Dimension Market Research
Automotive carbon fiber is valued for its lightweight and high-strength properties, improving vehicle performance and fuel efficiency. Broadly used in high-end and electric vehicles, it helps meet strict emission standards. Despite high production costs and recycling challenges, innovations in manufacturing & higher demand for sustainable transportation drive its adoption in the automotive industry.
New York, Oct. 08, 2024 (GLOBE NEWSWIRE) — Overview:
The Automotive Carbon Fiber Market size is expected to reach USD 30.2 billion by 2024 and is further anticipated to reach USD 81.0 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 11.6% from 2024 to 2033.
Automotive carbon fiber is a complex material made of carbon fibers that are mixed and then reinforced with a resin or polymer. The fibers themselves are incredibly strong, lightweight, and resistant to heat, making them an ideal material for use in high-performance applications like aerospace, sporting equipment, and of course, automotive manufacturing.
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The US Overview
The Automotive Carbon Fiber Market in the US is projected to reach USD 8.0 billion in 2024 at a compound annual growth rate of 10.9% over its forecast period.
The US automotive carbon fiber market is driven by need for lightweight, high-performance vehicles & innovations in manufacturing. Focus on electric and high-end vehicles, along with government regulations for fuel efficiency & emissions, enhances the growth.
However, high production costs, limited recycling infrastructure, competition from alternative materials, & raw material price fluctuations challenge broader adoption and impact growth prospects.
Important Insights
The Automotive Carbon Fiber Market is expected to grow by USD 47.6 billion by 2033 from 2025 with a CAGR of 11.6%.
The Polyacrylonitrile (PAN) segment is set to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
Structural Assembly is anticipated to dominate the Automotive Carbon Fiber market in 2024.
The Original Equipment Manufacturers (OEMs) segment is expected to have the biggest revenue share in 2024 in the Automotive Carbon Fiber market.
Europe is projected to hold a 33.9% share of revenue in the Global Automotive Carbon Fiber Market in 2024.
Global Automotive Carbon Fiber Market: Trends
Hybrid Carbon Fiber Composites: Higher usage of hybrid composites combining carbon fiber with other materials to balance cost & performance.
3D Printing and Additive Manufacturing: Adoption of advanced manufacturing techniques like 3D printing for producing complex carbon fiber components.
Automation in Production: Integration of automation & robotics in carbon fiber manufacturing processes to improve efficiency & reduce costs.
Partnerships and Collaborations: Major collaborations between automakers & carbon fiber manufacturers to innovate and scale production capabilities.
Story continues
Automotive Carbon Fiber Market: Competitive Landscape
The automotive carbon fiber market is highly competitive, driven by technological developments & cost-reduction efforts. Key players and new entrants are enhancing production processes & developing innovative applications.
Common strategies like strategic partnerships, R&D investments, and expanding capacities. The growing demand for lightweight, fuel-efficient vehicles intensifies competition as manufacturers look to meet consumer and regulatory demands.
Some of the major players in the market include Toray Industries, BASF SE, Mitsubishi Chemical Corporation, DOW Inc, Nippon Graphite Fiber CO, SGL Cabron, and more.
Some of the prominent market players:
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Automotive Carbon Fiber Market Scope
Report Highlights
Details
Market Size (2024)
USD 30.2 Bn
Forecast Value (2033)
USD 81.0 Bn
CAGR (2024-2033)
11.6%
The US Market Size (2024)
USD 8.0 Bn
Leading Region in terms of Revenue Share
Europe
Percentage of Revenue Share by Leading Region
33.9%
Historical Data
2018 – 2023
Forecast Data
2025 – 2033
Base Year
2023
Estimate Year
2024
Segments Covered
By Material, By Propulsion, By Vehicle Type, By Application, By Sales Channel
Regional Coverage
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Segment Analysis:
Original Equipment Manufacturers (OEMs) are set to lead the automotive carbon fiber market in 2024. By integrating carbon fiber into their vehicle designs, OEMs improve performance, fuel efficiency, and overall appeal.
Their large-scale production & market presence support higher adoption, making carbon fiber standard in new models. Further, OEMs’ R&D investments drive innovation, reduce costs, and enhance material properties. Collaborations with carbon fiber producers simplify supply chains, ensuring a steady supply of quality products.
