Automotive Carbon Fiber Market Is Expected To Reach A Revenue Of USD 81.0 Bn By 2033, At 11.6% CAGR: Dimension Market Research

(MENAFN- GlobeNewsWire - Nasdaq) 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.

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:

• Toray Industries
• BASF SE
• Mitsubishi Chemical Corporation
• DOW Inc
• Nippon Graphite Fiber CO
• SGL Cabron
• Hexcel Corporation
• Kemrock Industries & Export Ltd
• Solvay SA
• Tenjin Ltd
• Other Key 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

• Polyacrylonitrile
• Pitch

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

• OEM
• Aftermarket

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

• The U.S.
• Canada

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.

About Dimension Market Research (DMR) :

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