CAGR: 15%Current Market Size: USD 19.8 BillionFastest Growing Region: APAC
Largest Market: EuropeProjection Time: 2023-2030Base Year: 2022
Global Automotive Carbon Fiber Composites Parts Market- Market Overview:
The global automotive carbon fiber composites parts market is expected to grow from USD 19.8 billion in 2022 to USD 60.5 billion by 2030, at a CAGR of 15% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing fuel price and stringent regulations on the vehicle emission.
A carbon fiber composite is a material that is used to build cars, whether as add-ons like BMW M Performance Parts or whole chassis elements made of carbon fiber. A matrix of thermosetting plastics, which is used to support the carbon fiber fibers, is used to manufacture the parts. A carbon fiber composite is combined with other materials for building special materials to improve strength, resistance, and weight of the vehicle. This also improves rigidity and strength. A growing number of emission regulations and rising fuel prices make carbon fiber an excellent replacement for conventional metals in reducing the vehicle's weight. As a result, the engine's performance and fuel efficiency can be improved, while the fiber's strength limits are twice as high as those of conventional metals. As electric vehicles gain in popularity throughout the world, carbon fiber will likely be incorporated into electric vehicles to improve their range. There are many advantages to carbon fiber composites, including their superior modulus, high impact resistance, and easy recycling, corrosion resistance, and processing. For the automotive industry to meet the increasingly tightened corporate average fuel efficiency standards, carbon fiber composites have become increasingly popular.
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Market Dynamics:
Drivers:
Owing to the advanced development of several types of automotive composites in the automotive industry, such as the development of environmentally friendly cars. There are several major applications that are expected to increase the growth of the automotive composites market, including anti-roll bars, brake friction materials for medium-duty automotive applications, and automotive pistons.
Restraints:
Carbon fiber is the largest and fastest-growing segment in the automotive composites market when compared to composites, which are more expensive than metals, plastics, and polymers. In the defense and automobile industries, carbon fibers make up over 35% of the polymer matrix and are considered an important product. Carbon fiber's high manufacturing and R&D costs can reduce its demand in automotive composites and increase the demand for substitutes.
Opportunities:
The mechanical and chemical properties of carbon fiber make it superior to steel and metal substitutes, so it is widely used in a wide variety of applications. Among the important properties of steel are its high strength-to-weight ratio, corrosion and fire resistance, electrical conductivity, lubrication, lack of poisonous effects etc. As a result of the honeycomb structure of carbon fiber, the strength-to-weight ratio of carbon fiber composites is compared with that of steel, aluminum, and magnesium substituting for carbon fiber.
Challenges:
Automotive composites have not been widely used in certain countries due to a lack of technological advancements. Even though thermoplastic resins and glass fiber have many positive characteristics, manufacturers in some countries still use traditional materials such as aluminium and steel. This will impede automotive composite growth.
Segmentation Analysis:
The global automotive carbon fiber composites parts market has been segmented based on application, product type, and region.
By Application
The application segment includes exterior, power train components, interior and structural assembly. The exterior segment led the largest share of the automotive carbon fiber composites parts market with a market share of around 36.9% in 2022. In the coming years, the exterior segment will hold a significant share of the market as the door panels, bumper beams, hood, and front-end module are made from carbon fiber composite materials. Carbon fiber composite materials provide increased durability, a lower maintenance cost, and a longer-lasting product. Additionally, due to the increasing demand for light interior components, the interior segment is Projection to grow rapidly over the next few years.
By Product Type
The product type segment includes injection molding, compression molding, resin transfer molding, hand layup, and vacuum infusion processing. The injection molding segment led the largest share of the automotive carbon fiber composites parts market with a market share of around 32% in 2022. Due to growing adoption in the automotive sector and rising operating temperatures, injection molding is expected to represent a significant share of the market during the Projection period. As a result of a simple process and lower tool costs, compression molding is Projection to grow rapidly in the coming years.
Global Automotive Carbon Fiber Composites Parts Market- Sales Analysis.
The sale of automotive carbon fiber composites parts expanded at a CAGR of 14.7% from 2016 to 2022.
Several factors are driving the market, including an increase in vehicle production, emission norms, and the adoption of new technologies. The market is also growing as luxury cars, race cars, and other high-performance cars are increasingly using carbon fiber-reinforced plastics.
A rise in fuel prices has accelerated the demand for fuel-efficient vehicles. Since composites are strong to weight ratios, they are often used to replace steel and other heavy materials. The majority of vehicles use conventional fuel technologies, such as petrol and diesel, which contributes to an increasing demand for fuel-efficient vehicles.
It is expected that the automotive composites market will grow over the Projection period due to a rising demand for light vehicles, an increasing demand for natural fiber composites, and an increasing demand for environmentally friendly electric vehicles.
Thus, owing to the aforementioned factors, the global automotive carbon fiber composites parts market is expected to grow at a CAGR of 15% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the automotive carbon fiber composites parts market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The European region dominated the automotive carbon fiber composites parts market and held a 37.9% share of the market revenue in 2022.
Global Automotive Carbon Fiber Composites Parts Market - Country Analysis:
Germany's automotive carbon fiber composites parts market size was valued at USD 2.25 billion in 2022 and is expected to reach USD 7.07 billion by 2030, at a CAGR of 15.4% from 2023 to 2030.
