held the largest revenue share in the global market and contributed for over 43.0% in terms of revenue. Carbon fiber composites and other carbon-based materials are being developed, in order to replace conventional heat conducting materials.
Heating plates are a crystal structure of graphite and can be segregated into two categories such as soft plates and hard plates. These plates find applications in heat treating and furnace fixtures, windmill blades, automotive & tooling, and aerospace deicing applications. Moreover, heat resistance property allows heating plates to be specifically customized according to requirements of end user, which is one of the major drivers fueling growth of the carbon fiber composites heating plate segment, globally. Among regions, in 2021, Europe held dominant position in global carbon fiber composite heating elements market and contributed revenue share of over 29.0%. The regional growth is driven by high presence of industrial manufacturers such as Rolls Royce, Siemens AG, Airbus SE, and others in the Europe market.
Key features of the study:
Detailed Segmentation:
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