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The carbon fiber in the automotive composites market size is estimated to grow at a CAGR of 6.24% between 2022 and 2027 with the market size forecast to increase by USD 181.63 million.
This carbon fiber in the automotive composites market report extensively covers market segmentation by Material, Application, and Geography. The material segment is classified into long fiber thermoplastic, sheet moulding compound, prepreg, short fiber thermoplastic, and others. The Application segment includes exterior components, interior components, structural and powertrains, chassis systems, and others, and the Geography segment is divided into APAC, Europe, North America, South America, and Middle East and Africa. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The growth of the market depends on several factors such as excellent properties exhibited by carbon fiber, stringent regulations in the automotive industry, and increased automobile production capacity in APAC.
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Carbon fiber is a thin filamentous substance that is composed of carbon atoms bonded in a microscopic crystal structure. Its excellent mechanical and chemical properties enable its use as a composite in the exterior, interior, chassis, and powertrain components of automobiles.
The long fiber thermoplastic segment is estimated to witness significant growth during the forecast period. The most important reason for the increasing consumption of long fiber reinforced thermoplastics (LFT) lies in their properties, such as high strength-to-weight ratio, chemical resistance, Corrosion resistance, and heat resistance. LFT has applications in automotive door modules, front modules, dashboards, and underbody protection. LFT also has many advantages over SMC.
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The long fiber thermoplastic segment was the largest segment and was valued at USD 153.57 million in 2017. Long fiber thermoplastics are widely used in automotive applications to produce light vehicles to reduce the overall weight of the material and prevent corrosion and chemical attack. The enhanced performance and diverse applications of LFTs will likely lead to significant growth in the global carbon fiber LFTs segment in the automotive carbon fiber composites market during the forecast period.
APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC is the largest segment by region in terms of volume and value. The growing demand for lightweight, fuel-efficient vehicles and improving economic conditions in the APAC region has fueled the growth of the automotive carbon fiber composites market.
In addition, the sudden expansion of automakers and increased investment in R&D by major suppliers has contributed to the production of high-performance carbon fibers in automotive composites. The competitive landscape and increased R&D spending by key suppliers will lead to improved quality and reduced prices, thereby driving the growth of carbon fiber in automotive composites in APAC during the period. forecast.
Excellent properties exhibited by carbon fiber is the key factor driving the growth of the market. Carbon fiber has several important properties, including high strength-to-weight ratio, corrosion and fire resistance, electrical conductivity, lubricity, inertness, and less toxicity. Carbon fiber is chemically stable and corrosion-resistant. Carbon fiber in epoxy or UV-resistant paint is chemically stable and remains resistant to corrosion.
In addition, they are heat stable and fire resistant. These properties of carbon fiber enable its widespread use in the automotive, aerospace, and defense industries as well as other industrial applications. Due to all these properties, the demand for carbon fiber in automotive composites is increasing, which is expected to drive the growth of the global market during the forecast period.
Increasing demand for fuel-efficient vehicles is the primary trend in the market. Growing urban populations and industrialization are important factors driving the growth of the auto industry in countries such as India and China. The availability of alternative fuels, coupled with awareness of the positive impact of green and light vehicles, can directly contribute to the growth of the automotive carbon fiber composites market.
In addition, fuel-efficient cars are environmentally friendly, have high driving ranges, can run on alternative fuels, and use advanced fuel technology. Hybrid electric cars, battery-powered cars, plug-in hybrids, and pneumatic electric cars are some of the fuel-efficient vehicles favored by consumers. These light vehicles make extensive use of composites, which directly increases the demand for carbon fiber in the automotive composites market during the forecast period.
High costs associated with carbon fiber is a challenge that affects the growth of the market. Composites are more costly than their alternatives, such as metals, plastics, and polymers. Manufacturing and R&D costs associated with carbon fiber could reduce demand for carbon fiber in automotive composites and increase demand for alternative products.
Moreover, the production and R&D cost of carbon fiber composites is eight times higher than that of steel. PAN is one of the raw materials used in the production of carbon fiber composite materials; PAN is more costly than its alternatives. The high production costs associated with carbon fiber composites are primarily due to the high cost of raw materials. Thus, high costs associated with carbon fiber will impede the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ACP Composites Inc.: The company offers carbon fiber products including a range of fabric reinforcements and structural carbon fiber components such as tubes, panels and laminates found across multiple industries including aerospace, automotive, recreational, medical.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Formosa Plastics Corp., Hexcel Corp., HP Composites S.p.A. , Hyosung Corp., Knauf Industries, Kureha Corp., Mitsubishi Chemical Group Corp., Plasan Sasa Ltd., Revchem Composites Inc., SAERTEX GmbH and Co.KG, Saudi Basic Industries Corp., SGL Carbon SE, Shenzhen KIY Carbon Co. Ltd., Solvay SA, Teijin Ltd., Toray Industries Inc., and Muhr und Bender KG
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Carbon Fiber in the Automotive Composites Market Customer Landscape
Carbon Fiber In The Automotive Composites Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.24% |
Market growth 2023-2027 |
USD 181.63 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.15 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACP Composites Inc., China Composites Group Corp. Ltd., DowAksa Ileri Kompozit Malzemeler San. Ltd. Sti., Formosa Plastics Corp., Hexcel Corp., HP Composites S.p.A. , Hyosung Corp., Knauf Industries, Kureha Corp., Mitsubishi Chemical Group Corp., Plasan Sasa Ltd., Revchem Composites Inc., SAERTEX GmbH and Co.KG, Saudi Basic Industries Corp., SGL Carbon SE, Shenzhen KIY Carbon Co. Ltd., Solvay SA, Teijin Ltd., Toray Industries Inc., and Muhr und Bender KG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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