Also, the aftermarket sector is growing, providing carbon fiber customization & performance upgrades, fueling demand and market advancement.
Automotive Carbon Fiber Market Segmentation
By Material
By Propulsion
Internal Combustion Engine
Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-in Hybrid Electric Vehicles
Fuel Cell Electric Vehicles
By Vehicle Type
Two Wheeler
Passenger Vehicle
Commercial Vehicle
By Application
Structural Assembly
Powertrain Components
Interiors
Exteriors
By Sales Channel
Global Automotive Carbon Fiber Market: Driver
Weight Reduction and Fuel Efficiency: Growth in demand for lightweight materials to enhance fuel efficiency &reduce emissions in vehicles.
Electric Vehicle (EV) Adoption: Increase in the production of electric vehicles, which benefit from lightweight materials to improve battery performance and range.
Performance and Safety: Better performance & safety features are provided by carbon fiber, like better crashworthiness & durability.
Regulatory Standards: Strict regulations on emissions and fuel economy standards are pushing automakers to adopt advanced lightweight materials like carbon fiber.
Global Automotive Carbon Fiber Market: Restraints
High Cost: Carbon fiber is more costly than traditional materials, limiting its higher adoption.
Manufacturing Challenges: Complex & time-consuming manufacturing processes impact large-scale production.
Recycling Difficulties: Challenges in Recycling Carbon Fiber Composites, from Environmental and Disposal Concerns, can also affect market growth.
Limited Infrastructure: Insufficient infrastructure & expertise in some regions for the production and integration of carbon fiber in automotive manufacturing can restraint market growth.
Global Automotive Carbon Fiber Market: Opportunities
Technological Advancements: Innovations in manufacturing techniques to minimize costs & increase production efficiency.
Expansion in EV Market: The electric vehicle market creating higher demand for lightweight & high-strength materials.
Sustainability Trends: The growing focus on sustainability & environmental benefits of carbon fiber over traditional materials.
New Applications: The higher usage of carbon fiber in many automotive components beyond high-performance and luxury segments.
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Regional Analysis
Europe is projected to dominate the automotive carbon fiber market in 2024, contributing 33.9% of the overall revenue share due to its focus on sustainability and strict emission regulations.
Further, major European automakers are investing in carbon fiber for lightweight, fuel-efficient vehicles, assisted by advanced R&D and government incentives. The presence of key industry players further boosts adoption.
In addition, the Asia Pacific region is set for the highest growth, driven by quick industrialization and a booming automotive sector. Also, investments in advanced materials, electric vehicles, and competitive manufacturing costs fuel this expansion.
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By Region
North America
Europe
Germany
The U.K.
France
Italy
Russia
Spain
Benelux
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
ANZ
ASEAN
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of Latin America
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Egypt
Rest of MEA
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Recent Developments in the Automotive Carbon Fiber Market
July 2024: Carbon Revolution plc unveiled that OIC released an incremental USD 5 million of the depositary USD 35 million facility early, of which, as a result of this most recent release, USD 25 million has been released.
July 2024: China revealed an advancement in high-speed rail technology as the country introduced the first carbon fiber-only passenger train in history, which is noticeably lighter than conventional trains and will help cut pollution tremendously.
April 2024: Hyundai Motor Group and Toray Group announced a collaboration, which focuses on using hi-tech materials, like carbon fiber, to enhance the performance and safety of upcoming mobility innovations.
October 2023: McLaren unveiled that the company would be testing the use of hi-tech recycled carbon fiber (rCF) on Lando Norris and Oscar Piastri’s cars at the 2023 United States Grand Prix, which also shows the latest step in the Woking team’s goal to develop a fully circular F1 car by 2030.
July 2023: Dash-CAE introduced a new carbon fiber monocoque chassis, the TR01. Delivering a change in price-to-performance ratio, the chassis enables an affordable and multi-purpose solution for hypercar, supercar, and motorsport projects in the growing performance automotive and motorsport industries.
July 2023: Toray Industries, Inc. planned to grow regular tow carbon fiber production capacity at two facilities. Capital investments will add lines to the Spartanburg plant and the Gumi plant which will expand the Toray Group’s annual capacity by more than 20% to 35,000 metric tons beginning in 2025.
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