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Automotive Carbon Fiber Composites Parts Market to Surpass $46.82 Billion by 2029 | Key Trends & Insights
Automotive Carbon Fiber Composites Parts
How Will the Automotive Carbon Fiber Composites Parts Market Grow by 2025 in Terms of Size and Growth?
The size of the market for automotive carbon fiber composites parts has experienced notable expansion over recent years. The market growth is projected to amplify from a worth of $22.96 billion in 2024 to $26.34 billion in 2025, yielding a compound annual growth rate (CAGR) of 14.7%. The increase throughout the historic era is largely due to factors like the aim for vehicle weight reduction, soaring demand for electric, sports and luxury vehicles, strict emission standards, as well as racing and motorsports.
What Are the Estimated Growth Rates for the Automotive Carbon Fiber Composites Parts Industry Through 2029?
Projected to experience significant growth in the coming years, the market size of automotive carbon fiber composites parts is anticipated to reach $46.82 billion in 2029, rising at a compound annual growth rate (CAGR) of 15.5%. Several factors contribute to this growth during the forecast period, including the proliferation of hybrid and electric vehicles, strict fuel efficiency regulations, the growing utilization in structural components, mass production, economies of scale, and the demand for advanced driver assistance systems (ADAS). Key trends during the forecast period are expected to include the growing use in electric vehicles (EVs), advancements in manufacturing technologies, integration in structural components, strategic collaborations and partnerships, initiatives to reduce costs, and efforts towards recycling and sustainability.
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What Are the Strategic Drivers Boosting Automotive Carbon Fiber Composites Parts Market Performance?
The increase in demand for electric vehicles is a major factor propelling the progress of the automotive carbon fiber composites parts market. Electric vehicles are defined as those equipped with an electric motor that can absorb power from a battery and accept external charging. Carbon fiber composite components are crucial in electric vehicles as they help reduce the weight and consequently, lower the energy consumption levels. For example, data from the U.S. Energy Information Administration, a government agency, indicates that as of November 2023, the proportion of battery-electric vehicles (BEVs) in new light-duty vehicle sales achieved a high of 17.7% in the third quarter of the year, with BEVs making up 16.0% of all new vehicle sales year-to-date, a considerable increase from 12.5% in 2022 and 9.0% in 2021. Thus, the escalated demand for electric vehicles is expected to boost the automotive carbon fiber composite parts market.
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What Are the 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
What Are the Key Adoption Trends in the Automotive Carbon Fiber Composites Parts Market?
The central trend gaining traction in the automotive carbon fiber composites parts market is product innovation. Main businesses in this market are concentrating on the creation of composite materials that offer beneficial characteristics for vehicles. For example, Solvay, a chemical company based in Belgium, released SolvaLite 714 Prepregs in May 2022. These new, unidirectional carbon fiber and woven fabric products have been pre-impregnated with SolvaLite 714 epoxy resin. Created specifically for production of car parts, like body panels, during rapid compression-molding cycles in sequential production runs, these innovative prepregs also boast fast curing times and extended longevity.
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Which Companies Lead the Competitive Landscape of the Automotive Carbon Fiber Composites Parts Industry?
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
Where Are the Key Automotive Carbon Fiber Composites Parts Market Opportunities by Region?
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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Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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