Carbon Fiber Composites in Automotive Market By Vehicle Type (Passenger Cars, Commercial Vehicles, Sports and Racing Cars), Application (Structural components, Powertrain components), & Region for 2024-2031

Carbon Fiber Composites in Automotive Market Valuation – 2024-2031

Carbon fiber composites are in high demand in the automotive market due to their remarkable strength-to-weight ratio, which allows automakers to produce lighter, more fuel-efficient automobiles. This is consistent with tight emissions rules and growing consumer demand for environmentally friendly transportation. The market size surpass USD 24.46 Billion valued in 2024 to reach a valuation of around USD 55.56 Billion by 2031.

Furthermore, carbon fiber composites provide design liberty, which improves vehicle aesthetics and performance. While high production costs now prevent widespread implementation, continued technological developments and economies of scale are likely to make carbon fiber composites more affordable in the future, fueling market expansion. The rising demand for cost-effective and efficient carbon fiber composites in automotive is enabling the market grow at a CAGR of 10.8% from 2024 to 2031.

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Carbon Fiber Composites in Automotive Market: Definition/ Overview

Carbon fiber composites are sophisticated materials that consist of carbon fibers embedded in a polymer matrix. These composites are distinguished by their high strength-to-weight ratio, stiffness, and resilience to corrosion and fatigue. In the automotive sector, carbon fiber composites are generally utilized to improve vehicle performance by lowering weight while retaining structural integrity. Applications include high-performance sports automobiles, luxury vehicles, and, increasingly, ordinary models. They are used in components including body panels, chassis sections, and interior elements to improve fuel efficiency, acceleration, and handling.

The future of carbon fiber composites in the automobile sector looks hopeful as production technology and material science develop. The advancement of more cost-effective manufacturing technologies, such as automated fiber placement and recycling techniques, is projected to make these materials more available to a wider spectrum of automobiles.
Combining carbon fiber composites with other innovative materials such as thermoplastics and nanomaterials may result in even higher performance increases as well as additional weight and cost reductions. As automobile emissions and fuel economy requirements tighten, carbon fiber composites are set to play an increasingly important role in meeting these targets.

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How Does the Growing Electric Vehicle (EV) Drive the Carbon Fiber Composites in Automotive Market?

The rising electric vehicle (EV) market is expected to significantly boost demand for carbon fiber composites in the automotive market. With global electric vehicle sales expected to reach 10 million units in 2022, up 55% from 2021, demand for carbon fiber composites is increasing since these materials provide critical advantages for EVs. Their reduced weight helps to balance the bulk of EV batteries, potentially extending driving range by up to 10%. As the EV market grows, the necessity for innovative materials such as carbon fiber composites to boost performance and economy will become more apparent, hastening their acceptance in the automotive industry.

The growing demand for lightweight automobiles to increase fuel efficiency is expected to propel the carbon fiber composites market in the automotive market. As the industry attempts to satisfy severe fuel efficiency criteria, with the U.S. Environmental Protection Agency (EPA) stating that a 10% weight reduction can increase fuel economy by 6-8%, carbon fiber composites become an appealing option. According to the International Energy Agency (IEA), these materials can lower vehicle weight by up to 50% when compared to steel, making them an attractive option for manufacturers looking to improve performance and comply with regulatory standards.

How Does the Restricted Manufacture Capacity Impact the Growth of Carbon Fiber Composites in Automotive Market?

The booming automotive sector is expected to witness rapid growth due to the impact on the restricted manufacturing capacity. Carbon fiber composite production is currently constrained by high costs and complex manufacturing methods, making it difficult to scale up and satisfy rising demand. This limitation may impede general acceptance and slow market growth, even as the automotive sector strives to capitalize on the benefits of these materials for lightweight, high-performance automobiles. To address these problems and maintain growth, innovations in manufacturing technologies and expanded production capacity will be critical.

Repair and maintenance expenses will have an impact on the growth of the automotive carbon fiber composites market. Carbon fiber composites are distinguished by their high initial cost and difficult repair requirements as compared to standard materials such as steel. These considerations may dissuade automakers and consumers due to the possibility of greater long-term expenses. While carbon fiber composites provide significant performance and weight benefits, their financial implications for repair and maintenance may limit their widespread use in the automotive market unless better cost-effective solutions and repair methods are developed.

Category-Wise Acumens

Will the Vehicles Prioritize Performance and Weight Reduction Fuel the Sports and Racing Cars Segment in the Carbon Fiber Composites in Automotive Market?

The sports and racing car segment is currently dominating the carbon fiber composites market in the automotive industry. The prioritization of vehicle performance and weight reduction will fuel the expansion of the sports and racing cars segment for carbon fiber composites in the automotive market. Carbon fiber composites have a high strength-to-weight ratio, which benefits sports and racing automobiles that require great performance and low weight. These materials improve acceleration, handling, and overall speed, making them an excellent choice for high-performance automobiles. As the demand for higher performance and efficiency in this area grows, carbon fiber composites are likely to become more popular, accelerating market expansion.

The carbon fiber composites in the automotive market will boost the sports and racing car segment for technology showcases. Sports and racing automobiles are frequently used as platforms to demonstrate cutting-edge technologies, such as carbon fiber composites. These cars are intended to push the limits of performance and innovation, and the usage of carbon fiber composites demonstrates their technological expertise. As manufacturers and racing teams want to demonstrate their technological acumen and gain a competitive advantage, the use of carbon fiber composites in sports and racing cars is projected to accelerate, increasing their adoption in this category.

