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Carbon Fiber in the Global 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.
Carbon Fiber in the Global Automotive Market

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 Global 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.
Carbon Fiber in the Global Automotive Market by Country

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 Global Automotive Market Emerging Trend

A total of 182 figures / charts and 103 tables are provided in this 165-page report to help in your business decisions. A sample figure with insights is shown below.
Carbon Fiber in the Global Automotive Market by Segments

Recent Developments by Carbon Fiber in the Global Automotive Market

Recent developments in carbon fiber in the global automotive market by various companies highlight ongoing innovations and advancements across different sectors:
 
  • Heteroclite and Creative Light weighting Solutions: The firms come up with advanced carbon fiber composites that can reduce vehicle weight thereby increasing fuel efficiency.
  • Partnerships and Collaborations: Automakers are partnering with manufacturers of carbon fibers to incorporate them in car designs.
  • Recycling Technologies: Development of recycling technologies for sustainability of carbon fiber composites.
  • Cost Reduction Techniques: Automation and lean manufacturing approaches have been employed to cut costs in the industry.
  • High-Performance Applications: In addition, the use of these materials is higher in high performance vehicles such as luxury cars, motorsports among others that require more durability and strength.

Strategic Growth Opportunities for Carbon Fiber in the Global Automotive Market

Automotive Market
Electric Vehicles (EVs) and Hybrid Vehicles
  • Reducing Weight for More Range: Carbon fiber’s light weight provides a significant increase in the range EVs, thereby addressing one of the major consumer concerns – battery life.
  • Structural Components: This increases safety and performance when used in electric vehicle battery enclosures and chassis.
  • Sustainability and Efficiency: Encouragement of carbon fibers use to reduce total vehicle emissions corresponds with worldwide sustainability targets.
Advanced Manufacturing Methods
  • Automated Fiber Placement (AFP): AFP investment can cut production costs and time making carbon fiber more competitive with traditional materials.
  • 3D Printing: Additive manufacturing techniques adoption for quick efficient creation of intricate carbon fiber components.
  • Resin Transfer Molding (RTM): Enhancements in RTM processes could make production quicker while enhancing quality of carbon fibers parts.
Recycling and Sustainability Initiatives
  • Recyclable Carbon Fiber: Developing & promoting recyclable automotive components made from CFRP materials to enhance their sustainability profile.
  • Eco-Friendly Production Methods: Use renewable energy sources as well as waste minimization to reduce the carbon footprint of carbon fiber production.
  • Circular Economy Models: Embracing circular economy principles by reclaiming end-of-life CFRP parts for use in new applications.
Collaborations and Partnerships
  • Strategic Alliances with Automakers: Partnering with leading automobile manufacturers to form alliances aimed at developing customized car models using CFRPs.
  • Joint Ventures with Technology Firms: Collaborating with tech companies to integrate smart technologies into CF composites for advanced vehicle functionalities.
  • Government and Research Institutions: Participating in research initiatives, public-private partnerships to drive innovation, share costs etc.
Market Diversification
  • Expansion into Luxury and Sports Cars: Leveraging on high-performance attributes of CF to target luxury car segment or sports car sector respectively.
  • Commercial and Heavy Vehicles: Commercialization of CFRP composites for improved fuel efficiency or carrying capacity in commercial vehicles – trucks inclusive.
  • Aftermarket Components: Developing high-quality aftermarket carbon fiber parts for vehicle customization and performance upgrades.
Technological Advancements
  • Enhanced Material Properties: Continuous research should focus on enhancing the strength, stiffness as well as thermal properties of carbon fiber.
  • Hybrid Composites: Combining CF with other materials such as Kevlar or aluminum to achieve some specific performance features.
  • Smart Materials Integration: Real-time monitoring and diagnostic tools are embedded in carbon fiber components using integrated sensors/ electronics.
Regulatory and Policy Support
  • Compliance with Emission Standards: Use of carbon fiber to assist automobile manufacturers achieve stringent global fuel economy standards, emission guidelines etc.
  • Incentives for Lightweight Materials: Promoting government incentives and subsidies that encourage use of lightweight materials in the auto industry.
  • Safety Regulations: Using CFRP in critical structural components enables them to meet/exceed safety regulations.
Cost Reduction Strategies
  • Economies of Scale: Aiming at lowering per unit prices by leveraging cost efficiencies through increased production volumes.
  • Supply Chain Optimization: Streamlining the supply chain so as to reduce costs and improve accessibility of carbon fiber (CF).
  • Alternative Raw Materials: Cost effective alternative feedstock options for traditional precursors to CFs.

