Carbon Fiber in the Automotive Market Trends and Forecast
The future of carbon fiber in the global automotive market looks promising with opportunities in the exterior, interior, power train system, chassis system, under body system, and pressure vessel markets. Carbon fiber in the global automotive market is expected to grow with a CAGR of 3.0% from 2024 to 2030. The major drivers for this market are increased demand for electric vehicles and rise in preference for lightweighting vehicles.
• Lucintel forecasts that pan based is expected to witness the higher growth over the forecast period.
• Within this market, exterior is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for Carbon Fiber in the Automotive Market
• United States: Carbon fiber adoption in US automotive industry surged with companies like Ford and General Motors announcing ambitious targets to incorporate lightweight materials in their vehicle lineup. Government initiatives include funding research for carbon fiber production technologies to enhance domestic manufacturing capabilities.
• Germany: Leading automotive manufacturers such as BMW and Audi are intensifying efforts to utilize carbon fiber composites in their vehicles, aiming for enhanced fuel efficiency and performance. Government-backed incentives encourage investments in advanced materials R&D, supporting the transition towards sustainable transportation.
• China: Chinese automakers like BYD and Geely are ramping up investments in carbon fiber technology to bolster the country's electric vehicle sector. Government mandates for emission reduction drive the adoption of lightweight materials, prompting collaborations between industry players and research institutions to achieve ambitious targets.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Carbon Fiber in the Automotive Market by Segment
The study includes a forecast of carbon fiber in the global automotive market by product type, tow size, modulus, application, and region.
Carbon Fiber in the Automotive Market by Product Type [Value from 2018 to 2030]:
• PAN Based
• Pitch Based
Carbon Fiber in the Automotive Market by Tow Size [Value from 2018 to 2030]:
• Small Tow (<=24k)
• Large Tow (>24k)
Carbon Fiber in the Automotive Market by Modulus [Value from 2018 to 2030]:
• Standard Modulus
• Intermediate Modulus
• High Modulus
Carbon Fiber in the Automotive Market by Application [Value from 2018 to 2030]:
• Exterior
• Interior
• Power Train System
• Chassis System
• Under Body System
• Pressure Vessel
• Others
Carbon Fiber in the Automotive Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Carbon Fiber Companies in the Automotive Market
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies carbon fiber companies in the automotive market cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of carbon fiber companies in the automotive market are profiled in this report include-
• Toray Industries
• Hexcel Corporation
• Mitsubishi Chemical Corporation
• Solvay
• SGL Carbon Group
• Teijin Limited
• Formosa Plastics Corporation
Recent Development of Carbon Fiber in the Automotive Market
• BMW: BMW unveiled plans to expand its usage of carbon fiber reinforced plastics (CFRP) in their vehicles, aiming to reduce weight and enhance fuel efficiency. The company's initiative includes investing in advanced manufacturing techniques to scale up production of CFRP components, ensuring broader integration across their automotive lineup.
• Toray Industries: Toray, a leading carbon fiber manufacturer, announced breakthroughs in the development of high-performance carbon fibers, catering specifically to automotive applications. Their initiative involves collaborating with automakers to customize carbon fiber solutions, addressing the industry's demand for lighter yet stronger materials to meet stringent performance and safety standards.
• Ford Motor Company: Ford revealed its commitment to incorporating sustainable carbon fiber materials in future vehicle models, aligning with their sustainability goals. The company's initiative encompasses research into eco-friendly production processes for carbon fiber and exploring novel applications in vehicle design to optimize performance while reducing environmental impact.
• Audi AG: Audi showcased advancements in carbon fiber technology with the introduction of innovative manufacturing methods, enhancing production efficiency and lowering costs. Their initiative focuses on leveraging carbon fiber composites in key structural components, contributing to the development of lightweight vehicles that offer superior driving dynamics and energy efficiency.
Features of Carbon Fiber in the Global Automotive Market
Market Size Estimates: Carbon fiber in the automotive market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Carbon fiber in the automotive market size by various segments, such as by product type, tow size, modulus, application, and region in terms of value ($B).
Regional Analysis: Carbon fiber in the automotive market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product types, tow sizes, modulus, applications, and regions of carbon fiber in the automotive market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of carbon fiber in the automotive market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for carbon fiber in the automotive market?
Answer: Carbon fiber in the global automotive market is expected to grow with a CAGR of 3.0% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of carbon fiber in the automotive market?
Answer: The major drivers for this market are increased demand for electric vehicles and rise in preference for lightweighting vehicles.
Q3. What are the major segments for carbon fiber in the automotive market?
Answer: The future of carbon fiber in the automotive market looks promising with opportunities in the exterior, interior, power train system, chassis system, under body system, and pressure vessel markets.
Q4. Who are the key carbon fiber companies in the automotive market?
Answer: Some of the key carbon fiber companies in the automotive market are as follows:
• Toray Industries
• Hexcel Corporation
• Mitsubishi Chemical Corporation
• Solvay
• SGL Carbon Group
• Teijin Limited
• Formosa Plastics Corporation
Q5. Which carbon fiber in the automotive market segment will be the largest in future?
Answer: Lucintel forecasts that pan based is expected to witness the higher growth over the forecast period.
Q6. In carbon fiber in the automotive market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities of carbon fiber in the automotive market by product type (PAN based and pitch based), tow size (small tow (<=24k) and large tow (>24k)), modulus (standard modulus, intermediate modulus, and high modulus), application (exterior, interior, power train system, chassis system, under body system, pressure vessel, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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