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Automotive Carbon Fiber Composites Parts Market Trends, Top Companies, Share, Growth And Forecast 2033
Automotive Carbon Fiber Composites Parts Market Trends
According to The Business Research Company's, The automotive carbon fiber composites parts market size has grown rapidly in recent years. It will grow from $19.89 billion in 2023 to $23.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to weight reduction in vehicles, growing electric vehicle, sports and luxury vehicle demand, stringent emission standards, racing and motorsports.
The automotive carbon fiber composites parts market size is expected to see rapid growth in the next few years. It will grow to $42.14 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to electric and hybrid vehicle adoption, stringent fuel efficiency standards, increased use in structural components, mass production and economies of scale, demand for advanced driver assistance systems (adas). Major trends in the forecast period include increasing adoption in electric vehicles (evs), advancements in manufacturing technologies, integration in structural components, collaborations and partnerships, cost reduction initiatives, recycling and sustainability.
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Market Drivers and Trends:
Surging demand for electric vehicles is significantly contributing to the automotive carbon fiber composites parts market going forward. Electric vehicles refer to vehicles that have an electric motor capable of drawing power from a battery and having the ability to receive external charging. Parts made from carbon fiber composites are used in electric vehicles to reduce weight and in turn, minimize the vehicle's energy consumption. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the surge in demand for electric vehicles will drive the automotive carbon fiber composite parts market.
Product innovation is the key trend gaining popularity in the automotive carbon fiber composites parts market. Major companies operating in the automotive carbon fiber composites parts market are focusing on developing composite materials that offer advantageous properties for automobiles. For instance, in May 2022, Solvay, a Belgium-based chemical company, launched SolvaLite 714 Prepregs. It is a new generation of unidirectional carbon fibre and woven fabric goods that have already been pre-impregnated with epoxy resin SolvaLite 714. These cutting-edge prepregs have been specially designed for manufacturing 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.
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Major Key Players of the Market:
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
Automotive Carbon Fiber Composites Parts Market 2024 Key Insights:
• The automotive carbon fiber composites parts market will grow to $42.14 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%.
• Surging Demand For Electric Vehicles Propels Automotive Carbon Fiber Composites Parts Market
• Product Innovation Revolutionizing Automotive Carbon Fiber Composites Parts
• Europe was the largest region in the automotive carbon fiber composites parts market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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