Carbon fiber composite heating elements market

Carbon Fiber Composite Heating Elements Market, By Product Type (Carbon Fiber Composite Heating Tube, Carbon Fiber Composite Heating Plate, Carbon Fiber Composite Heating Wire, and Others), By Application (Aerospace, Industrial, Commercial, and Others), By Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa)

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Mar 2023
CMI1789
140 Pages
Excel & Pdf
Polymers and Resins

Summary

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.

Carbon Fiber Composite Heating Elements Market Report Coverage

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:	By Region: North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Segments covered:	By Product Type: Carbon Fiber Composite Heating Tube, Carbon Fiber Composite Heating Plate, Carbon Fiber Composite Heating Wire, and Others By Application: Aerospace, Industrial, Commercial, and Others
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.
Growth Drivers:	Increasing demand for lightweight and fuel-efficient vehicles The growing popularity of electric and hybrid vehicles
Restraints & Challenges:	The high price of fiber composite heating elements

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

In February 2021, Teijin Limited announced its new Tenax PW and Tenax BM brands if carbon fiber intermediate materials for sports applications. Tenax PW is an advanced aircraft-quality material that helps to maximize power and speed thanks to its exceptional durability and toughness.
In July 2020, Toray Industries, Inc., announced that it had an agreement with Lilium GMPH to supply carbon fire and composite material from Lilium Jet. Lilium is developing all the vertical take-off and electrical and landing aircraft to deliver clean, regional air mobility. Carbon fiber composite material are vital to lighten such vehicles as the Lilium jet.
In January 2020, Mitsubishi Chemical Corporation acquired the German carbon fiber prepreg manufacturer, c-m-p GmbH through its subsidiary, Mitsubishi chemical advanced material, BB presence in the carbon fiber and composite material business.
On 16 February 2023, SGL Carbon sold its business activities at the Gardena site to an affiliate of Tex-Tech Industries, Inc., This also includes all plant and machinery as well as customer contracts served from the Gardena site that will be fulfilled by the buyer in the future. The employees of the site were also taken over by the buyer. The property will remain in the possession of SGL Carbon and will be leased to the buyer for use.

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.

Table of Content

Table of Contents

References
Research Methodology
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Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What was the global carbon fiber composite heating elements market size in 2022?

Global carbon fiber composite heating elements market was valued at around US$ 4,254.1 Million in 2022.

What are the major factors that are expected to drive growth of the market during the forecast period?

The 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.

What are the trends in the market?

Growing demand for ceramic matrix composites in developing countries are the trends in the market.

What are the key factors hampering growth of the market?

The increasing product usage in the aerospace industry is the key factor hampering growth of the market.

Which are the key players in the market?

Major players operating in the 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.

What is the estimated CAGR for the market?

The market is estimated to grow at around 6.98 % CAGR in the forecast period (2023-2030).