Carbon Fiber in Automotive Market Size, Share, Growth, and Industry Analysis, By Type (Sheet Molding Compound, Short Fiber Thermoplastic (SFT), Long Fiber Thermoplastic (LFT), Prepreg and Others), By Application (Passenger Car and Commercial Vehicle) and Regional Forecast to 2032

Updated On: 02 September 2024

• 

  Request a Free Sample to learn more about this report

CARBON FIBER IN AUTOMOTIVE MARKET REPORT OVERVIEW

The Carbon Fiber in Automotive Market size was USD 879.07 million in 2023 and the market is projected to touch USD 1445.58 million by 2032, exhibiting a CAGR of 5.1% during the forecast period.

The global carbon fiber automobile market IS experiencing significant growth mainly because of the automobile industry`s need for lighter weight/higher performance materials. Owing to its high toughness to density ratio, longer life and relative strength compared to metals, most car body parts are made of these were materials. This includes body panels, chassis and various interior parts so once an automobile is fitted with them, it becomes hard or next to impossible to recognize that the unit was not born in this form. The advances of car manufacturers aiming at using lighter components in order produce vehicles that consume less gas, as well as stricter environmental regulations which have been put in place compel the car makers to reduce the weight of their automobiles. Light weight cars are better in fuel economy or fuel efficiency than heavy ones, hence, this has led them being considered by most as a panacea to solve all problems associated with consumption of gasoline.

Technological improvements in producing and manufacturing carbon fibers are reducing their cost, making them more affordable for mass production. Therefore, their use in the automobile industry has further increased. In this way, advanced resin systems and automation methods have played a critical role in enhancing the ability to employ carbon fibers in normal automobile production.

Also, a rising number of electric vehicles (EVs), cause a necessity for carbon fiber, in order to increase the EVs’ driving range through making them lighter. Going back for years, suppliers of top- range and racing cars have been utilizing carbon fiber, which is now finding application in the most vehicles common among customers as well as the cheapest ones.

COVID-19 Impact: Market Growth During Pandemic due to the significant declines in vehicle sales and manufacturing output

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The Carbon Fiber in Automotive market was significantly hit by COVID-19 in a negative way as global car production was abruptly interrupted by the pandemic which in turn led to massive drops in the sale of cars as well as production levels. As a result of impending financial risks, car manufacturers were forced off guard hence focusing more on money availability than going for hi-tech stuff such as carbon fiber. The situation was made even worse by more problems with the supply chain which led to a delay in the delivery of raw materials and manufacturing processes.

During the pandemic, uptake of high-cost vehicles utilizing carbon fiber parts was limited by decreased consumer spending spurred by the economic downturn. Instead, many car makers chose conserving in regard to new car construction - they either postponed or cut down their intentions to use carbon fibre in their making of new models of vehicles. Nevertheless, the future prospects of carbon fiber in automotive sectors continue to look good as an industry slowly gets back on track towards lighter vehicle options and more environmentally acceptable operations.

LATEST TRENDS

"Increasing integration of carbon fiber composites to drive market growth "

A major trend in the market for Carbon Fiber in Automotive market growth is the growing incorporation of carbon fiber composites to boost the performance and gas usage of the vehicle. This has made automakers adopt this light but strong material for structural components to cut the overall weight of their cars hence improved fuel economy as well as reduced emissions. In electric vehicles (EVs,), this is more significant, to extend battery range less weight should be strapped down, confirming the industry’s dedication to sustainability as well as more advanced material science.

• 

  Request a Free Sample to learn more about this report

CARBON FIBER IN AUTOMOTIVE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Sheet Molding Compound, Short Fiber Thermoplastic (SFT), Long Fiber Thermoplastic (LFT), Prepreg and Others.

• Sheet Molding Compound (SMC)

In the automotive industry, Sheet Molding Compound (SMC) with Carbon Fiber is a compression molding process where carbon fiber, resin, and other additives are combined in the form of a sheet. This substance has a good enough balance of typical property – high strength against weight, impact resistance and design versatility- that makes it a suitable material for automotive external panels as well as structural components.

• Short Fiber Thermoplastic (SFT)

Short Fiber Thermoplastic (SFT) composites are a combination of short carbon fibers and a thermoplastic resin matrix. This group of materials delivers high quality when it comes to strength, and stiffness, as well as ease in molding, plus good impact resistance. They end up getting utilized in cars’ interiors, where they form things like dashboards or door panels since they are known for light weight yet recyclability is prominent.

• Long Fiber Thermoplastic (LFT)

The composites with long carbon fibers dispersed in a matrix of a thermoplastic resin are Long Fiber Thermoplastic (LFT). They offer better mechanical properties such as greater hish strength and dilfness as well as improved impact resistance by long compared to short fibers, higher stiffness or ductility at room temperature or both on an absolute basis which implies that they have good dimensional form stability under mechanical loadings over time due to their lower storage modulus (or similar linear viscoelastic property). LFTs are used in structural automotive parts like subframe panels and chairs because they save on mass while still offering strength and durability.

