Surge in the adoption of carbon fiber in automobiles coupled with stringent government regulations on emission norms, growth in sales of zero-emission vehicles, and demand for lightweight material in vehicle production drive the growth of the global automotive carbon fiber market.
WILMINGTON, Del., Dec. 12, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Carbon Fiber Market by Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Two-Wheelers), Material (Polyacrylonitrile (PAN), Pitch), Sales Channel (OEM, Aftermarket), and Application (Structural Assembly, Powertrain Components, Interior and Exterior) and Region. Global Opportunity Analysis and Industry Forecast, 2023-2032″.
According to the report, the global automotive carbon fiber industry size generated $24.13 billion in 2022 and is anticipated to generate $64.05 billion by 2032, witnessing a CAGR of 11.16% from 2023 to 2032.
(We are providing automotive carbon fiber industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
143 – Tables
64 – Charts
311 – Pages
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Prime determinants of growth
The global automotive carbon fiber market has experienced significant growth and transformation, driven by several factors such as surge in the adoption of carbon fiber in automobiles and stringent government regulations on emission norms. In addition, growth in sales of zero emission vehicles presents significant opportunities for market expansion.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$24.13 billion |
|
Market Size in 2032 |
$64.05 billion |
|
CAGR |
11.16 % |
|
No. of Pages in Report |
311 |
|
Segments Covered |
Vehicle Type, Material, Sales Channel, Application, and Region. |
|
Drivers |
Surge in adoption of carbon fiber in automobiles Stringent government regulations on emission norms |
|
Opportunities |
Growth in sales of zero-emission vehicles Demand for lightweight material in vehicle production |
|
Restraints |
High cost of carbon fibers along with non-biodegradability |
Russia-Ukraine War Scenario
Geopolitical tensions create market uncertainties, which can impact investor confidence and business decisions. Companies may become cautious about investing in new projects or expanding their operations, which can slow down the growth of the automotive carbon fiber market.
Governments often respond to geopolitical events by implementing trade restrictions, tariffs, or sanctions. These measures can affect international trade and impose additional costs on imported or exported carbon fiber products. Changes in regulations or trade policies can create challenges for companies operating in the automotive carbon fiber market.
The Polyacrylonitrile (PAN) segment to maintain its leadership status throughout the forecast period
Based on material, the polyacrylonitrile (PAN) segment held the highest market share in 2022, and the highest CAGR of 11.39% and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to their high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity. However, the pitch segment is expected to witness a CAGR of 10.21% as the pitch-based carbon fiber offers exceptional mechanical properties, including high tensile strength and modulus. These properties make it desirable for high-performance applications that require excellent structural integrity.
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The two-wheeler segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the two-wheeler segment held the highest market share in 2022, and the highest CAGR of 11.72% and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, as these are generally less costly when compared with other vehicle types and serve as an economical option. In addition, two-wheelers serve various riding purposes, which include daily commuting, off-road riding, long-distance traveling, cruising, and others. However, the passenger vehicle segment is expected to witness significant growth at a CAGR of 10.76% owing to enhanced lifestyles and economic conditions, which are driving shifts in consumer preferences worldwide.
The OEM segment to maintain its lead position during the forecast period
Based on sales channel, the OEM segment held the highest market share in 2022, and the highest CAGR of 11.25% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, The OEMs use these carbon fiber materials directly during the manufacturing process. OEMs are focusing on developing lightweight vehicles that are technologically advanced to cater to the needs of the consumers for instance development of the autonomous vehicles. Thus, there is a high demand for the deployment of carbon fibers in the automotive assembly line. However, the aftermarket segment is expected to witness a significant CAGR of 10.97% as the integration of advanced technologies in auto parts manufacturing, coupled with an increase in consumer demand and the production and sales of passenger automobiles is propelling the growth of aftermarket services.
The structural assembly segment to maintain its lead position during the forecast period
Based on application, the structural assembly segment held the highest market share in 2022, and the highest CAGR of 11.55% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, as the carbon fiber structural components are available in a diverse range of shapes and sizes, offering an ideal solution for enhancing strength and rigidity in designs without adding additional weight. However, the powertrain components segment is expected to witness a significant CAGR of 11.45% owing to the rising trend towards engine downsizing to enhance fuel efficiency and reduce emissions.
Europe to maintain its dominance by 2032
Based on region, Europe segment held the highest market share in 2022, growing a CAGR of 10.68% owing to the strict emissions regulations that have further accelerated this shift towards cleaner and more fuel-efficient modes of transport. However, Asia-Pacific is expected to witness the highest CAGR of 12.77% throughout the forecast period owing to continuous advancements in carbon fiber manufacturing technologies, improved production processes, and sales of vehicles.
Key Developments in Automotive Carbon Fiber Industry:
Leading companies in the industry are implementing various strategies, including product launches, acquisitions, agreements, expansions, partnerships, contracts, and collaborations, to strengthen their market positions.
In March 2023, SGL Carbon launched the carbon fiber named SIGRAFIL C T50-4.9/235, known for its exceptional elongation (2.0%) and strength (4.9 GPa) standards. This carbon fiber finds widespread use in automotive applications.
In October 2023, TORAY INDUSTRIES, INC. expanded its operations by introducing a new production facility in Gumi, North Gyeongsang Province. This production facility is dedicated to producing carbon fibers for car body parts, contributing to the company’s growth and market presence.
Key Highlights of the Report:
The automotive carbon fiber market study encompasses 14 countries, providing regional and segment analysis for each country in terms of value ($million) during the projected period from 2023 to 2032.
The study integrates high-quality data, professional opinions, and analysis, along with critical independent perspectives. The research approach aims to present a well-balanced view of global markets, assisting stakeholders in making informed decisions to achieve their ambitious growth objectives.
A comprehensive review of over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants was conducted to enhance the understanding of the market dynamics.
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Leading Market Players: –
Toray Industries, Inc.
Nippon Graphite Fiber Co., Ltd.
Hyosung Advanced Materials
Hexcel Corporation
SGL Carbon
Solvay S.A.
DowAksa Advanced Composite Holdings BV
Formosa Plastics Corporation
Mitsubishi Chemical Corporation
Teijin Limited
The report provides a detailed analysis of these key players in the global automotive carbon fiber market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Automotive Industry:
Automotive Fabric Market Research Report 2023-2032
Aircraft Seat Frames Market Research Report 2023-2032
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