Carbon Fiber in the Global Automotive Market Drivers and Challenges

Carbon fiber in the global automotive composite market is pivotal in industries requiring corrosion-resistant storage solutions. Driven by benefits like durability and design flexibility, it faces challenges such as high initial costs and logistical complexities. This discussion explores key drivers propelling its growth and significant challenges hindering broader market adoption.
The key drivers for carbon fiber in the global automotive market include:
  1. Weight and Fuel Efficiency: Carbon fiber’s high strength-to-weight ratio resultantly lowers the weight of vehicles, enhancing fuel efficiency as well as minimizing emissions. It is a very important characteristic given that automakers have to grapple with demanding environmental regulations and the market for green cars.
  2. Increasing Adoption in Electric Vehicles (EVs): Battery efficiency and vehicle range require lightweight materials in the era of electric vehicles. Weight reduction without compromising structural integrity makes carbon fiber suitable for EV makers seeking both quality performance and sustainability.
  3. Technological Advancements in Manufacturing: Over this years, there have been major innovations in manufacturing processes like automated fiber placement (AFP) and 3D printing which have led to lower production costs and increased scalability of carbon fiber components. This has made carbon fiber more readily available thereby putting it at par with the other traditional materials used in the automotive industry.
The challenges in carbon fiber in the global automotive market include:
  1. High Production Costs: Despite technological advancements, carbon fiber production is still expensive compared to traditional materials such as aluminum or steel. The price of raw materials is too high while manufacturing consumes lots of energy thereby making these barriers insurmountable especially among price conscious customers.
  2. Recycling and End-of-Life Management: Recycling practices are not common with regard to carbon composites due to complexity associated therewith; thus posing environmental problems. In order for these issues on sustainability to be addressed alongside meeting certain legal requirements that are hindering growth as well as acceptance by industry players, recycling methods need to be developed that are efficient but inexpensive.
.
The potential of carbon fiber in improving fuel economy and supporting the electric vehicle revolution, driven by technological advancements, drives the global market for automotive composite. Nevertheless, its widespread application is impeded by high costs of production and difficulties in recycling. In this backdrop however, the industry remains focused on achieving cost efficient and sustainable innovation.

Carbon Fiber in the Global Automotive Suppliers and Their Market Shares

In this globally competitive market, several key players such as SGL Carbon SE, Toray Industries Inc, Mitsubishi etc., dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us. If you wish to deep dive in competitive positioning of these players then you can look into our other syndicated market report on “Carbon Fiber in the Global Automotive Market Leadership Report".
 
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 in the global automotive companies’ increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of carbon fiber in the global automotive companies profiled in this report includes. 
These companies have established themselves as leaders in carbon fiber in the global automotive market, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations. 
The market share dynamics within carbon fiber in the global automotive market are evolving, with the entry of new players and the emergence of innovative carbon fiber in the global automotive market technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.

Carbon Fiber in the Global Automotive Market by Segment

In the worldwide auto composite market, carbon fiber’s main growth areas can be found in body panels, interior parts and chassis components, which are driven by a necessity for lightweight materials with high strength to enhance fuel efficiency and performance .Among other beneficiaries of these developments include electric vehicles (EVs) as well as high-performance sports cars. Besides, the creation of recyclable carbon fiber composites is becoming more popular as an automotive solution that is sustainable.

The study includes a forecast for carbon fiber in the global automotive market by application, material, and region as follows:

By Application [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:

By Material [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:

By Region [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:

  • North America
  • Europe
  • Asia Pacific
  • The Rest of the World
Lucintel Analytics Dashboard

Features of Carbon Fiber in the Global Automotive Market

  • Market Size Estimates: Carbon fiber in the global automotive market size estimation in terms of value ($M) and Volume (M lbs)
  • Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
  • Segmentation Analysis: Market size by application, material type and region
  • Regional Analysis: Carbon fiber in the global automotive market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
  • Growth Opportunities: Analysis of growth opportunities in different application, material type and regions for carbon fiber in the global automotive market.
  • Strategic Analysis: This includes M&A, new product development, and competitive landscape for the carbon fiber in the global automotive market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
 If you are looking to expand your business in Carbon Fiber in the Global Automotive or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.

