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Future of the Automotive Carbon Fiber Composites Parts Market: Trends, Innovations, and Key Forecasts Through 2034
Automotive Carbon Fiber Composites Parts Market Size
Automotive Carbon Fiber Composites Parts Market Size Growth Forecast: What to Expect by 2025?
In recent years, we have witnessed a swift expansion in the market size of automotive carbon fiber composites parts. It is projected to escalate from $22.96 billion in 2024 to $26.7 billion in 2025, with a compound annual growth rate (CAGR) of 16.3%. The substantial growth experienced in the historical period can be ascribed to factors such as weight reduction in vehicles, increased demand for electric vehicles, sports and luxury vehicles, stricter emission standards, as well as racing and motorsports.
How Will the Automotive Carbon Fiber Composites Parts Market Size Evolve and Grow by 2029?
In the coming years, the automotive carbon fiber composites parts market is predicted to experience swift expansion. It is projected to climb to $48.38 billion by 2029, with a compound annual growth rate (CAGR) of 16.0%. The projected growth for this period can be traced back to factors such as electric and hybrid vehicle adoption, stricter fuel efficiency standards, extensive use in structural components, mass production, economies of scale, and the demand for advanced driver assistance systems (ADAS). The forecast period will witness key trends such as increased adoption in electric vehicles (EVs), advancements in manufacturing processes, integration into structural components, alliances and partnerships, cost-saving initiatives, and emphasis on recycling and sustainability.
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What Drivers Are Propelling the Growth of Automotive Carbon Fiber Composites Parts Market Forward?
The heightened interest in electric vehicles is playing a significant role in boosting the automotive carbon fiber composites parts market. The term 'electric vehicles' encompasses all vehicles that function on an electric motor, sourcing power from a battery with the feature to receive external charging. Carbon fiber composites parts, which reduce vehicle weight and thereby decrease energy consumption, are extensively used in electric vehicles. For example, the U.S. Energy Information Administration, a government agency based in the US, reported in November 2023 that the proportion of new light-duty vehicle sales attributed to battery-electric vehicles (BEVs) had reached 17.7% in the third quarter of 2023. The total new vehicle sales, in which BEVs had a 16.0% share, showed an increase from 12.5% in 2022 and 9.0% in 2021. Consequently, this growing desire for electric vehicles is set to fuel the automotive carbon fiber composite parts market.
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Which Emerging Trends Are Transforming the Automotive Carbon Fiber Composites Parts Market in 2025?
The focus of key players in the automotive carbon fiber composites parts market is shifting towards product innovation. These major market players are honing in on the development of composite materials with beneficial properties for vehicles. A specific example of this was in May 2022 when Solvay, a chemical company based in Belgium, unveiled SolvaLite 714 Prepregs. This state-of-the-art product is a new generation of pre-impregnated unidirectional carbon fiber and woven fabric goods with SolvaLite 714 epoxy resin. These advanced prepregs are specially designed for the creation of car parts, like body panels, through fast compression-molding cycles in mass production stages. In addition, they possess rapid cure cycles and longevity.
What Are the Key Segments in the Automotive Carbon Fiber Composites Parts Market?
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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Who Are the Key Players Shaping the Automotive Carbon Fiber Composites Parts Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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
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