Automotive Carbon Fiber Composites Market

Automotive Carbon Fiber Composites Market: Overview

The prevalence of lightweight vehicles and passenger cars is increasing demand for automotive composite owing to the need for lightweight engine components and interior and exterior materials have skyrocketed. Despite economic turbulence, the increased manufacturing of automotive cars is assisting in the expansion of the automotive composites industry. With increased efforts to decrease vehicle weight and produce energy-efficient automobiles, sales of automotive composites are expected to witness exponential growth in the future decade. Concurrently, the expanding use of lightweight carbon fiber composites in automobiles minimizes hazardous gas emissions while increasing vehicle fuel economy. Concurrently, the expanding application of automotive carbon fiber composites in the automotive sector may bring immense growth to the market during the forecast period of 2021-2031.

This research report by TMR throws light on various growth aspects of the automotive carbon fiber composites market. The market survey conducted by the team of experts in terms of revenue and rising market trends contains current data and projections for all industry categories and geographical areas. Reports Insights is a market leader in the research sector, providing contextual and data-driven research services to consumers all over the world. The exhaustive report helps its clients design business policies and achieve long-term success in their particular market areas.

Automotive Carbon Fiber Composites Market: Drivers and Opportunities

The thriving automobile sector drives the automotive carbon fiber composites market. Furthermore, the growing need for lightweight materials in luxury vehicles, race cars, and other high-performance vehicles is driving up the demand for automotive carbon fiber composites. The automotive carbon fiber composites market is being driven by increased vehicle production, rising pollution standards, and the use of carbon fiber composites in different automotive components. However, the high costs of manufacturing automotive carbon fiber composite materials are projected to limit industry growth.

In order to cut down on carbon emissions, the governments of various countries have enacted stringent laws that encouraged the manufacturing of lighter-weight automobiles. The usage of lighter cars not only increases the battery mileage but also the fuel economy of the vehicle, which in turn reduces the cost of maintaining the vehicle. Subsequently, there has been a growth in the use of glass fiber composites and carbon fiber composites since these materials are of high quality and have low costs of labor and maintenance which may ultimately boost the market growth.

Automotive Carbon Fiber Composites Market: Industrial Insights

The original equipment manufacturers (OEMs) in India are making significant investments in more recent technologies and engines that are more efficient in order to meet the rising demand for electric vehicles and luxury passenger automobiles. As a direct result of this, there has been an increase in demand for lightweight engine components, as well as interior and exterior materials. As a result, top manufacturers from all over the world are keeping an eye on the market in the hopes of increasing their sales. In order to meet the ever-increasing demand, a number of the world's most reputable automobile manufacturers are setting up production facilities across the globe. This development is helping to drive growth in the automotive carbon fiber composites market.

The leading players operating in the global automotive carbon fiber composites market include Akrilik Kimya Sanayii A. (AKSA), Saudi Basic Industries Corporation (SABIC), Hyosung Corporation, Toho Tenax, Mitsubishi Rayon, Cytec, Toray Industries, and Hxcel Corporation.

Automotive Carbon Fiber Composites Market: Regional Perspective

Asia Pacific is likely to replenish good revenue due to increased demand from the construction and automotive industries. North America is prognosticated to grow due to strong demand for carbon fiber composites from end-use sectors such as automotive in the United States and Canada. Because of the significant demand for these carbon fiber composites from the automotive sector, the market in Europe is anticipated to grow rapidly. Latin America is likely to increase slowly over the projected period. The tremendous expansion of the automobile sector in this region is driving up the growth of the automotive carbon fiber composites market.