Global Carbon Fiber Composite Heating Elements Market is estimated to be valued at US$ 4,254.1 Million in 2022, according to the Global Carbon Fiber Composite Heating Elements Market Report, 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), published by Coherent Market Insights.
Global carbon fiber composite heating elements market was valued at US$ 4,254.1 Million in 2022. Carbon fiber composite heating elements market is expected to register a CAGR of 6.98 % over the forecast period (2023–2030), to reach US$ 7,295.7 Million by 2030.
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Key Trends and Analysis of the Global Carbon Fiber Composite Heating Elements Market:
- Increasing demand for carbon fiber composite heating elements along with advantages offered by these products is expected to increase revenue of global carbon fiber composite heating elements market over the forecast period. Carbon fiber composites are used as heating elements. For instance, in February 2020, The ANAND Group collaborated with FAR-UK for the development of carbon fiber composites and for reducing carbon emission. FAR-UK manufactures and designs lightweight structural composite solutions.
- This is owing to a number of benefits offered by carbon fiber-based heating elements such as even heating and lightweight nature of carbon fibers compared to other heating elements such as aluminum-based wire or foil. Moreover, increasing demand for carbon fiber heating garments is expected to provide ample opportunities for players operating in the global carbon fiber composite heating elements market. For instance, in the article ‘Research on application of carbon fiber heating material in clothing’ published in the journal of IOP Conference Series: Earth and Environmental Science in 2020, a review on garments consisting carbon fiber heating elements was reported. According to the same source, carbon fiber provides significant amount of heat when working in a 1.5-12V low voltage area. Therefore, compared with traditional electric heating garment, carbon fiber heating garment is safer and efficient. Furthermore, these garments can be used as outdoor service clothes for armed forces, as gear for high-altitude mountaineering, and as cold storage suits among others.
Key Takeaways of the Global Carbon Fiber Composite Heating Elements Market:
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the carbon fiber composite heating elements market are key strategies adopted by players in the global carbon fiber composite heating elements market. For instance, in August 2020, Mitsubishi Chemical Corporation completed the acquisition of CFK Valley Stade Recycling GmbH & Co. KG (CFK) and carboNXT, two German carbon fiber recycling companies.
- Based on application, industrial segment contributed for over 32.0% of the revenue share in the global carbon fiber composite heating elements market in 2021. Industrial segment offers various applications for carbon fiber composite heating elements such as in transportation, pressure vessels, windmills, and diverse heating requirements in the processing industry. Therefore, rising applications of carbon fiber composite heating elements is expected to drive the segment growth in the near future.
- Among regions, Europe accounted for the largest revenue share in the global carbon fiber composite heating elements market in 2021. Carbon fiber composite heating elements are used in various applications such as automobile parts, sports goods, and aerospace de-icing. High growth of these industries is projected to drive growth of global carbon fiber composite heating elements market. According to European Automobile Manufacturers Association, in 2021, 19.2 million motor vehicles were produced in European Union in 2021 out of total 98.1 million motor vehicles produced around the world, contributing for around 20% of the global production in the same year.
- 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
