What is Carbon Fiber in Automotive Market?
The composition with other materials increases the capability of the materials. Carbon fibers are about five times stronger than steel and other materials. This property encourages automotive manufacturers to use carbon fiber in increasing the performance of the vehicle. Carbon fiber has various applications such as exteriors, power train systems, under-body systems, chassis systems, and interiors. The increase in the use of carbon fiber in the automotive industry is expected to drive the market in near future.
Highlights from Carbon Fiber in Automotive Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Hexcel Corporation (United States), Mitsubishi Chemical Carbon Fiber and Composites Inc. (United States), SGL Carbon SE (Germany), Teijin Limited (Japan), Toray Industries Inc. (Japan), ZOLTEK (United States), Gurit Holding (Switzerland), Fibre Glast (United States), Protech Composites (United States) and InteriorMI MFG (Canada)|
Leading players are working with businesses in new markets to boost profitability. In order to obtain a competitive edge, they are also introducing lightweight sophisticated products and working with OEMs. Hexcel Corporation (United States), Mitsubishi Chemical Carbon Fiber and Composites Inc. (United States), SGL Carbon SE (Germany), Teijin Limited (Japan), Toray Industries Inc. (Japan), ZOLTEK (United States), Gurit Holding (Switzerland), Fibre Glast (United States), Protech Composites (United States) and InteriorMI MFG (Canada) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Cytec Solvey Group, Formosa Plastic Corp. (Taiwan), DOWAKSA (Turkey), Carbon Products (India), Reliance composites (India), Carbon Light (India) and Carbonext India Pvt Ltd. (India).
Carbon Fiber in Automotive Market Segmentation:
|Application / End User||Interior, Exterior, Body Structure and Others|
|Type||Sheet Molding Compound (SMC), Short Fiber Thermoplastic (SFT) and Long Fiber Thermoplastic (LFT)|
|Vehicle Type||Passenger Car,Commercial Vehicle|
On the basis of geography, the market of Carbon Fiber in Automotive has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Trends towards Hybrid and Electric Vehicles
Market Growth Drivers:
Increasing Application of Carbon Fiber in Automotive to Increase Speed and Power of Vehicles and Rising Demand from the Aerospace and Defense Markets and Smaller Markets such as Sporting Goods and Construction Materials
Low Awareness of the benefits of Carbon Fibers
High Raw Material Cost Associated with the Carbon Fibers
Growing Demand and Adoption of Lightweight Vehicles can create Opportunities for the Market Growth
Key Target Audience
Carbon Fiber in Automotive Manufacturers, Carbon Fiber in Automotive Suppliers and Distributors, Industry Verticals, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 2nd May 2022, Solvay announced the launch of SolvaLite. It is a new generation of unidirectional carbon fiber. These cutting-edge prepregs have been specially designed to manufacture automobile components, such as body panels, at quick compression-molding cycle durations in serial production runs. They also have quick cure cycles and long outlives.
On 27th April 2021, Braskem announced the expansion of the 3D printing products to include new, innovative carbon fiber reinforced polypropylene filament for 3D printing offering superior mechanical and thermal properties as well as low warpage.