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FAQ

Q1. What is the carbon fiber in the global automotive market size?
Answer: The carbon fiber in the global automotive market is expected to reach an estimated $432 million by 2030.      
Q2. What is the growth forecast for carbon fiber in the global automotive market?
Answer: The carbon fiber in the global automotive market is expected to grow at a CAGR of 2% from 2023 to 2030.    
Q3. What are the major drivers influencing the growth of carbon fiber in the global automotive market?
Answer: The major drivers of growth for this market are increasing automotive production and weight and fuel efficiency, increasing adoption in electric vehicles (EVs), and technological advancements in manufacturing.     
Q4. What are the major applications or end use industries for carbon fiber in the global automotive composites?
Answer: Exterior, interior, power train system, chassis system, under body system, and pressure vessel use are the major end use industries for carbon fiber in the global automotive composites.       
Q5. What are the emerging trends in carbon fiber in the global automotive market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include growing uptake in electric vehicles (EVS), technological advances in manufacturing processes, increasing sustainability material demand, enhanced performance characteristics,  and integration with smart technologies.
Q6. Who are the key carbon fibers in the global automotive companies?
Answer: Some of the key carbon fiber in the global automotive companies are as follows:
  • SGL Carbon
  • Toray  Industries
  • Mitsubishi Chemical
  • Teijin
  • Formosa Plastic Corp
  • Hexcel Corportation
  • DowAksa
  • Hyosung Corporation
  • Solvay
Q7. Which carbon fiber in the global automotive product segment will be the largest in future?
Answer: Lucintel forecasts that textile and other thermoset material 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 due to its properties like energy absorption and lightweight, high specific strength and stiffness, low thermal expansion, and durability in harsh environments.
Q8. In carbon fiber in the global automotive market, which region is expected to be the largest in next 7 years?
Answer: Europe is expected to remain the largest region over next 7 years          
Q9. 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 potential, high growth opportunities for carbon fiber in the global automotive market by application (exterior, interior, power train system, chassis system, under body system, pressure vessel and others, material (SMC, LFT, SFT, prepreg and RTM and other thermoset) 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 regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are 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 being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?

 
Table of Contents

1. Executive Summary

2. Carbon Fiber in the Global Automotive Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges

3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Carbon Fiber in the Global Automotive Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Carbon Fiber in the Global Automotive Market by Product Type
3.3.1: PAN Based
3.3.2: Pitch Based
3.4: Carbon Fiber in the Global Automotive Market by Tow Size
3.4.1: Small Tow (<=24k)
3.4.2: Large Tow (>24k)
3.5: Carbon Fiber in the Global Automotive Market by Modulus
3.5.1: Standard Modulus
3.5.2: Intermediate Modulus
3.5.3: High Modulus
3.6: Carbon Fiber in the Global Automotive Market by Application
3.6.1: Exterior
3.6.2: Interior
3.6.3: Power Train System
3.6.4: Chassis System
3.6.5: Under Body System
3.6.6: Pressure Vessel
3.6.7: Others

4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Carbon Fiber in the Global Automotive Market by Region
4.2: Carbon Fiber in the North American Automotive Market
4.2.1: Carbon Fiber in the North American Automotive Market by Product Type: PAN Based and Pitch Based
4.2.2: Carbon Fiber in the North American Automotive Market by Application: Exterior, Interior, Power Train System, Chassis System, Under Body System, Pressure Vessel, and Others
4.3: Carbon Fiber in the European Automotive Market
4.3.1: Carbon Fiber in the European Automotive Market by Product Type: PAN Based and Pitch Based
4.3.2: Carbon Fiber in the European Automotive Market by Application: Exterior, Interior, Power Train System, Chassis System, Under Body System, Pressure Vessel, and Others
4.4: Carbon Fiber in the APAC Automotive Market
4.4.1: Carbon Fiber in the APAC Automotive Market by Product Type: PAN Based and Pitch Based
4.4.2: Carbon Fiber in the APAC Automotive Market by Application: Exterior, Interior, Power Train System, Chassis System, Under Body System, Pressure Vessel, and Others
4.5: Carbon Fiber in the ROW Automotive Market
4.5.1: Carbon Fiber in the ROW Automotive Market by Product Type: PAN Based and Pitch Based
4.5.2: Carbon Fiber in the ROW Automotive Market by Application: Exterior, Interior, Power Train System, Chassis System, Under Body System, Pressure Vessel, and Others

5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities of Carbon Fiber in the Global Automotive Market by Product Type
6.1.2: Growth Opportunities of Carbon Fiber in the Global Automotive Market by Tow Size
6.1.3: Growth Opportunities of Carbon Fiber in the Global Automotive Market by Modulus
6.1.4: Growth Opportunities of Carbon Fiber in the Global Automotive Market by Application
6.1.5: Growth Opportunities of Carbon Fiber in the Global Automotive Market by Region
6.2: Emerging Trends of Carbon Fiber in the Global Automotive Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of Carbon Fiber in the Global Automotive Market
6.3.3: Mergers, Acquisitions, and Joint Ventures of Carbon Fiber in the Global Automotive Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Toray Industries
7.2: Hexcel Corporation
7.3: Mitsubishi Chemical Corporation
7.4: Solvay
7.5: SGL Carbon Group
7.6: Teijin Limited
7.7: Formosa Plastics Corporation.

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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process. 
 

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