Carbon Fiber Reinforced Metal Matrix Composites Market Scaleto Reach $27.5 Billion by 2025
Carbon Fiber Reinforced Metal Matrix Composites Market Scaleto Reach $27.5 Billion by 2025
According to Industry ARC's latest report on Carbon Fiber Reinforced Metal Matrix Composites Market, the market is expected to grow at a CAGR of 10.5% during 2020-2025 and is expected to reach USD 27.57 billion by 2025.
Carbon fiber reinforced metal matrix composites are made by dispersing carbon fibers into a metal matrix. Due to their high specific strength and excellent corrosion resistance, they are widely used in various applications such as automotive, aerospace, defense, and electronics.
Increasing demand for quality products with good durability and strength across various industries is driving the growth of the global carbon fiber reinforced metal composites market in recent years. Moreover, government regulations to minimize accidents have increased the demand for carbon fiber reinforced metal composites in the automotive sector, thereby increasing its market growth.
According to statistics, aluminum-based composites accounted for the largest share of the carbon fiber reinforced metal composites market, exceeding 35% in 2019. Carbon fiber reinforced aluminum composites offer high weight to weight ratio, low thermal expansion, excellent creep, and wear and fatigue resistance, thus they have replaced cast iron and other materials in numerous applications, thereby contributing significantly to the growth of the carbon fiber reinforced metal composites market.
Based on the applications of carbon fiber reinforced metal matrix composites, the automotive industry is the fastest growing segment with a CAGR of 13% during the forecast period. Increasing demand for lightweight materials in the automotive and aerospace industry is driving the carbon fiber reinforced metal composites market. Reducing the weight of automobiles also reduces greenhouse gas emissions, thereby accelerating the demand for carbon fiber reinforced metal composites market. After automobiles, the aerospace & defense segment has shown significant growth. They are extensively used in the aerospace industry due to their thermal insulation properties and ability to withstand extreme pressures.
The outbreak of a novel coronavirus (COVID-19) has negatively impacted the automotive industry. The auto and component manufacturing industry is facing the biggest recession as it is shutting down plants across the globe. According to the China Passenger Car Association (CPCA), car sales in China have declined by 92% in the first half of February 2020. The decline in vehicle production and sales has reduced the demand for carbon fiber reinforced metal composites and may dampen their market growth to some extent, but the impact is limited in the long run.
Among the carbon fiber reinforced metal composites market, North America has a market share of over 30%, followed by Asia Pacific and Europe. Rapid industrialization as well as aviation is driving the growth of carbon fiber reinforced metal composites in developing countries. Carbon fiber reinforced metal composites have shown significant growth in countries such as China, Japan, and India due to expansion and strengthening of the defense sector. In addition, increasing disposable income and high standard of living have accelerated the use of carbon fibre-reinforced composites in the automotive and sports industries.
Source: Carbon Fiber and Composites Technology