Automotive Carbon Fiber Market is Booming with a 11.16% CAGR, Projected Reach $ 64.05 Billion by 2032

The global Automotive Carbon Fiber Market size was valued at $24.13 billion in 2022, and is projected to reach $ 64.05 billion by 2032, growing at a CAGR of 11.16% from 2023 to 2032. The global automotive carbon fiber market has experienced significant growth and transformation, driven by several factors such as surge in the adoption of carbon fiber in automobiles and stringent government regulations on emission norms. In addition, growth in sales of zero emission vehicles presents significant opportunities for market expansion.

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The global automotive carbon fiber market has seen significant growth and change owing to surge in adoption of carbon fiber in automobiles, stringent government regulations on emission norms. However, the high cost of carbon fibers hampers the market growth. In addition, growth in sales of zero emission vehicles presents significant opportunities for market expansion.

Based on material, the polyacrylonitrile (PAN) segment held the highest market share in 2022, and the highest CAGR of 11.39% and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to their high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity. However, the pitch segment is expected to witness a CAGR of 10.21% as the pitch-based carbon fiber offers exceptional mechanical properties, including high tensile strength and modulus. These properties make it desirable for high-performance applications that require excellent structural integrity.

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The carbon fibers are widely used in the automobile sector for making automotive components. This is attributed to the fact that aluminum-based carbon fiber possesses high strength to weight ratio and helps in increasing efficiency of vehicles. Rise in production of lightweight vehicles across the globe fuels the demand for carbon fibers in the automotive sector. This is attributed to the fact that vehicles built using materials with low weight and high strength deliver higher mileage and enhance fuel efficiency.

Automotive-grade carbon fiber has progressively replaced traditional materials, on account of their lightweight and high-strength attributes. The product is being increasingly adopted in the production of a variety of automotive components such as interior and extrerior trims, powertrain components and others. Thus, the rapid expansion of the automotive industry across the developing economies, such as China, India, is expected to significantly contribute toward the growth of the automotive carbon fiber market during the forecast period.

The key players profiled in this report include

Toray Industries, Inc.
Nippon Graphite Fiber Co., Ltd.
Hyosung Advanced Materials
Hexcel Corporation
SGL Carbon
Solvay S.A.
DowAksa Advanced Composite Holdings BV
Formosa Plastics Corporation
Mitsubishi Chemical Corporation
Teijin Limited

The report provides a detailed analysis of these key players in the global automotive carbon fiber market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Technological advancements in PAN-based carbon fiber manufacturing processes, such as improvements in precursor materials, processing techniques, and automation, have contributed to increased production efficiency and reduced costs. Furthermore, the automotive industry actively seeks lightweight materials to improve fuel efficiency and reduce emissions. PAN-based carbon fiber offers a viable solution by replacing traditional materials such as steel and aluminium in automotive components. The trend toward electric vehicles further boosts the demand for lightweight, creating growth opportunities for this type of carbon fiber in the automotive sector.

Based on application, the structural assembly segment held the highest market share in 2022, and the highest CAGR of 11.55% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, as the carbon fiber structural components are available in a diverse range of shapes and sizes, offering an ideal solution for enhancing strength and rigidity in designs without adding additional weight. However, the powertrain components segment is expected to witness a significant CAGR of 11.45% owing to the rising trend towards engine downsizing to enhance fuel efficiency and reduce emissions.

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On the basis of vehicle type, the automotive carbon fiber market is divided into two-wheeler, passenger vehicle and commercial vehicle. Two-wheeler segment will create lucrative growth opportunities as they are generally less costly when compared with other vehicle types and serve as an economical option. In addition, two-wheelers serve various riding purposes, which include daily commuting, off-road riding, long-distance travelling, cruising, and others.

Regional Analysis:

Based on region, Europe segment held the highest market share in 2022, growing a CAGR of 10.68% owing to the strict emissions regulations that have further accelerated this shift towards cleaner and more fuel-efficient modes of transport. However, Asia-Pacific is expected to witness the highest CAGR of 12.77% throughout the forecast period owing to continuous advancements in carbon fiber manufacturing technologies, improved production processes, and sales of vehicles.

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