Automotive Carbon Fiber Material Market

Automotive Carbon Fiber Material Market Outlook (2024 to 2034)

The global automotive carbon fiber material market is evaluated to generate revenue worth US$ 8.3 billion in 2024 and has been thoroughly analyzed to increase at a remarkable CAGR of 12.1% to touch a value of US$ 26 billion by the end of 2034.

The pressure on automobile manufacturers is continuously increasing to lower greenhouse gas emissions and adhere to strict fuel economy standards. The remarkable strength-to-weight ratio of carbon fiber enables substantial weight reduction, which enhances performance and fuel efficiency. Less fuel is used by lighter cars, which supports sustainability objectives. As the manufacturing of electric vehicles is increasing, lightweight materials are required to counterbalance the weight of bulky battery packs.

For manufacturers looking to increase efficiency, carbon fiber is a desirable option because it improves EV performance and range. High-performance car manufacturers are preferring carbon fiber materials because of their superior mechanical properties. Its use in body panels, chassis, and other components is appealing to automakers who serve performance enthusiasts as it enhances acceleration, handling, and overall driving dynamics.

The market in East Asia is forecasted to expand at 15.7% CAGR over the next ten years due to the well-established automotive sector in China, Japan, and South Korea. The growing production and adoption rate of electric vehicles is further positively influencing the demand growth. North America is estimated to account for 32.5% of the global market in 2024 due to the presence of several leading players and increasing focus on lightweight vehicles to satisfy strict fuel efficiency rules.

Based on application, the exterior segment is projected to generate revenue worth US$ 2.49 billion in 2024. Automotive carbon fiber materials are widely used for exterior components because of their remarkable strength-to-weight ratio, which greatly improves vehicle performance and efficiency. Because carbon fiber is so strong and lightweight, it is perfect for exterior components such as body panels, roofs, hoods, and others.

Report Attributes	Details
Automotive Carbon Fiber Material Market Size (2024E)	US$ 8.3 Billion
Forecasted Market Value (2034F)	US$ 26 Billion
Global Market Growth Rate (2024 to 2034)	12.1% CAGR
North America Market Share (2024E)	32.5%
East Asia Market Value (2024E)	US$ 2.04 Billion
South Asia & Pacific Market Growth Rate (2024 to 2034)	17.9% CAGR
Exterior Segment Value (2034F)	US$ 8 Billion
PAN-based Segment Value (2034F)	US$ 16.99 Billion
Key Companies Profiled	Cytec Engineered Materials (Solvay SA); Hexel; Nippon Graphite Fiber Corporation; Mitsubishi Rayon Co. Ltd.; Toho Tenax; Toray Industries; Zoltek; Mitsubishi Chemical Corporation; Teijin Limited; SGL Carbon SE

Composites have been gaining importance in a number of applications since the last decade. Carbon fiber materials, also known as graphite fiber, are very strong but lightweight material. These specialty materials are around 5X stronger than steel and are increasingly used in the automotive industry. Automotive carbon fiber materials are manufactured by the polyacrylonitrile (PAN), rayon or pitch-based processes.

PAN-based automotive carbon fiber materials offers excellent strength and high stiffness. Automotive carbon fiber materials are used in a number of interior, exterior or under-the-hood automotive applications. Every gram of weight counts, lighter the automotive, better the automotive performance and fuel economy.

Globally, automotive manufacturers have been spending millions of dollars on technological advancement and have been consistently focusing on high performance materials in the automotive manufacturing, which has led to a surge in demand for automotive carbon fiber materials.

Global Automotive Carbon Fiber Material Market: Dynamics

Sales of automotive carbon fiber materials has a directly co-relation with the global automotive production. The automotive industry, which was on a decline during the economic recession, is now on a rise with China, U.S., Germany, Japan and India being some of the manufacturers.

This will drive automotive producers to seek carbon fiber materials that are not only light and strong but are also easy to fabricate. The trend of electric vehicles and hybrid cars is also rising. These cars use more percentage of plastics as compared to their metal counterparts. Government initiatives along with stringent regulations have led manufacturers to develop electric vehicles, which will use the automotive carbon fiber materials further driving the growth in the market.

Global Automotive Carbon Fiber Materials: Market Overview

The global automotive production is shifting towards emerging economies of Eastern Europe, China, India and Mexico. This is mainly be attributed to lower manufacturing costs, increasing the demands owing to growing disposable incomes. In the long-term forecast, the fleet on road is also expected to grow at a modest CAGR, thereby providing opportunities for growth of automotive carbon fiber materials and their further customization.

Since, automotive carbon fiber materials are expensive when compared to other metals; their use was limited to sporting cars and high-end vehicles. This trend has been seen changing with a number of companies including Mercedes, BMW, Audi, and others are already incorporating automotive carbon fiber materials in their respective cars.

The one restraining factor in the automotive carbon fiber material market is their price. These materials are over 20 times costlier when compared to steel. This has led the automotive carbon fiber materials manufacturers to develop low-cost manufacturing methods. Automotive globalization, along with expansions in key markets coupled with government initiatives and regulations, will drive the demand for automotive carbon fiber materials during the forecast period.

Global Automotive Carbon Fiber Material Market: Key Players

Some of the key players in the automotive carbon fiber material market are:

• Cytec Engineered Materials (Solvay SA)
• Hexel
• Nippon Graphite Fiber Corporation
• Mitsubishi Rayon Co. Ltd.
• Toho Tenax
• Toray Industries
• Zoltek
• Mitsubishi Chemical Corporation
• Teijin Limited
• SGL Carbon SE

The research report presents a comprehensive assessment of the automotive display system market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.

Global Automotive Carbon Fiber Material Market Report Covers Exhaustive Analysis on

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain

Regional Analysis Includes

• North America (U.S., Canada)
• Latin America (Mexico, Brazil, Argentina, Chile, Peru)
• Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
• CIS and Russia
• Asia-Pacific (China, India, ASEAN, South Korea)
• Japan
• Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Report Highlights

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint

Segmentation of Automotive Carbon Fiber Material Market Research

• By Raw Material Type :

  • PAN-based
  • Pitch-based
  • Rayon-based

• By Vehicle Type :

  • Passenger cars
  • LCVs
  • HCVs

• By Application :

  • Interior
  • Exterior
  • Underbody
  • Chassis
  • Powertrain
  • Engine Components

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa