Market Highlights:
Carbon fiber is material that is composed of carbon atoms with diameter of about 5 to 10 micrometers. Carbon fiber offers many properties, which includes light weight, high strength-to-weight ratio, very high modulus elasticity-to-weight ratio, high strength, and corrosion resistance. There have been efforts to introduce carbon fiber in mass production for passenger cars, which include companies such as Ford, and General Motors. Some of the concept cars are also making extensive use of carbon fiber composites so as to make the vehicle light weight. In India, the National Aeronautical Laboratory (NAL) has developed technology for the production of carbon fiber. The wide spread use of carbon fiber is expected to drive the market in future. Carbon Fiber is five times stronger than metal, which is heavier in weight. The heavy weight of metal reduces the efficiency of vehicle makes it less likely for the car manufacturers to use it. The light weight property of carbon fiber makes it easier to adopt in car manufacture. The various applications of carbon fiber are vehicle exterior, power train system, under body system, chassis system, and interior. The increased use of carbon fiber in exterior components is expected to drive the market in near future.
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On the basis of region, the market has been segmented into the regions of North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to dominate the carbon fiber in automotive market in future due to the stringent government regulations for carbon dioxide. The reduction of carbon dioxide is directly related to the overall weight of the passenger and commercial vehicles. The reduction in the weight of the vehicle will result in low carbon dioxide, which will meet the government standard. Many manufacturers in Asia Pacific are developing vehicles with reduced weight so as to meet stringent regulation. This increase in demand for low-weight vehicles will result in the growing demand for carbon fiber in automotive. Europe is expected to be the second-largest market due to the growing demand for lightweight vehicles. In Europe, Germany is known for its outstanding automotive industry and engineering. German cars are highly valued due to their innovation, reliability, safety, and design. In Europe, Germany is one of the leading countries for the production and sales of vehicles. World-class R&D infrastructure, and a highly qualified workforce, have created an incomparable automotive environment. This will boost the production of automotive vehicles, in the future, which will result in increased use of carbon fiber in automotive. North America is expected to be the third largest market in carbon fiber due to factors such as low interest rate and low fuel prices, which have allowed the market to grow during the forecast period.
Key Players
The key players in carbon fiber in the automotive market are Toray (Japan), Hexcel (U.S.), Cytec Solvey Group (U.S.), SGL (Germany), DOWAKSA (Turkey), Hyosung Corporation (South Korea), Formosa Plastic Corp (Taiwan), and Holding Company "Composite" (Russia), ZOLTEK (U.S.), Axon (U.K.), Plasan Carbon Composites (U.S.), 3MB Co., Ltd. (Thailand), GURIT (Switzerland), Rivers Carbon Technologies (New Zealand), and Sigmatex Ltd (England).
Scope of the Report
This study provides an overview of the global carbon fiber in the automotive market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Carbon Fiber in the Automotive market by its material type, application type, vehicle type, and region
Drivers:
By Material Type
- Sheet Molding Compound (SMC)
- Short Fiber Thermoplastic (SFT)
- Long Fiber Thermoplastic (LFT)
- Prepreg
- Others
By Application Type
- Exterior
- Power Train System
- Under Body System
- Chassis System
- Interior
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Global Carbon Fiber in Automotive Market Size, 2014-2023(USD Million)
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