(MENAFN- GlobeNewsWire - Nasdaq) New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Carbon Fiber in Automotive Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “ Carbon Fiber in Automotive Market Research Report, Type, Application, End-Use and Region - Forecast till 2030” the market is projected to be worth USD 3.57 billion by 2030, registering a CAGR of 7.65% during the forecast period (2021 - 2030)., The market was valued at USD 1.23 billion in 2021.
Market Competitive Analysis:
Some of the major market leaders operating in the global carbon fiber in the automotive market are:
- Hexcel Corporation (US)
- DOWAKSA (US)
- SGL Carbon SE (Germany)
- Formosa Plastic Corp. (Taiwan)
- Teijin Limited (Japan)
- Toray Industries Inc. (Japan)
- Cytec Solvey Group (US)
- ZOLTEK (US), Sigmatex Ltd.
- Mitsubishi Chemical Carbon Fiber and Composites Inc. (US)
- Among others.
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Market Research Future's Review on Carbon Fiber in Automotive Market
For diverse uses, carbon fiber can be blended with metal, cement, ceramics, and polymers. In order to reduce fuel consumption and emissions, carbon-reinforced polymers are widely employed in the automobile industry to build lightweight vehicles. Carbon fiber is also used in the brakes of high-end automobiles and race cars. Carbon fiber is made up of thin and strong crystalline carbon filaments that are utilized to strengthen materials.
Browse In-depth Market Research Report (188 pages) on Carbon Fiber in Automotive
Market USP Covered
The global carbon fiber in the automotive market has been experiencing substantial growth over recent years owing primarily to its properties, such as high endurance to oxidation and corrosion, high-temperature resistance, and lightweight. The rising focus towards lowering the vehicle's weight to enhance the fuel efficiency and performance of the vehicles has caused substation of heavy metals in the vehicles with carbon fiber, which is also likely to boost the growth of the market in the forecasted period. The rising implementation of stringent regulations by regulatory bodies such as Bharat Stage Emission Standards, European Legislation, and the US Environmental Protection Agency regarding environmental protection is also one of the major aspects contributing to the growth of carbon fiber in the automotive market.
The COVID-19 pandemic has had an adverse impact on several industry sectors. The global carbon fiber in the automotive market is not any different. The negative impact on the market growth is attributed to the complete standstill of global exports, imports, and transport. Because of the social distancing regulations and lockdown restrictions across the globe, the research and production going into the carbon fiber in the automotive market were hampered. With most of the world's carbon fiber production industries situated in Japan, the overall supply chain for the market was disturbed. However, with rising fuel prices and the new and increasingly stringent emission norms, carbon fiber, which is a great substitute to conventional metals, can decrease the vehicle's weight. It also can improve the performance and fuel efficiency of the engine.
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The global market for carbon fiber in the automotive is divided into various segments based on application, type, and region. By the application, the global market for carbon fiber in the automotive has been divided into the interior, chassis system, under body system, power train system, exterior, and others. Based on type, the market has been bifurcated into fiber thermoplastic (SFT), sheet molding compound (SMC), and long fiber thermoplastic (LFT), short.
Due to rising vehicle sales in Japan, India, and China, the Asia-Pacific market accounted for the largest market share in 2018. Increasing private and public sector investments in the manufacturing of electric vehicles is also an important part of promoting the regional market's growth. During the forecasted period, the North American region is expected to have a steady growth rate. The regional market's growth rate is being slowed by reasons such as customer attitudes toward spending less on new car purchases and significant demand for second cars in the region. Despite the substantial number of automobile manufacturers and the strict requirements imposed by the Environmental Protection Agency (EPA), Europe is the greatest automotive center. In the forecasted timeframe, the Middle East and Africa area is expected to increase gradually. Due to the potential opportunities in Mexico and Brazil, the Latin American market is expected to rise at a phenomenal rate during the study period.
Segmentation of Market covered in the research:
Carbon Fiber in Automotive Market Research Report: By Type (Sheet Molding Compound (SMC), Short Fiber Thermoplastic (SFT), Long Fiber Thermoplastic (LFT), Others), Application (Exterior, Power Train System, Under Body System, Chassis System, Interior And Others) and Region (Asia-Pacific, Latin America, North America, Europe and Middle East & Africa) - Global Forecast till 2030
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