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Many variables influence the development, reception, and general elements of the carbon fiber in automotive market. In the car business, these variables are significant in deciding the seriousness of the market and its future course. Coming up next are significant market factors that immensely affect the carbon fiber car market:
Patterns in Lightweighting: The utilization of carbon fiber is generally being driven by the car business' consistent accentuation on lightweighting to further develop mileage and lower discharges. On account of its high-solidarity to-weight proportion, carbon fiber empowers makers to make lightweight parts without forfeiting underlying honesty, which improves eco-friendliness.
Stricter Discharge Guidelines: Makers are being compelled to research materials that guide in lessening the heaviness of vehicles by worldwide implemented outflow guidelines. Because of its lightweight nature and capacity to offer strength and sturdiness, carbon fiber upholds industry endeavors to work on complete ecological execution and agree with severe discharge guidelines.
Interest for Execution and Extravagance Vehicles: Carbon fiber parts are fundamentally utilized by the elite execution and extravagance vehicle fragments. The requirement for carbon fiber here is driven by the material's outstanding strength, solidness, and stylish allure, which makes it a favored decision for makers delivering top of the line vehicles and auto fans.
Fabricating Innovation Advancements: The improvement of carbon fiber producing innovation is a critical consider the market's development. Carbon fiber is turning out to be more reasonable and adaptable for large scale manufacturing thanks to cutting edge creation methods like 3D printing and computerized layup strategies, which is sliding its joining into the standard auto producing industry.
Patterns in Electric and Mixture Vehicles: As electric and hybrid vehicles become more normal, so does the requirement for carbon fiber. Vehicle weight decrease is much more significant as automakers advance toward charge to boost battery productivity and increment range. Parts made of carbon fiber assist electric and mixture vehicles with arriving at their lightweighting goals.
Cost-Decrease Drives: By and large, the car business has confronted obstructions to the inescapable reception of carbon fiber because of its significant expense. Yet, consistent endeavors to bring down creation costs through enhancements in material reusing and producing strategies are making carbon fiber monetarily suitable and expanding its market acknowledgment.
Customer Inclination for Current Materials: Vehicles fitted with cutting edge materials, similar to carbon fiber, are turning out to be increasingly well known among purchasers, which is influencing their choice to purchase. Clients are attracted to carbon fiber parts in auto plans on account of their predominant exhibition, eye-getting appearance, and mechanical developments.
Security Principles and Crashworthiness: Higher wellbeing norms for vehicles are upheld via carbon fiber's prevalent effect obstruction and crashworthiness. As wellbeing guidelines become more severe, automakers are integrating carbon fiber parts into basic region of their vehicles to work on complete security and crash insurance.
Production network Versatility: The significance of inventory network flexibility has been uncovered by the Coronavirus pandemic and different disturbances to customary car supply chains. Carbon fiber offers an elective hotspot for car parts due to its flexibility and wide scope of utilizations, which empowers store network enhancement.
Recyclability and Maintainability: Examination into the recyclable carbon fiber and feasible assembling methods is being energized by the accentuation on natural supportability and the ideas of the roundabout economy. Makers are investigating ways of decreasing the natural impact of delivering carbon fiber parts, in accordance with worldwide endeavors to do as such.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 2.78 Billion |
| Market Size Value In 2023 | USD 9.2 Billion |
| Growth Rate | 6.4% (2023-2030) |
Carbon Fiber Automotive Market Highlights:
Global Carbon Fiber in Automotive Market Overview
The Carbon Fiber in Automotive Market Size was valued at USD 6.09 Billion in 2023. The Carbon Fiber in the Automotive industry is projected to grow from USD 6.49 Billion in 2024 to USD 10.91 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2024 - 2032). The rising upcoming development in the fields of automobiles, aerospace & defense, and wind energy industries shall augment the market growth. Growing automotive demand, along with an increasing need for lightweight vehicles, is anticipated to drive the overall market. The need for fuel-efficient vehicles and strict government regulations regarding carbon emissions are key factors driving the industry outlook.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Carbon Fiber in Automotive Market Trends
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Increasing Product Usage in Automotive Sector to Drive Market Growth.
Rising car production, along with the surging need for lightweight vehicles, is likely to fuel the carbon fiber market growth. The increasing demand from manufacturers to produce automotive body parts such as hoods, deck lids, bumper beams, and fenders may favor the product demand. Adopting carbon fibers increases the durability of vehicles, thus longer life auto parts. Composites are primarily used in motorsports and luxury vehicles, which are driving the market. Companies are adopting strategies and investing in processes that can reduce the overall vehicle’s weight. Hence, the application of carbon fiber reinforced polymer (CFRP) is widely used in high-end supercars. The material has a very high strength-to-weight ratio, and the density is as low as 1.6g/cc, making it extremely lightweight. The advantage of a lightweight car is to have better fuel efficiency, and a 10% reduction in weight can save up to 6% to 8% of fuel in automobiles. Carbon fiber for cars is lighter, which can lead to reduced fuel consumption
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Additionally, Car companies such as Audi, BMW, Honda, Polestar, and General Motors are focusing on collaborating with carbon composite material manufacturers for mass production and are investing in their processes to support low-cost composite materials.