The German carbon fiber industry ranked 9th with 5.8 thousand metric tons produced alone in 2018, putting it in the top 10 of the world. Carbon fiber is used in almost all racing cars today. In response to OEMs' need for lightweight materials to comply with global emission norms, while still maintaining or exceeding traditional metals, this technology was soon used in passenger and commercial vehicles.
China’s automotive carbon fiber composites parts market size was valued at USD 1.5 billion in 2022 and is expected to reach USD 4.6 billion by 2030, at a CAGR of 15.3% from 2023 to 2030.
There are several international and regional players who dominate the China Automotive Carbon Fiber Composites Market, including Jiangsu Hengshen, Jilin Tangu Carbon Fiber and Fangda Carbon New Material. Even so, the major automotive carbon fiber manufacturers are partnering with each other to launch newer products in an effort to gain an edge over their competitors.
India's automotive carbon fiber composites parts market size was valued at USD 1.18 billion in 2022 and is expected to reach USD 3.6 billion by 2030, at a CAGR of 15.2% from 2023 to 2030.
Several growth opportunities have also been created within the Indian market due to the booming government initiatives. For example, “Make in India” is expected to boost the automotive industry, which will fuel the demand for automotive composites during the Projection period.
Key Industry Players Analysis:
To increase their market position in the global automotive carbon fiber composites parts market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
15% |
Market Size |
19.8 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Application, By Product Type, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
CF Composite, CBS Composites, CPC SRL, Gigantex Corporation, Mubea, Cobra Advanced Composites, Sparco, SGL Carbon, Plasan Carbon Composites, TEIJIN LIMITED, Hexcel Corporation, Bucci Composites, Mitsubishi Chemical Carbon Fiber and Composites, and Toray Industries, Inc. |
By Application |
|
By Product Type |
|
Regional scope |
|
Scope of the Report
Global Automotive Carbon Fiber Composites Parts Market by Application:
Global Automotive Carbon Fiber Composites Parts Market by Product Type:
Global Automotive Carbon Fiber Composites Parts Market by Region:
Global automotive carbon fiber composites parts market is expected to reach USD 60.5 billion by 2030, at a CAGR of 15% from 2023 to 2030.
Rising demand in the automotive sector and exhibits excellent chemical and mechanical properties.
European region will witness more growth in the automotive carbon fiber composites parts market.
Based on the product type, the global automotive carbon fiber composites parts market has been segmented into injection molding, compression molding, resin transfer molding, hand layup, and vacuum infusion processing.
Leading players in the automotive carbon fiber composites parts market are CF Composite, CBS Composites, CPC SRL, Gigantex Corporation, Mubea, Cobra Advanced Composites, Sparco, SGL Carbon, Plasan Carbon Composites, TEIJIN LIMITED, Hexcel Corporation, Bucci Composites, Sparco, Mitsubishi Chemical Carbon Fiber and Composites, Toray Industries, Inc. among others.
Political Factors- If a vehicle fails due to faulty equipment or technical problems, it may risk a person's life. As a result, several governments have imposed stringent car safety rules on the automotive sector. Safety rules and procedures apply to more than just automobile manufacturers. Drivers must also observe restrictions such as driving under the speed limit and wearing their seat belts. Such standards and regulations make it difficult for businesses to launch a new function while adhering to safety protocols.
Economic Factors- China, Malaysia, Indonesia, India, Brazil, Mexico, Singapore, and other developing countries serve the automobile industry in two ways. For starters, it offers inexpensive labor and lower production costs. Second, they have a large consumer market with a lot of room for expansion. As a result, international automakers are shifting manufacturing and production divisions to Asian countries in order to capitalize on both prospects. Because of the high-interest rate, the automotive carbon fiber composites parts market must make interest-only payments, raising the overall cost of the loans obtained.
Social Factors- The customer market is still captivated by the need to buy the most recent type of automobile. Internal desire drives individuals to purchase one or more vehicles for themselves. People do it in advanced countries such as Canada, the United States, the United Kingdom, Australia, France, Germany, and others. Automobile manufacturers are aware of consumer buying trends, lifestyles, and customer appeal qualities. Customers are targeted accordingly. Most importantly, such changes have increased the industry's growth, sales, and revenue.
Technological Factors- Automobile firms such as Tesla, BMW, and Toyota have been able to enter the market with self-driving autonomous vehicles because of technological advancements and artificial intelligence. They are presently attempting to improve the technology's efficiency. More battery timing, safe, self-sustaining, solar, and wind technology, for example. These enhancements would alter the mode of transportation. By grabbing the opportunity and investing in renewable energy sources, the automotive carbon fiber composites parts market may fulfill its aims for sustainable firm development.
Environmental Factors- The vehicle sector is responsible for two significant environmental problems: air pollution and carbon emissions. They have an immediate and indirect influence on all of us because of poor air quality, climate change, and global warming. As a result, automakers are shifting towards electric vehicles in order to address environmental issues.
Legal Factors- Surprisingly, the issue of copyright impacts the car business as well. Certain aspects of a car, such as its branding or shape, can be protected by copyright, trademark, or patent regulations. Legal squabbles in the car industry are unusual, although they do occur. In recent decades, a growing issue has been Chinese automakers openly stealing designs from their Western competitors. For example, Chinese automaker Geely has produced some curiously similar clones of the Rolls-Royce Phantom, causing some controversy. It's unknown what impact this copying has on the industry as a whole, but it's undeniably prevalent.
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