• Prepreg

At some point during manufacturing, carbon fiber prepregs will cure through combination heat and pressure between pre impregnated resins with fabric. What makes them unique is the fact that they provide accurate resin content controls as well as consistent quality due to the carbon fibers inside them. It is these prepregs which help make up some parts of expensive automobiles like sports cars, SUVs on account of possessing better aesthetics and being stronger than any other materials known.

By Application

Based on application the global market can be categorized into Passenger Car and Commercial Vehicle.

• Passenger Car

In passenger cars, carbon fiber is mainly used to reduce weight so that we can have better fuel economy and speed. It is used in the making of things like hoods, roofs, and body panels to make them lighter but still keep them strong/tough enough so that they stay safe during accidents. Using carbon fiber also enables the plane to take different shapes and have better aerodynamics which result into an attractive and more efficient car in terms of movement.

• Commercial Vehicle

To increase durability, payload capacity, and fuel efficiency in commercial vehicles, carbon fiber is used. To reduce the weight and enhance operational efficiency it is incorporated in parts like chassis members, cargo beds and aerodynamic fairings in them. A high strength-to-weight ratio of carbon fibre increases the load capacity and extends vehicle range, which is why it can be used in trucks, buses and delivery vehicles in search for compliance with strict emission standards/emission compliance and cost efficiency.

DRIVING FACTORS

"Fuel Efficiency and Emissions Regulations to Boost Market Growth"

Demand for carbon fiber in the automotive industry is being driven by tough strict gas mileage and contamination regulations which are applicable internationally. Reducing automobile weight through carbon fiber because it is light enables enhanced fuel consumption and reduction of carbon gasses. In order to conform to such regulations and meet ecological goals, automobile manufacturers are turning to carbon fiber at an increasing rate.

"Performance and Design Advantages to Drive Market Growth"

The performance benefits within automotive applications are considerable thanks to the outstanding strength to weight ratio that carbon fiber possesses. This makes it possible to create lighter weight vehicle parts that are much stronger than ever before, thus enhancing acceleration, handling, as well as increasing general performance level. Moreover, use of carbon fiber facilitates development of imaginative automobile designs which emphasize on both aerodynamics and crash worthiness; hence attracting clients who wish to buy high-tech high-performance automobiles.

RESTRAINING FACTORS

"High production cost compared to traditional materials to Hinder Market Growth "

The high production cost of carbon fiber in the Automotive Market relative to conventional materials such as steel and aluminium acts as one limiting factor. This differential in terms of pricing renders carbon fiber a luxury choice thereby holding back its wide acceptance in ordinary car typologies. The complex part comes when incorporating it into the normal manufacturing processes hence deterring it from being applied on a large scale when it comes to cars production on its own.

• 

  Request a Free Sample to learn more about this report

CARBON FIBER IN AUTOMOTIVE MARKET REGIONAL INSIGHTS

The market is primarily segregated into North America, Europe, Asia Pacific, South America and Middle East & Africa.

"North America dominates the market due to its strong automotive industry "

Its powerful automotive industry has helped in dominating the Carbon Fiber in Automotive market share because this sector consists of major producers who have embraced carbon fiber in order be in line with the tight fuel efficiency requirements as well as low emission standards that have been established for them. There is, however, another advantage that comes with it: The continent has strong research programs that can be seen through various innovations made possible through the use of carbon fibers. North America is not only focused on making vehicles lighter and more powerful, but it has also made significant investments in infrastructure. These developments have helped make it a global leader in the integration of carbon fiber into automotive designs.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Investing in advanced manufacturing technologies and Expanding production capacities "

Key industry players are significantly influencing the growth of the carbon fiber in automotive market by investing in advanced manufacturing technologies and expanding production capacities. They are developing innovative carbon fiber composites that are stronger and lighter, key to improving fuel efficiency and reducing vehicle emissions. The development of strategic partnerships with automotive manufacturers and unrelenting research efforts aimed at decreasing production costs make carbon fiber more accessible. In mainstream automotive applications, these actions have been responsible for the increase in the use of carbon fibre, hence resulting into increased market size and technology enhancement.

List of Market Players Profiled

• Hexcel (U.S.)
• Axon (U.S.)
• Cytec Solvey Group (Belgium)
• Zoltek (U.S.)
• Sigmatex (U.K.)
• DOWAKSA (Turkey)
• Hyosung Corporation (South Korea)
• Formosa Plastic (Taiwan)
• Plasan Carbon Composites (U.S.)
• GURIT (Switzerland)
• Toray (Japan)
• SGL (Germany)

INDUSTRIAL DEVELOPMENT

February 2024: The development in the Carbon Fiber in Automotive Market was announced by Toray Industries, Inc. They unveiled their new high strength and light carbon fiber composite for cars. The composite is called T700S offers improved performance with an increased lifespan but has less weight for saving fuel or reducing pollution. Toray has been working on projects that contribute to the movement towards eco-friendly technology in cars. The company has developed new types of materials for car making which help it keep to the strict environmental rules set by the government and also meet customers' expectations concerning the production of less polluting transportation.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.