Carbon Fiber in Automotive Market Segment Insights:
Carbon Fiber in Automotive Application Insights
The Carbon Fiber in Automotive market segmentation, based on Application, includes Exterior, Chassis System, Interior, Pressure Vessel, Power Train System, and Underbody System. External components led to a market share for their use based on automotive composite qualities such as high impact strength, high tensile strength, and high chemical and abrasion resistance, which are required to comply with the automobile manufacturing standards for external components. The increasing preference for composites in sports cars and luxury vehicle engines and external components is likely to have a beneficial effect on overall market growth. In addition, increased R&D efforts are also projected to spur the growth of the segment over a forecast period to enhance composite utilization in structural and motor components.
Carbon Fiber in Automotive Material Insights
Based on Material, the Carbon Fiber in Automotive market segmentation includes Textile, Long Fiber Thermoplastic (LFT), Sheet Molding Compound (SMC), Short Fiber Thermoplastic (SFT), and Prepreg. Transmission of resin is a procedure of low-pressure closed molding used to make rooftops, front air barriers, and rear spoilers. Autoclave molding is used to manufacture high-strength-to-weight, dense, void-free products. For the generation of large and difficult components, injection molding is used. Three-dimensional items can readily be built with suitable preforms of different thicknesses.
Figure 2: Carbon Fiber in Automotive Market, by Material, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Carbon Fiber in Automotive Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market registered the largest market share in 2018 to positive automotive sales in countries such as China, India, and Japan. High investments from the public and private sectors in the manufacturing of electric vehicles are likely to propel the adoption of carbon fiber during the forecast period. According to the International Energy Agency, in 2018, the electric car fleet exceeded 5.1 million, up by 2 million from the previous year and sales of the new electric car almost doubled. In North America, the US has the largest market for automobiles. High demand for a second car in the region has negatively impacted the sale of new cars in the region. In addition, consumer attitude toward spending less on new car purchases has slowed the growth of the automotive industry in the region.
Figure 3: CARBON FIBER IN AUTOMOTIVE MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe is the largest automotive hub with the presence of a large number of automobile producers in the region; this positively influences the market growth—Germany is the leading country-level market. Stringent regulations implemented by (EPA) Environmental Protection Agency have increased the demand for lightweight and fuel-efficient vehicles, thus driving the carbon fiber in the automotive industry market in the region during the assessment period.
The market in the Middle East & Africa is likely to grow at a sluggish rate during the forecast period. The Latin American market is expected to exhibit remarkable growth owing to the positive growth avenues in Brazil and Mexico.
Carbon Fiber in Automotive Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help Carbon Fiber in the Automotive market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Carbon Fiber in the Automotive industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Carbon Fiber in Automotive. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Carbon Fiber in the Automotive industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Carbon Fiber in the Automotive industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Carbon Fiber in Automotive market players, including Hexcel Corporation (US), Mitsubishi Chemical Carbon Fiber and Composites Inc. (US), SGL Carbon SE (Germany), and others, are attempting to increase market demand by funding R&D initiatives.
Hexcel is a manufacturer of composite materials and engineered products. It operates in two segments: Composite Materials and Engineered Products. The Composite Materials segment manufactures and markets carbon fibers, fabrics and specialty reinforcements, prepregs and other fiber-reinforced matrix materials, structural adhesives, honeycomb, molding compounds, tooling materials, polyurethane systems, and laminates.
Also, SGL Carbon (formerly known as SGL Group) is a manufacturer of graphite and composite materials and products for chemical and industrial applications. It operates in four business units: Carbon Fibers, Composite Solutions, Graphite Solutions, and Process Technology. The company offers carbon fibers, textiles, pre-impregnated materials, fiber-reinforced components, and specialty graphite solutions for the automotive,
Key Companies in the Carbon Fiber in Automotive market include
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Hexcel Corporation (US)
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Mitsubishi Chemical Carbon Fiber and Composites Inc. (US)
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SGL Carbon SE (Germany)
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Cytec Solvay Group (US)
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Teijin Limited (Japan)
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DOWAKSA (US)
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Formosa Plastic Corp. (Taiwan)
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ZOLTEK (US)
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Sigmatex Ltd
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Toray Industries Inc. (Japan)
Carbon Fiber in Automotive Industry Developments
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.
In February 2020, The ANAND Group collaborated with FAR-UK for the development of carbon fiber composites and for reducing carbon emissions. FAR-UK manufactures and designs lightweight structural composite solutions.
Carbon Fiber in Automotive Market Segmentation
Carbon Fiber in Automotive Application Outlook
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Exterior
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Chassis System
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Interior
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Pressure Vessel
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Power Train System
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Underbody System
Carbon Fiber in Automotive Material Outlook
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Textile
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Long Fiber Thermoplastic (LFT)
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Sheet Molding Compound (SMC)
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Short Fiber Thermoplastic (SFT)
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Prepreg
Carbon Fiber in Automotive Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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