Automotive Carbon Fiber Composites Market Share, Size, Trends, Growth, Segments and Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Automotive Carbon Fiber Composites Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023.
The prospect of carbon fiber composites in the global automotive carbon fiber composites market looks promising with ample of opportunities in the years to come. Upon this, Market Research Future has published a recent report on global automotive carbon fiber composites market stating that it is predicted to grow profoundly at a CAGR of 10.6% till the year 2023.
Emerging trends of development of hybrid cars, recyclable carbon fiber have directly impacted in the global automotive industry. The analysts of Market Research Future forecasts that the global automotive carbon fiber composites are expected to remain the largest market by value owing to the increasing demand for automotive applications.
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Global Automotive Carbon Fiber Composites Drivers & Trends
In recent times, the global market for automotive carbon fiber is reported with a considerable upswing when it comes to size and valuation. This is happening due to the continual expansion in the automotive industry around the world. With the rising demand for automobiles, the global market of automotive carbon fiber composites is likely to remain robust by registering a high rise over the years to come.
Spotting towards more crucial factors, it is stated that growing demand for carbon fiber-reinforced plastics in leisure cars, race cars, and other high-performance cars is also pushing the market towards growth. The current trend shows that the development of technologies and physical systems to make carbon fiber parts for mass-volume vehicles have a direct impact on the dynamics of the automotive composites carbon fiber industry.
More factors creating an impact on the market comes with the availability of high strength, and high modulus of fibers will exponentially generate revenues for the market in the years to come. The carbon fiber is witnessed to be lighter as steel and thus offers high tensile strength with sturdiness. Due to its distinct lightweight and durability, carbon fibers are a very versatile and useful commercial product. These factors are making carbon fiber popular, hence creating a huge demand, which is in turn, supporting the global automotive carbon fiber composites market to expand widely during the forecast period.
On the other hand, factors that may restrict the carbon fiber market are inadequate product capability and expensive rates of these fibers. Apart from that, once there a dent or a crack, it is not recyclable becomes unfixed structure and does not stay as strong as before. In most cases, materials made from carbon fiber if broken, or dented, is replaced with a new one or thrown away. Also, the high cost of manufacturing of composites materials acts as a significant restraint for the growth of the market.
Global Automotive Carbon Fiber Composites Segmentation
In the reports of MRFR, the global automotive carbon fiber composites market has been segmented as product type, application type, and region.
By the mode of product type, the market has been segmented as hand layup, resin transfer molding, vacuum infusion processing, injection molding, compression molding.
By the mode of application, the market includes structural assembly, power train components, interior, exterior, and others.
Regional Analysis: Global Automotive Carbon Fiber Composites Market
Region wise, Asia Pacific is accounted to be the fastest and largest growing market for automotive carbon fiber composites due to countries such as China and India. They are onto the growth path due to the existence of lightweight vehicles as well as enhanced fuel efficiency. With the increased production capacity in terms of volume and new facilities and innovative technological advancements, these are driving the market of automotive carbon fiber composites on positive notes over Asia Pacific region and is expected to capture over 45% revenue share through 2023.
On the other hand, Europe region will also grow at a higher CAGR in concern with automotive carbon fiber composites market owing to extensive use of composites. There have been stringent regulations regarding carbon emissions from vehicles and due to that increasing R&D investment along with established automobile industry is noticed and will further propel the regional growth over the forecast timeframe.
The major player operating in the market of global automotive carbon fibre composites are Cytec Industries (U.S.), SGL Carbon SE (Germany), Toray Industries, Inc. (Japan), ACP Composites, Inc (U.S.), Clearwater Composites, LLC (U.S.), Owens Corning (U.S.), HITCO Carbon Composites Inc (U.S.), Mitsubishi Rayon Carbon Fibber and Composites, Inc. (U.S.), Polar Manufacturing Limited (U.K.) and Rock West Composites (U.S.).
31 January 2019: Jeon-Ju city (South Korea), the Korea Institute of Carbon Convergence Technology (KCTECH, Gwangju, South Korea) and KIA Motors company (Seoul, South Korea) announced about the signing of a memorandum of understanding (MOU) for expediting carbon composite parts application in automotive industry.
22 March 2019: KCTECH, KIA Motors seek to accelerate carbon fiber used in the Asian automotive industry. The report states that KIA Motors has opened a composite material technical center in KCTECH in South Korea that holds a part of a new collaboration to advance carbon composite parts application in the automotive industry.
Magna Exteriors formed a joint venture with GAC Component Co. Ltd. (GACC, Guangzhou, China) to begin production of thermoplastic composite (TPC) liftgates for a global automaker’s crossover vehicle starting in late 2018.
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