The global market for aerospace carbon fiber is projected to exhibit a considerable CAGR of around 8.2% during the forecast period. The market is mainly driven by the increasing application of carbon fiber materials in the aerospace sector coupled with the growing g adoption of lightweight aircraft across the globe. Carbon fibers have significant applications in the aerospace and space industries due to demanding thermo-structural fulfillment. It offers strength to planes keeping the weight very low compared to other materials. Lightweight and stiffness make it ideal to make fuel-efficient planes and other machines. In the aerospace & defense industry, carbon fiber is also used to make lighter and stronger equipment and parts of planes that can achieve much more than their metal alloy counterparts. Many companies and OEMs that are involved in the production of spacecraft, private aircraft, and commercial military aircraft prefer carbon fiber owing to its attractive properties and characteristics, therefore, creating significant growth in the market.
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However, the downfall in the demand for aircraft due to COVID-19 pandemic across the globe has impacted the market growth. Due to the pandemic, the aircraft manufacturing companies have decreased their production, owing to which, a downfall of 39.5% is estimated in the aircraft manufacturing industry in 2020, as per OMR analysis. According to the Airbus SE, in the First Quarter of 2020, the company had booked 290 net commercial aircraft orders and made the delivery of 122 commercial aircraft. In the first quarter of 2020, the company accounted for a loss of around $522 million in comparison to the profit of nearly $56.5 million in the same quarter last year. The revenues were 15.2% less in the first quarter reflecting the company strongly impacted by the pandemic.
Aerospace Carbon Fiber Market- Segmentation
By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch & Rayon
By Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon fiber
By Application
- Commercial Aviation
- Military Aviation
- Rotorcrafts
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