Carbon Fiber in the Automotive Market Report: Trends, Forecast and Competitive Analysis to 2030

Carbon Fiber in the Automotive Market Trends and Forecast

Lucintel finds that 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 application. Carbon fiber in the global automotive market is expected to reach an estimated $432 million by 2030 with a CAGR of 2% 2023 to 2030. The major drivers of growth for this market are increasing automotive production and increasing demand for lightweight materials in electric and hybrid vehicles, to achieve higher fuel efficiency and reduce greenhouse gas emissions.
Among the global automotive there are used in the manufacture of carbon fiber, the major raw materials include polyacrylonitrile (PAN), pitch and rayon. Polyacrylonitrile (PAN) is commonly used to make precursor of carbon fibers which makes them hard but strong. Pitch-based fibers derived from petroleum or coal tar pitch have an excellent thermal conductivity. Rayon-based fibers are less common, although they are still applicable for specific uses. These raw materials pass through several steps like stabilization, carbonization, and surface treatment among others to give a final output of carbon fiber used in automotive composites. It is more expensive buying carbon fiber in comparison with other materials including steel and fiberglass. The cost of the carbon fiber varies between $10 to $25 a pound due its lightweight nature and high performance. In contrast, glass fiber costs around $1 to $2 per pound on the other hand steel is even cheaper, illustrating how it is a premium component among its competing fibers.

• Lucintel forecasts that exterior will remain the largest application segment and is also expected to witness the highest growth over the forecast period due to decreasing cost of automotive materials for processing and reduced cycle time.
• Textile and other thermoset material of carbon fiber in the global automotive will remain the largest segment and it is expected to witness the highest growth over the forecast period due to its properties like energy absorption and lightweight, high specific strength and stiffness, low thermal expansion, and durability in harsh environments.
• Europe is expected to remain the largest region over the forecast period due to increased percentage of composites usage in high-performance sports cars and luxury cars, with brands like BMW and Lamborghini.

Country Wise Outlook for Carbon Fiber in the Automotive Market

Carbon fiber in the global automotive composite market is witnessing substantial growth globally. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major carbon fiber in the global automotive producers in key regions: the USA, Germany, China, and Japan.

A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.

Emerging Trends in Carbon Fiber in the Global Automotive Market

Emerging trends in carbon fiber in the global automotive market shaping its future applications and market dynamics:
 

• Growing Uptake in Electric Vehicles (EVs): Carbon fiber lightweight parts improve battery efficacy and vehicle autonomy.
• Technological Advances in Manufacturing Processes: Innovations such as 3D printing and automated fiber placement have resulted in cost effective and time efficient productions.
• Increasing Sustainability Material Demand: Developing recyclable carbon fiber materials as well as adopting environmentally friendly production processes.
• Enhanced Performance Characteristics: Stronger, stiffer, more thermal resistant for high performance applications
• Integration with Smart Technologies: Use of sensors, smart materials to allow for real-time monitoring and improved safety features.

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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