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Global Automotive Carbon Fiber Market Insight January 5, 2022 Comments

Global Automotive Carbon Fiber Market has witnessed growing treads over the five years. According to the World Knowledge Information (WKI)Global Automotive Carbon Fiber Market Report 2021, Forecast to 2026. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 10.5% base on WKI regression analysis model.
Analysts’ Viewpoint:
“Although automobiles have been around for more than a century, the material they are made of has mostly remained the same. It only since the past few decades that advanced materials ranging from aluminum and magnesium alloys to carbon fiber have made their way into mass-produced cars. Advanced materials such as carbon fiber are essential for boosting the fuel economy of modern cars all the while maintaining performance and safety. Since it takes lesser energy to accelerate a lighter object than a heavier one, lightweight materials offer great potential for increasing vehicle efficiency and fuel economy.”said Wikky, Senior analyst, Global Automotive Market Research Center in WKI.
Market Insight:
Automobile carbon fiber manufacturers are increasing their R&D and investment in high-end products, hoping to use more carbon fiber in automobiles to improve their performance.According to Market News:BMW’s use of carbon fiber has considerably reduced the car’s weight. BMW and its carbon fiber producing partner the SGL Group, have spent close to USD 1 billion in establishing the supply chain for the CFRP used in the i3 and i8. Audi is also using carbon fiber to produce the rear wall of the space-frame for its A8 sedan. Even from the supply side, carbon fiber manufacturers have been ramping up their production capacities, which will further help in the adoption of carbon fiber in automobiles.
Competition Landscape:
The global Automotive Carbon Fibers market is dominated by major players such as Hexcel Corporation, Mitsubishi Chemical Carbon Fiber and Composites Inc .These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
Segmentation of Automotive Carbon Fiber Market:
The market segmentation is based on application, Automotive Carbon Fiber application is divided intoStructural assembly,powertrain components,interiors,exteriors and others.Among applications, the exterior segment is expected to lead the market of automotive carbon fiber in terms of value and volume. The growth of this segment of the market can be attributed to the increased demand from manufacturers to produce several exterior parts, such as fenders, hoods, bumper beams, and deck lids of vehicles. Adopting carbon fiber increases the durability of vehicles, thereby ensuring a long life cycle of the parts and vehicle. The exterior parts of vehicles manufactured from composites also offer high stiffness, thereby, resulting in minimum damage to occupants in case of accidents.
Automotive Carbon Fiber Market: Regional Analysis
In terms of geography, the Global Automotive Carbon Fiber market has been segmented into: North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. The Asia Pacific is expected to be the market leader followed by North America and Europe. Within the Asia Pacific, Japan and China are poised to be the two largest markets. Europe is expected to be the fastest growing market due to the presence of many car manufacturers such as Ferrari, Lamborghini, Koenigsegg, Pagani, etc. who use a lot of carbon fiber in manufacturing their cars.
CAGR: 10.5%
Largest share area:Asia-Pacific
Largest share country:China