Surge in the adoption of carbon fiber in automobiles coupled with stringent government regulations on emission norms, growth in sales of zero-emission vehicles, and demand for lightweight material in vehicle production drive the growth of the global automotive carbon fiber market.
The global automotive carbon fiber market size was valued at $24.13 billion in 2022, and is projected to reach $ 64.05 billion by 2032, growing at a CAGR of 11.16% from 2023 to 2032.
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The carbon fibers are widely used in the automobile sector for making automotive components. This is attributed to the fact that aluminum-based carbon fiber possesses high strength to weight ratio and helps in increasing efficiency of vehicles. Rise in production of lightweight vehicles across the globe fuels the demand for carbon fibers in the automotive sector. This is attributed to the fact that vehicles built using materials with low weight and high strength deliver higher mileage and enhance fuel efficiency.
Leading Market Players: –
- Toray Industries, Inc.
- Nippon Graphite Fiber Co., Ltd.
- Hyosung Advanced Materials
- Hexcel Corporation
- SGL Carbon
- Solvay S.A.
- DowAksa Advanced Composite Holdings BV
- Formosa Plastics Corporation
- Mitsubishi Chemical Corporation
- Teijin Limited
Automotive-grade carbon fiber has progressively replaced traditional materials, on account of their lightweight and high-strength attributes. The product is being increasingly adopted in the production of a variety of automotive components such as interior and extrerior trims, powertrain components and others. Thus, the rapid expansion of the automotive industry across the developing economies, such as China, India, is expected to significantly contribute toward the growth of the automotive carbon fiber market during the forecast period.
The structural assembly segment to maintain its lead position during the forecast period
Based on application, the structural assembly segment held the highest market share in 2022, and the highest CAGR of 11.55% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, as the carbon fiber structural components are available in a diverse range of shapes and sizes, offering an ideal solution for enhancing strength and rigidity in designs without adding additional weight. However, the powertrain components segment is expected to witness a significant CAGR of 11.45% owing to the rising trend towards engine downsizing to enhance fuel efficiency and reduce emissions.
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Technological advancements in PAN-based carbon fiber manufacturing processes, such as improvements in precursor materials, processing techniques, and automation, have contributed to increased production efficiency and reduced costs. Furthermore, the automotive industry actively seeks lightweight materials to improve fuel efficiency and reduce emissions. PAN-based carbon fiber offers a viable solution by replacing traditional materials such as steel and aluminium in automotive components. The trend toward electric vehicles further boosts the demand for lightweight, creating growth opportunities for this type of carbon fiber in the automotive sector.
The Polyacrylonitrile (PAN) segment to maintain its leadership status throughout the forecast period
Based on material, the polyacrylonitrile (PAN) segment held the highest market share in 2022, and the highest CAGR of 11.39% and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to their high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity. However, the pitch segment is expected to witness a CAGR of 10.21% as the pitch-based carbon fiber offers exceptional mechanical properties, including high tensile strength and modulus. These properties make it desirable for high-performance applications that require excellent structural integrity.
Europe to maintain its dominance by 2032
Based on region, Europe segment held the highest market share in 2022, growing a CAGR of 10.68% owing to the strict emissions regulations that have further accelerated this shift towards cleaner and more fuel-efficient modes of transport. However, Asia-Pacific is expected to witness the highest CAGR of 12.77% throughout the forecast period owing to continuous advancements in carbon fiber manufacturing technologies, improved production processes, and sales of vehicles.
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Key Developments in Automotive Carbon Fiber Industry:
- Leading companies in the industry are implementing various strategies, including product launches, acquisitions, agreements, expansions, partnerships, contracts, and collaborations, to strengthen their market positions.
- In March 2023, SGL Carbon launched the carbon fiber named SIGRAFIL C T50-4.9/235, known for its exceptional elongation (2.0%) and strength (4.9 GPa) standards. This carbon fiber finds widespread use in automotive applications.
- In October 2023, TORAY INDUSTRIES, INC. expanded its operations by introducing a new production facility in Gumi, North Gyeongsang Province. This production facility is dedicated to producing carbon fibers for car body parts, contributing to the company’s growth and market presence.
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