The Global Automotive Carbon Fiber Composites Market is projected to reach USD 10.92 billion in 2027. The increasing demand for fuel-efficient, lightweight vehicles, the growing popularity of electric and hybrid cars, the increase in the adoption of luxurious cars, and supportive government regulations are primarily driving the market’s growth during the forecast period.
The increase in usage of lightweight materials along with the requirement of cost-effective solutions to reducing carbon emission are the primary factors driving the market’s demand during the forecast period. Current Automotive Carbon Fiber Composites products offer high strength to weight ratio and play a crucial role in attaining fuel efficiency. There has been advancement in production facilities, which is helping the manufacturers to reduce operational time and cost involved. This is also creating huge opportunities for startup companies to enter into this market with relatively low capital. The development of electric or hybrid vehicles having lesser weight is further fuelling the market’s demand. Countries around the world have come up with stringent regulations in order to reduce carbon emissions, and this is also likely to drive the market’s growth to a large extent during the forecast period.
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Further key findings from the report suggest
- The metal Composites product segment is expected to register the highest CAGR during the forecast period because of its extensive use in powertrain and chassis components. Metal Composites offer high transverse stiffness and strength, fire resistance, protection from moisture, and radiation resistance.
- The compression Molding process is generally used to give shape to fiberglass and thermoplastic resins. The process has a high production rate, low wastage of material, and low maintenance cost is also an advantage of the process.
- Automotive Carbon Fiber Composites products would find widespread usage in structural and powertrain components during the forecast period and would substitute metallic underhood parts.
- Europe occupies the second largest market share, and this trend is expected to continue throughout the forecast period. The demand is mainly arising from countries like Germany, Spain, France, UK, and Turkey. Stringent emission control regulations in Europe is expected to fuel the market’s demand in this region.
- There have been a number of new product launches in the market amongst which integrated production system for CFRP by Toho Tenax, HexPly M79 Prepegs by Hexcel Corporation, SIGRABOND Carbon Fiber-Reinforced Carbon, SIGRACELL Specialty Graphites for Lithium-Ion Batteries, SIGRACET Fuel Cell Components by SGL Carbon require special mention.
Top 10 Companies Operating in the Global Automotive Carbon Fiber Composites Market:
Owens Corning, Toray Industries Inc, Hexcel Corporation, SGL Carbon, Toho Tenex(Teijin Ltd.), Quantum Composites, Nippon Sheet Glass Co. Ltd., SABIC, Solvay, and Arkema, among others.
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The global market is further segmented into type and application:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Polymer Matrix Composites
- Metal Matrix Composites
- Ceramic Matrix Composites
Manufacturing Process Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Compression Molding
- Injection Molding
- RTM
- Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Interior Components
- Exterior Components
- Structural Components
- Powertrain Components
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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