ID: MRFR/CnM/3947-HCR | February 2021 | Region: Global | 188 pages
According to MRFR analysis, Carbon Fiber in Automotive Market is projected to be worth USD 3.57 billion by 2030, registering a CAGR of 7.65% during the forecast period (2021 - 2030)., The market was valued at USD 1.23 billion in 2021.
Carbon fiber is obtained from strong and thin crystalline filaments of carbon; these are used to enhance the strength of material. Carbon fiber can be combined with polymers, ceramic, cement, and metal for different applications. Carbon-reinforced polymers are significantly used in the automotive industry to manufacture lightweight vehicles to reduce fuel consumption and emission. Carbon fiber is used in brakes of racing cars and luxury vehicles.
Properties of carbon fiber—such as lightweight, high-temperature resistance, high endurance to corrosion, and oxidation—fuel the demand for carbon fiber in automobile applications. The increasing focus on minimizing vehicle weight to improve the performance and efficiency of the vehicles has resulted in the replacement of heavy metals and other materials with suitable lightweight materials such as carbon fiber. The demand for lightweight materials is also supported by the stringent regulations for environmental protection by regulatory bodies such as the US Environmental Protection Agency, European Legislation, and Bharat Stage Emission Standards. These factors are expected to positively impact the growth of the global carbon fiber in automotive market during the forecast period.
The Global Carbon Fiber in Automotive Market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
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 global electric car fleet exceeded 5.1 million, up by 2 million from the previous year and sales of new electric car almost double. In North America, the US has the largest market for automobiles. High demand for 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 purchase has slowed the growth of the automotive industry in the region.
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 has increased the demand for lightweight and fuel-efficient vehicles, thus driving the carbon fiber in 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.
Some of the key players operating in the global Carbon Fiber in Automotive market are Hexcel Corporation (US), Mitsubishi Chemical Carbon Fiber and Composites Inc. (US), SGL Carbon SE (Germany), Cytec Solvey Group (US), Teijin Limited (Japan), DOWAKSA (US), Formosa Plastic Corp. (Taiwan), ZOLTEK (US), Sigmatex Ltd, and Toray Industries Inc. (Japan).
The global carbon fiber in the automotive market has been segmented based on type, application, and region.
Based on type, the global carbon fiber in the automotive market has been categorized as sheet molding compound (SMC), short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), and others.
Based on the application, the global carbon fiber in the automotive market has been classified as exterior, power train system, under body system, chassis system, interior, and others.
By region, the global carbon fiber in the automotive market has been studied for five key regions—Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hexcel Corporation (US), Mitsubishi Chemical Carbon Fiber and Composites Inc. (US), SGL Carbon SE (Germany), Cytec Solvey Group (US), Teijin Limited (Japan), DOWAKSA (US), Formosa Plastic Corp. (Taiwan), ZOLTEK (US), Sigmatex Ltd, and Toray Industries Inc. (Japan)|
|Key Market Opportunities||Policies enforced by regulatory bodies to lower overall vehicle weight|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Carbon Fiber in Automotive Market is projected to be worth USD 3.57 billion by 2030
Carbon Fiber in Automotive is expected to register a CAGR of 7.65% from 2021 to 2030.
Policies enforced by regulatory bodies to lower overall vehicle weight is the major driver of the global carbon fiber in automotive market.
The APAC region can register the largest market share in the global carbon fiber in carbon fiber in automotive market due to inflow of capital from foreign sources.
Europe is predicted to dominate the global carbon fiber in automotive due to presence of various automotive hubs.
ZOLTEK, Toray Industries Inc., Cytec Solvey Group, Formosa Plastic Corp., Sigmatex Ltd, Teijin Limited, DOWAKSA, Mitsubishi Chemical Carbon Fiber and Composites Inc., Hexcel Corporation, and SGL Carbon SE are major players of the global carbon fiber in automotive market.