Press release
Automotive Carbon Fiber Composites Parts Market Size Projected To Reach $48.38 Billion By 2034 With A Cagr Of 16%
Automotive Carbon Fiber Composites Parts
What Is the Projected Growth of the Automotive Carbon Fiber Composites Parts Market?
There has been a swift expansion in the size of the automotive carbon fiber composites parts market in recent times. It is predicted to swell from $22.96 billion in 2024 to $26.7 billion in 2025, at a compound annual growth rate (CAGR) of 16.3%. This growth during the historic period is a result of factors such as weight reduction in cars, increasing demand for electric vehicles, sports and luxury vehicles, stricter emission standards, and the popularity of racing and motorsports.
In the following years, the market size for automotive carbon fiber composites parts is projected to significantly expand. With a compound annual growth rate (CAGR) of 16.0%, the market is expected to reach $48.38 billion by 2029. The anticipated growth during this period is largely due to the surge in the adaptation of hybrid and electric vehicles, strict fuel efficiency standards, their enhanced utilization in structural components, the inception of mass production and economies of scale and the increasing demand for advanced driver assistance systems (ADAS). Upcoming trends during the forecast include the rising use in electric vehicles (EVs), enhancement in manufacturing processes, increased integration in structural components, strategic collaborations and partnerships, initiatives pertaining to cost reduction, and the focus on recycling and sustainability.
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What Are the Different Automotive Carbon Fiber Composites Parts Market Segments?
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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What Are the Primary Drivers Shaping the Automotive Carbon Fiber Composites Parts Market?
The escalating demand for electric vehicles is considerably driving the growth of the automotive carbon fiber composites parts market. Electric vehicles, which are vehicles equipped with an electric motor powered by a battery that also has the capacity for external charging, utilize parts made from carbon fiber composites to decrease weight and thereby decrease the energy consumption of the vehicle. As an example, the U.S. Energy Information Administration, a government agency within the United States, reported in November 2023 that the proportion of battery-electric vehicles in new light-duty vehicle sales had reached 17.7% in the third quarter of 2023. Furthermore, battery-electric vehicles accounted for 16.0% of total new vehicle sales for this year, which was an increase from 12.5% in 2022 and 9.0% in 2021. Consequently, the swelling demand for electric vehicles is propelling the growth of the market for automotive carbon fiber composite parts.
Which Companies Are Leading 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 Are the Major Trends Shaping the Automotive Carbon Fiber Composites Parts Market?
The emergence of product innovation is a significant trend in the automotive carbon fiber composites parts market. Key players in this market are concentrating on creating composite materials which offer beneficial attributes for vehicles. For example, Solvay, a chemical firm based in Belgium, introduced SolvaLite 714 Prepregs in May 2022. These are a new generation of pre-impregnated unidirectional carbon fiber and woven fabric products with epoxy resin SolvaLite 714. They are particularly tailored for the manufacture of auto parts like body panels, boasting rapid compression-molding cycle durations for series production runs, fast cure cycles, and extended lifetimes.
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What Are the Top Revenue-Generating Geographies 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Carbon Fiber Composites Parts Market?
2. What is the CAGR expected in the Automotive Carbon Fiber Composites Parts Market?
3. What Are the Key Innovations Transforming the Automotive Carbon Fiber Composites Parts Industry?
4. Which Region Is Leading the Automotive Carbon Fiber Composites Parts Market?
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