According to the latest "Carbon Fiber Reinforced Metal Matrix Composites Market Report" released by Industry ARC, it is estimated that from 2020 to 2025, the compound annual growth rate of carbon fiber reinforced metal matrix composites will reach 10.5%. By 2025, the market size is expected to reach 27.57 billion US dollars.
Carbon fiber reinforced metal matrix composites are made by dispersing carbon fibers into a metal matrix. Because of their high specific strength and excellent corrosion resistance, they are widely used in various fields such as automobiles, aerospace, defense and electronics.
In recent years, the demand for high-quality products with good durability and strength has been increasing in various industries, which is driving the growth of the global carbon fiber reinforced metal composite material market. Moreover, reducing accidents to a minimum in government regulations has increased the demand for carbon fiber reinforced metal composites in the automotive sector, thereby increasing its market growth.
According to statistics, aluminum-based composite materials accounted for the largest share of the carbon fiber reinforced metal composite material market in 2019, exceeding 35%. Carbon fiber reinforced aluminum composite materials have high weight-to-weight ratio, low thermal expansion, excellent creep, wear resistance and fatigue resistance, so they have replaced cast iron and other materials in many fields, which greatly promote This has contributed to the growth of the carbon fiber reinforced metal composite material market.
According to the application fields of carbon fiber reinforced metal matrix composites, the automotive industry is its fastest growing market segment, with a compound annual growth rate of 13% during the forecast period. The increasing demand for lightweight materials in the automotive and aerospace industries is driving the carbon fiber reinforced metal composite market. Reducing the weight of cars can also reduce greenhouse gas emissions, thereby accelerating the demand for carbon fiber reinforced metal composite materials. Following the automobile, the aerospace and defense fields have shown significant growth. Because of their thermal insulation properties and the ability to withstand extreme pressures, they are widely used in the aerospace industry.
The automobile and parts manufacturing industries are closing factories globally and are therefore facing the greatest decline. According to data from the China Passenger Car Association (CPCA), in the first half of February 2020, car sales in China fell by 92%. The decline in automobile production and sales has reduced the demand for carbon fiber-reinforced metal composite materials, which may inhibit its market growth to a certain extent, but the impact is limited in the long run.
In the carbon fiber reinforced metal composite material market, the North American market share exceeds 30%, followed by the Asia-Pacific region and Europe. Rapid industrialization and aviation have promoted the growth of carbon fiber reinforced metal composites in developing countries. Due to the expansion and strengthening of the defense sector, carbon fiber reinforced metal composites have shown significant growth in countries such as China, Japan and India. In addition, the increase in disposable income and high living standards have also accelerated the application of carbon fiber reinforced composite materials in the automotive and sports industries.