What Has Been the Growth Trajectory of the Automotive Carbon Fiber Composites Parts Market?
The automotive carbon fiber composites parts market has seen considerable growth due to a variety of factors.
• In recent years, we have witnessed a swift surge in the market size for automotive carbon fiber composite parts. This expansion is expected to continue, with projections indicating an increase from $22.96 billion in 2024 to $26.7 billion in 2025. This phenomenal growth, registering a compound annual growth rate (CAGR) of 16.3%, can be credited to factors such as the drive toward weight reduction in vehicles, a burgeoning demand for electric, sports, and luxury vehicles, strict emissions standards, along with an increase in racing and motorsports activities.
What Is The Expected Growth In The Automotive Carbon Fiber Composites Parts Market By 2029?
The Automotive Carbon Fiber Composites Parts market is expected to maintain its strong growth trajectory in upcoming years.
• In the next few years, the size of the automotive carbon fiber composites parts market is predicted to experience rapid expansion, with an expected increase to $48.38 billion in 2029, representing a compound annual growth rate (CAGR) of 16.0%.
The projected growth within this forecast period can be attributed to several factors including the growing adoption of electric and hybrid vehicles, strict fuel efficiency standards, the component's increased use in structural elements, mass production and economies of scale, as well as demand for advanced driver assistance systems (ADAS). Key trends predicted for the forecast period include a rise in adoption within electric vehicles (EVs), advancements in manufacturing technology, incorporation into structural components, cooperative ventures and partnerships, cost-cutting measures, as well as initiatives for recycling and sustainability.
What Main Forces Are Fueling Expansion In The Automotive Carbon Fiber Composites Parts Market?
The automotive carbon fiber composites parts market is experiencing significant growth due to the rising popularity of electric vehicles. These are automobiles powered by an electric motor that obtains its energy from a battery and can be charged externally. Using parts made from carbon fiber composites in these vehicles helps in reducing their weight, thus lowering their energy consumption. For instance, the U.S. Energy Information Administration, a US-based governmental organization, reported in November 2023 that the proportion of battery-electric vehicles (BEVs) in new light-duty vehicle sales hit 17.7% in the third quarter of 2023. Moreover, BEVs made up 16.0% of all new vehicle sales this year, an increase from 12.5% in 2022 and 9.0% in 2021. Hence, the burgeoning demand for electric vehicles is propelling the growth of the automotive carbon fiber composite parts market.
What Are The Primary Segments In The Global Automotive Carbon Fiber Composites Parts Market?
The automotive carbon fiber composites parts market covered in this report is segmented –
1) By Type: Brake Discs, Brake Pads, Battery Housing, Mirror Housing, Chassis, Pillars, Other Types
2) By Resin: Thermoplastic, Thermoset
3) By Application: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Brake Discs: Solid Brake Discs, Ventilated Brake Discs
2) By Brake Pads: Semi-Metallic Brake Pads, Organic Brake Pads, Ceramic Brake Pads
3) By Battery Housing: EV Battery Enclosures, Hybrid Battery Housing
4) By Mirror Housing: Side Mirror Casings, Rearview Mirror Casings
5) By Chassis: Structural Chassis Components, Lightweight Chassis Frames
6) By Pillars: A-Pillars, B-Pillars, C-Pillars
7) By Other Types: Body Panels, Interior Components, Structural Reinforcements
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Which Key Trends Are Driving Changes In The Automotive Carbon Fiber Composites Parts Market?
The primary trend gaining traction in the automotive carbon fiber composites parts market is product innovation. Key players in this market are concentrating their efforts on creating composite materials that offer beneficial properties for automotive use. For instance, Solvay, a chemical company based in Belgium, in May 2022, unveiled SolvaLite 714 Prepregs, a novel generation of pre-impregnated unidirectional carbon fiber and woven fabric goods containing epoxy resin SolvaLite 714. These innovative prepregs are tailor-made for the production of car components like body panels, offering fast compression-molding cycles for serial production and longer lifespans, alongside speedy cure cycles.
Who Are the Key Players In The Automotive Carbon Fiber Composites Parts Market?
Major companies operating in the automotive carbon fiber composites parts market include:
• Plasan Carbon Composites Inc.
• Faurecia SE
• Toray Industries Inc.
• Mitsubishi Chemical Carbon Fiber and Composites
• SGL Carbon
• Composite Resources Inc.
• Hexcel Corporation
• Teijin Limited
• BUCCI COMPOSITES S.p.A.
• CBS Composites
• Cobra Advanced Composites Co. Ltd.
• TOPKEY Excellence In Composites
• Action Composite Technology Limited
• Zhongfu Shenying Carbon Fiber Xining Co. Ltd.
• Jiangsu Hengrui Pharmaceuticals Co. Ltd.
• Martec Spa
• Gigante Technologies Pvt. Ltd.
• Cytec Industries Incorporated
• ACP Composites Inc.
• Clearwater Composites LLC
• Owens Corning
• HITCO Carbon Composites Inc.
• Polar Manufacturing Limited
• Rock West Composites Inc.
• Zoltek Companies Inc.
• Gurit Holding AG
• Solvay S.A.
• Continental Structural Plastics Inc.
• Magna International Inc.
• Toho Tenax Co. Ltd.
• Formtech Composite Limited
• Quantum Composites Inc.
• PlastiComp Inc.
• TenCate Advanced Composites
• Fiberforge Corporation
• Albany Engineered Composites Inc.
• BASF SE
• DSM Composite Resins AG
What Is The Most Dominant Region In The Automotive Carbon Fiber Composites Parts Market?
Europe was the largest region in the automotive carbon fiber composites parts market in 2024. The regions covered in the automotive carbon fiber composites parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
