Automotive Carbon Fiber Material Market is Projected to Reach US$ 26 Billion by 2034, Growing at a 12.1% CAGR | Fact.MR Report

The global market for automotive carbon fiber material is estimated to have a revenue of US$ 8.3 billion in the year 2024 and has been extensively researched to grow at a staggering CAGR of 12.1% to reach a value of US$ 26 billion by the year 2034.

Pressure on vehicle makers is always growing to reduce greenhouse gas emissions and meet tough fuel efficiency regulations. Carbon fiber's extraordinary strength-to-weight property makes weight saving substantial, leading to performance improvement and improved fuel efficiency. Lighter cars consume less fuel, helping towards sustainability targets. As the production of electric cars grows, materials to balance the heaviness of heavy battery packs need to be sourced.

For efficiency-increasing manufacturers, carbon fiber is an attractive choice since it enhances EV performance and range. High-performance vehicle makers are opting for carbon fiber materials due to their better mechanical properties. Its application in body panels, chassis, and other structural components is attractive to automakers serving performance enthusiasts since it boosts acceleration, handling, and driving dynamics.

For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=2411

Key Takeaways from Market Study:

The Automotive Carbon Fiber Material Market will grow from US$ 8.3 billion in 2024 to US$ 26 billion by 2034 at a 12.1% CAGR.
North America will hold 32.5% of the market share in 2024, driven by demand for lightweight vehicles.
East Asia will reach US$ 2.04 billion in 2024, supported by advancements in automotive manufacturing.
South Asia & Pacific will grow at 17.9% CAGR from 2024 to 2034, with rising vehicle production.
The Exterior Segment will be valued at US$ 8 billion by 2034, as automakers adopt carbon fiber components.
The PAN-based Segment will reach US$ 16.99 billion by 2034, due to its high strength and stability.

Leading Players Driving Innovation in the Automotive Carbon Fiber Material Market:

Cytec Engineered Materials (Solvay SA); Hexel; Nippon Graphite Fiber Corporation; Mitsubishi Rayon Co. Ltd.; Toho Tenax; Toray Industries; Zoltek; Mitsubishi Chemical Corporation; Teijin Limited; SGL Carbon SE

Global Automotive Carbon Fiber Materials: Market Overview

The global automobile production is moving to emerging economies of Eastern Europe, China, India and Mexico. This is primarily due to reduced cost of manufacturing, raising the demands due to rise in disposable incomes. The fleet on road during long-term outlook is also poised to increase at a moderate CAGR, thus offering opportunities for expansion of automobile carbon fiber materials and further customization.

As, automotive carbon fiber materials are costly compared to other metals; their application was restricted to sporting cars and luxury vehicles. This trend has been observed changing with several companies such as Mercedes, BMW, Audi, and others already using automotive carbon fiber materials in their respective vehicles.

The only limiting factor in the automotive carbon fiber material market is their cost. These materials are more than 20 times more expensive compared to steel. This has prompted the manufacturers of automotive carbon fiber materials to come up with low-cost production techniques. Automotive globalization, together with growth in key markets along with government programs and regulations, will propel the demand for automotive carbon fiber materials in the forecast period.

Browse Full Report: https://www.factmr.com/report/2411/automotive-carbon-fiber-materials-market

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global automotive carbon fiber material market, presenting historical data for 2020 to 2024 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the is segmented based on raw material type, vehicle type, application, and region. By raw material type, the market includes PAN-based, Pitch-based, and Rayon-based carbon fibers, each offering unique advantages in terms of strength, durability, and cost-effectiveness. Based on vehicle type, the market is categorized into Passenger Cars, Light Commercial Vehicles (LCVs), and Heavy Commercial Vehicles (HCVs), with increasing adoption of carbon fiber materials to enhance fuel efficiency and performance.

Check out More Related Studies Published by Fact.MR Research:

Green Hydrogen Market- https://www.factmr.com/report/green-hydrogen-market

Omeprazole Sulfone Market- https://www.factmr.com/report/omeprazole-sulfone-market

Co2 Based Polymers Market- https://www.factmr.com/report/3916/co2-based-polymers-market

Polycarboxylic Acid Market- https://www.factmr.com/report/polycarboxylic-acid-market

Sound Barrier Market- https://www.factmr.com/report/sound-barrier-market

Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

This release was published on openPR.