Rising Demand for Carbon Fiber Composites Boosts Market Growth in HVAC, Aerospace, and Automotive Industries
Discover how the rising demand for carbon fiber composites in HVAC, aerospace, and automotive industries is driving market growth
VANCOUVER, BC, CANADA, June 19, 2024 /EINPresswire.com/ -- 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. The global market for carbon fiber composite heating elements is experiencing significant revenue growth, driven by increasing demand across various industries such as HVAC, automotive, and aerospace. Carbon fiber composites, known for their lightweight and durable properties, are becoming essential in the manufacturing of Heating, Ventilation, and Air Conditioning (HVAC) products, as well as in other high-performance applications.
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Key Market Drivers:
Aviation Industry Expansion:
Aircraft manufacturers like Boeing and Airbus are incorporating carbon fiber composites to reduce aircraft weight and improve fuel efficiency. Notable examples include the Boeing 787 Dreamliner and Airbus A350 XWB. Dassault Aviation's use of carbon fiber composites in the Falcon 10x program is a testament to this growing trend.
Automotive Sector Growth:
The automotive industry is increasingly adopting carbon fiber composites to enhance vehicle performance. These materials are particularly favored in the production of sports cars, luxury vehicles, and electric cars due to their strength and lightweight properties. The launch of the TR01 carbon fiber monocoque chassis by Dash-CAE for performance road vehicles highlights this trend. Global car sales are projected to surpass 69 million by the end of 2023.
Electric Vehicle Surge:
The rise in electric vehicle production is also contributing to market growth. Electric vehicle sales surged by 55% globally in 2022, underscoring the demand for advanced materials like carbon fiber composites that enhance vehicle efficiency.
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Market Restraints:
Despite its advantages, the high cost of carbon fiber composites compared to traditional materials like steel, aluminum, and plastic remains a significant challenge. This price factor could potentially slow down market growth.
Segment Insights:
Product Type:
Heating Tubes: The heating tubes segment held the largest revenue share in 2022. Carbon fiber heating tubes are widely used in industrial applications due to their high-temperature resistance and energy efficiency. According to the Department of Energy, carbon fiber can convert up to 98% of electricity to heat, and these tubes can save up to 30% energy.
Heating Wires: Heating wires are also seeing robust growth, especially in household applications such as heating pads and electric blankets. These wires are lightweight, durable, and emit far-infrared radiant energy, reducing noise and electromagnetic radiation pollution.
Applications:
Aerospace: The aerospace sector is expected to account for a significant share of the market. Carbon fiber composites are crucial in manufacturing various aircraft components, including wings and engine cowlings. These materials help reduce weight and enhance fuel efficiency. The Aerospace Industries Association reported a 4.4% increase in aerospace exports in 2022, valued at around USD 104.8 billion.
Automotive: The automotive sector is witnessing steady growth in the use of carbon fiber composites. The rising demand for electric vehicles, which require lightweight and efficient materials, is a key factor. The International Energy Agency noted that electric car sales exceeded 10 million in 2022, with projections reaching 14 million by the end of 2023.
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Carbon Fiber Composite Heating Element Top Companies and Competitive Landscape
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.
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.
ZOLTEK Corporation
Carbon Fiber Composite Heating Element Latest Industry News
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.
Carbon Fiber Composite Heating Element Market Segment Analysis
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)
Heating Tubes
Heating Plates
Heating Wires
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Aerospace
Automotive
Industrial
Commercial
Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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