Will the Core of Vehicle Structure Propel the Structural Components Segment the Carbon Fiber Composites in Automotive Market?

The structural components segment is currently leading the carbon fiber composites market in the automobile sector. The structural components segment of the automotive carbon fiber composites market will be driven by the vehicle’s fundamental structure. Carbon fiber composites have remarkable strength and stiffness, making them suitable for structural components that must be both durable and lightweight. As automakers focus more on improving vehicle safety and performance, the use of carbon fiber composites for fundamental structural parts like chassis, frames, and impact-resistant components is projected to increase. This tendency will drive growth in the structural components segment, as these materials contribute to demanding safety standards while boosting overall vehicle efficiency.

Safety and performance will boost the structural components segment of the carbon fiber composites market in the automotive industry. Carbon fiber composites are valued for their high strength-to-weight ratio, which improves vehicle safety by maintaining structural integrity while reducing weight. This not only enhances crashworthiness, but it also increases performance by reducing overall vehicle weight. As automakers prioritize safety and performance in their designs, demand for carbon fiber composites in structural components is likely to rise, making these materials a crucial driver in the segment’s growth.

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Country/Region-wise Acumens

Will the Strong Automotive Industry Lead Europe in the Carbon Fiber Composites in Automotive Market?

The European region now dominates the carbon fiber composites market. Europe’s robust automotive industry will propel the region’s carbon fiber composites market. Europe’s emphasis on luxury and high-performance automobiles, along with a commitment to scientific innovation, is greatly increasing the use of carbon fiber composites. With over 10 million passenger cars produced in 2023, a sizable percentage in the premium sector, and an estimate that up to 25% of new cars will use sophisticated lightweight materials by 2030, demand for carbon fiber composites is expected to surge.

The 12% annual growth rate in carbon fiber consumption and the €2.5 billion market value forecast for 2025 highlight Europe’s automotive sector’s significant effect. This expansion is further encouraged by the growing popularity of electric vehicles, which benefit from carbon fiber’s lightweight qualities, as indicated by a 67% increase in EU electric car sales in 2023.

Europe’s well-established supply chain for carbon fiber production and processing contributes greatly to the expansion of carbon fiber composites in the automobile sector. The region, which accounts for around 28% of worldwide carbon fiber production capacity, has an efficient infrastructure that facilitates the production and integration of carbon fiber components into automobiles. The European Commission’s 2023 Strategic Foresight Report outlines intentions to grow carbon fiber production capacity by 50% by 2030 to meet rising demand, particularly from the automotive industry. The European Automobile Manufacturers Association (ACEA) stresses the sector’s commitment, with €61.8 billion invested in the automotive supply chain in 2023, a 7% increase over the previous year and highlighting the focus on advanced materials such as carbon fiber.

Will the Government Support in the Asia Pacific Region Boost the Growth of Carbon Fiber Composites in Automotive Market?

The Asia Pacific Region is experiencing the fastest growth in carbon fiber composites in automotive market. Government support will propel carbon fiber composites in automotive market in Asia-Pacific. Policies favoring electric and hybrid vehicles are driving up demand for lightweight materials such as carbon fiber composites. Carbon fiber is in high demand in China, where electric vehicle sales increased by 90% in 2022 and are predicted to account for 25% of total vehicle sales by 2025. Japan’s objective of eliminating new gasoline-only vehicles by 2035, and South Korea’s intention to treble its carbon fiber production market share, demonstrate the region’s commitment. The Asian Development Bank predicts a 300% rise in the usage of lightweight materials by 2030, owing to government incentives that would likely make carbon fiber composites more affordable and stimulate market expansion in the automotive industry.

Rapid industrialization in Asia-Pacific will drive the expansion of the carbon fiber composites market in the automotive sector. As the region concentrates on developing cost-effective and fuel-efficient vehicles, the demand for lightweight materials such as carbon fiber composites grows. With Asia-Pacific accounting for 55% of global vehicle production in 2023 and strong growth in China and India’s automotive industry, carbon fiber composites are predicted to become increasingly popular. The China Association of Automobile Manufacturers predicts a 15% yearly increase in carbon fiber applications through 2025, while India’s use of innovative materials is expected to grow by 25% each year.

Competitive Landscape

The carbon fiber composites in automotive market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the market include:

• Toray Industries, Inc.
• SGL Carbon SE
• Teijin Limited
• Mitsubishi Chemical Holding Corporation
• Hexcel Corporation
• Cytec Solvay Group
• DOWAKSA
• Formosa Plastic Corp.
• ZOLTEK
• Sigmatex Ltd

Latest Developments

• In December 2023, Teijin Limited announced that it would begin making and distributing Tenax carbon fiber produced from environmentally friendly sources. This substance helps to reduce greenhouse gas emissions throughout the product’s life cycle.
• In December 2023, Foton Motor debuted a very low-carbon truck, the Toano V next-generation light bus, as well as a full line of hybrids.
• In October 2023, Toray Industries Inc. created TORAYCA T1200 carbon fiber, which has a maximum strength of 1,160 kilopounds per square inch. This development will help the company reduce its environmental impact by adopting lighter carbon-fiber-reinforced plastic components.

Report Scope

Carbon Fiber Composites in Automotive Market, By Category

Vehicle Type:

• Passenger Cars
• Commercial Vehicles
• Sports and Racing Cars
• Electric Vehicles (EVs) and Hybrid Vehicles

Application:

• Structural components
• Powertrain components
• Interiors
• Exteriors

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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