Carbon Fiber Composite Heating Element Market Forecast 2023 - 2030

By Product Type :

The product type segment is categorized into carbon fiber composite heating tubes, carbon fiber composite heating plates, carbon fiber composite heating wires, and others. In 2022, the carbon fiber composite heating tubes segment accounted for the highest market share in the carbon fiber composite heating element market. Carbon fiber composite heating tubes have various prominent properties such as bulk density of 1.4~1.5 g/cm--3, tensile strength of 40~60 MPa, tensile modulus of 25~30 GPa, bending strength of 80~110 MPa, compressive strength at 90~120 MPa, and others. These features ensure superior thermal conductivity of 30~50 W/mk, excellent processing temperature of 2200℃, and others. Thus, Carbon fiber composite heating tubes are ideal for the production of aerospace vacuum heat treating furnaces in aircraft. For instance, according to Airbus, a leading aircraft manufacturer, the monthly production of A330 aircraft increased by 3 in 2022. Furthermore, Airbus is targeting to increase the monthly production of A330 aircraft by 4 in the year 2024. Thus, the rise in the production of aircraft is accelerating the demand for carbon fiber composite heating tubes to ensure superior thermal performance. This, in turn, is driving the segmental growth of the market.

However, the carbon fiber composite heating tubes segment is projected to be the fastest-growing segment during the forecast period. This is due to the increasing industrial production activities, which are fostering segmental growth.

By Application :

The application segment is categorized into aerospace, industrial, building & construction, and others. In 2022, the industrial segment accounted for the highest market share of 42.50% in the overall carbon fiber composite heating element market. The vital properties associated with carbon fiber composite heating elements include superior corrosion resistance, extreme temperature resistance, and lightweight. As a result, carbon fiber composite heating element is an ideal solution in industries such as heavy trucks, heavy equipment, and others. For instance, according to the recent statistics published by the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the production of heavy load trucks in the North American region was 388,244 units and in 2021, it was 463,591 units, an increase of 19%. Furthermore, in 2020, the production of heavy-load trucks in Japan was 405,451 units and in 2021, it was 516,988 units, an increase of 28%. Therefore, the growth in the industrial activities associated with heavy trucks, heavy equipment, and others are fostering the demand for carbon fiber composite heating elements to ensure superior tensile strength, which, in turn, is driving the market growth.

However, the aerospace segment is expected to be the fastest-growing segment during the forecast period. This growth is attributed to factors such as increasing investment in new aerospace manufacturing facilities, government initiatives for new aircraft model development, and others.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Europe accounted for the highest market share at 36.50% and was valued at USD 1,591.40 million, and is expected to reach USD 2,505.29 million in 2030. In Europe, Germany accounted for the highest market share of 21.50% during the base year of 2022. This is due to the growth in the production of heavy construction equipment, the development of new automotive plants, and others. For instance, according to Agoriya Belgium, a member of the Committee for European Construction Equipment (CECE), in 2021, the sales of less than 10 tons and more than 10 tons of earthmoving and construction equipment increased by 27% and 23%, respectively over 2020. Also, it further states that sales have gone up when compared with the Covid-19 time. Hence, the growth in the production of heavy construction equipment is accelerating the advancement of the industrial sector in Europe. This, in turn, is propelling the carbon fiber composite heating elements market growth.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 6.6% during 2023-20230. This is due to the presence of various carbon fiber composite heating elements industry players, the development of new industrial manufacturing facilities, and others.