Automotive Carbon Fiber Composites Market: Overview
Automotive carbon fiber composites are made from thin carbon fibers. These composites possess many properties such as lightweight, high strength-to-weight ratio, very high modulus elasticity-to-weight ratio, high fatigue strength, good corrosion resistance, very low coefficient of thermal expansion, low impact resistance, high electric conductivity, and high damping. Use of lightweight carbon fiber composites in automotive, reduces the emission of harmful gases and increases the fuel efficiency of the vehicles.
Automotive Carbon Fiber Composites Market: Drivers & Restraints
The automotive carbon fiber composites market is driven by the booming automotive industry. Additionally, increase in demand for lightweight materials in luxury cars, race cars, and other high-performance cars is boosting the demand for automotive carbon fiber composites. Increase in vehicle production, rise emission norms, and adoption of carbon fiber composites in various automotive components are driving the automotive carbon fiber composites market. However, high costs involved in the manufacturing of automotive carbon fiber composites materials is likely to restrain the market.
Automotive Carbon Fiber Composites Market: Segmentation
In terms of production type, the global automotive carbon fiber composites market can be segmented into hand layup, resin transfer molding, vacuum infusion processing, injection molding, autoclave molding, and compression molding. Resin transfer molding is a low pressure closed molding process, which is used to manufacture car roofs, front air dams, and rear spoilers. Autoclave molding is used to fabricate dense, void free, and high strength-to-weight ratio parts. Injection molding is used to produce large and complex component. Three-dimensional parts can easily be created using appropriate preforms of varying thicknesses.
Based on application, the global automotive carbon fiber composites market can be segregated into structural assembly, power train components, interior, exterior, electrical systems, and others. The structural assembly consists of parts such as compartments, A, B, C pillars, roof structure, and floor structure. The powertrain structure includes engine, exhaust system, fuel tank, and transmission. Interior and exterior includes seats, instrument panels, insulation, airbags, windows, glazing, and trims.
Automotive Carbon Fiber Composites Market: Regional Outlook
In terms of region, the global automotive carbon fiber composites market can be divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to high demand for automotive carbon fiber composites from the automotive industry. The automotive carbon fiber composites market in emerging countries such as China, India, Vietnam, and Bangladesh is estimated to expand at significant pace in the near future. China and Japan are expected to be key producers of these composites due to the increase in its demand from construction and automotive industries. The market in the North America is estimated to expand due to high demand for these carbon fiber composites from end-use industries such as automotive in the U.S. and Canada. The market in Europe is projected to expand at a substantial pace due to high demand for these carbon fiber composites from the automotive industry. The automotive carbon fiber composites market in Latin America is anticipated to expand at a sluggish pace during the forecast period. Demand for automotive carbon fiber composites is increasing at a rapid space due to the rapid growth of the automotive industry in this region.
Automotive Carbon Fiber Composites Market: Key Players
Key players operating in the global automotive carbon fiber composites market include Saudi Basic Industries Corporation (SABIC), Akrilik Kimya Sanayii A. (AKSA), Hyosung Corporation, Toray Industries, Toho Tenax, Mitsubishi Rayon, Cytec, Hxcel Corporation, and Zoltek.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.