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Carbon Fiber Automotive Market Share

ID: MRFR//3947-HCR | 188 Pages | Author: Anshula Mandaokar| December 2024

Organizations utilize a scope of vital drives to acquire an ideal piece of the pie and put themselves aside in the profoundly cutthroat Market. Coming up next is a synopsis of the primary piece of the pie situating strategies utilized by members in the carbon fiber in automotive market:
Item Lightweighting: Focusing on the benefits of carbon fiber's low weight is one of the principal strategies. Items are situated by organizations as a method for bringing down the complete load of vehicles, which further develops execution and eco-friendliness. This hits home for automakers endeavoring to satisfy severe mileage guidelines.
Customization for Auto Applications: Organizations utilize this approach since they grasp the unique requirements of the car business. They modify carbon fiber merchandise for use in auto applications, including body boards, skeleton, and inside trim. By doing this customization, the material is ensured to meet the exhibition and plan prerequisites of the automakers.
Cost Decrease through Development: to bring down creation costs, organizations are zeroing in on advancement because of the generally significant expenses connected with carbon fiber. This covers improvements in material plans, reusing advancements, and assembling processes. For automakers searching for lightweight arrangements without serious monetary requirements, a more reasonable carbon fiber choice turns engaging.
Vital Coordinated efforts: In the carbon fiber in automotive market, cooperation is a critical strategy. Organizations team up and shape key unions with providers, research foundations, and automakers. By giving admittance to normal assets, information, and improvement project amazing open doors, these organizations in the end increment market entrance and impact.
Because of the extraordinary qualities of carbon fiber, organizations reserve programs pointed toward bringing issues to light and teaching the market. This involves spreading information about the benefits, utilizes, and long-haul consequences of utilizing carbon fiber in the development of autos. Makers and buyers with more prominent instruction are probably going to utilize carbon fiber items, which increments piece of the pie.
Execution driven promoting: Organizations stress in their publicizing efforts how carbon fiber performs better compared to different materials. High solidarity to-weight proportion, life span, and erosion opposition are featured characteristics. Vehicle applications view carbon fiber as profoundly alluring when it is situated as an elite execution material, which increases portion of the overall industry.
Geographic Development: Organizations investigate new locales with an end goal to benefit from overall car patterns. Organizations can grow their client base and by and large piece of the pie by taking advantage of arising auto markets by redoing carbon fiber items to take care of territorial norms and inclinations.
Building a Brand and Separation: In a market brimming with contending items, manufacturing a strong brand presence is basic. Organizations burn through cash on marking efforts to lay out their believability and trust. As well as attracting clients, a solid brand assists a business withstanding apart from the opposition and gaining a bigger piece of the market for its carbon fiber products.
Center around Supportability: Organizations in carbon fiber in automotive market are executing eco-accommodating practices because of the expanded spotlight on manageability. This involves applying naturally agreeable creation methods and using carbon filaments that are reused or biobased. Automakers and buyers who care about the climate find maintainability work on engaging, which expands a company's portion of the overall industry.
Nonstop Exploration and Improvement: Associations give a lot of assets to continuous innovative work on the grounds that auto advancements are continuously evolving. By making innovative work (Research and development) ventures, carbon fiber items can remain on the front line of innovation, adjusting to the changing requests of the car business and acquiring an upper hand in the commercial center.

Covered Aspects:

Report Attribute/Metric Details
Base Year For Estimation 2023
Historical Data 2018 & 2020
Forecast Period 2023-2030
Growth Rate 6.4% (2023-2030)

Carbon Fiber Automotive Market Highlights:

Carbon Fiber Automotive Market Trends
Carbon Fiber Automotive Market Analysis
Carbon Fiber Automotive Market Share
Carbon Fiber Automotive Companies

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.


Carbon Fiber in Automotive Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Carbon Fiber in Automotive Market Trends




  • 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)


Carbon Fiber in Automotive Market, by Material


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 (%)


CARBON FIBER IN AUTOMOTIVE MARKET SHARE BY REGION


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




  • Hexcel Corporation (US)




  • Mitsubishi Chemical Carbon Fiber and Composites Inc. (US)




  • SGL Carbon SE (Germany)




  • Cytec Solvay Group (US)




  • Teijin Limited (Japan)




  • DOWAKSA (US)




  • Formosa Plastic Corp. (Taiwan)




  • ZOLTEK (US)




  • Sigmatex Ltd




  • 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




  • Exterior




  • Chassis System




  • Interior




  • Pressure Vessel




  • Power Train System




  • Underbody System




Carbon Fiber in Automotive Material Outlook




  • Textile




  • Long Fiber Thermoplastic (LFT)




  • Sheet Molding Compound (SMC)




  • Short Fiber Thermoplastic (SFT)




  • Prepreg




Carbon Fiber in Automotive Regional Outlook




  • North America




    • US




    • Canada






  • Europe




    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





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