Automotive Carbon Fiber Composites Parts Market to Surpass Valuation of US$ 71.5 Bn by 2031: Transparency Market Research

Automotive Carbon Fiber Composites Parts Market: Introduction

According to the report, the global automotive carbon fiber composites parts market is projected to surpass US$ 71.5 Bn by 2031, expanding at a CAGR of 14.94% during the forecast period.  Carbon fiber is a thin and strong material, when compared with other materials, including steel and aluminum, which are used for automotive component manufacturing. Apart from its high tensile strength, carbon fiber composites possesses higher temperature tolerance and chemical resistive properties. Moreover, carbon fiber composites are lightweight; hence, they are widely adopted across different vehicle segments.

The rise in sales and production of electric and hybrid vehicles across the globe is expected to boost the automotive carbon fiber composites parts market. Vehicles need to be lightweight to improve battery performance and travel time. Hence, using carbon composites material for automotive component manufacturing is considered as better solution for electric vehicles.

Moreover, manufacturers of luxury and premium cars are collaborating with several material suppliers and advanced technology provider companies to enhance the features and esthetic appearance of their vehicles. For instance, BMW partnered with aircraft maker Airbus Group NV, and formed a joint venture with engineering companies including SGL Carbon and Siemens, to produce carbon fiber composite parts that are further used in the passenger vehicle frame for the i3 electric city car and i8 hybrid sports car. Such partnerships and collaborations by car manufacturers would enhance the demand for automotive carbon fiber composite parts.

COVID-19 Impact on Global Market

The automotive industry was hampered due to onset of COVID-19 pandemic, as all supply chains and distribution channels were disrupted, vehicle and related parts manufacturing processes were halted, and people were not moving from their home due to lockdowns. Moreover, automotive component manufacturing was reduced due to material shortage, which further impacted carbon composites parts business. However, post COVID-19 situation, the automotive industry is witnessing recovery, as several government organizations have announced tax relaxations for production of electric and other vehicles, which in turn propels the automotive carbon fiber composites parts market.

Expansion of Automotive Carbon Fiber Composites Parts Market

The growing investments and R&D activities by different OEMs and component/parts manufacturing companies to reduce cost of production of carbon composite materials is fueling its demand in the automotive industry. For instance, Innovate UK (UK’s innovation agency), has funded around Euro 2.1 Mn in SGL Group project named Thermoplastic Overmoulding of Structural Composites for Automotive Applications (TOSCAA). This project aims to develop and produce lightweight carbon fiber and the technology of thermoplastic components, which would be further be used for automotive serial production among all levels of the value chain. Such funding in carbon fiber production project is expected to boost the market.

Based on part, the chassis segment held a dominant share of the market, in terms of revenue, in 2020. The demand for chassis is high across the globe due to the rising demand for luxury and sports cars, as it adopts carbon composite chassis in order to decrease vehicle weight. Moreover, developed or cold countries are highly influenced by seasonal trends when the sale of vehicles jumps or soars for a specific duration in year. Several automotive manufacturers have adopted a strategy to launch new vehicle models or to re-launch old vehicle models with various upgrades to body, engine, and other components with advanced lightweight material in order to overcome such a decline in vehicle sales. This, in turn, fuels the automotive carbon fiber composite parts market.

In terms of sales channel, the aftermarket segment held a dominant share of the global automotive carbon fiber composite parts market. The segment is expected to expand at a rapid pace during the forecast period due to rising regular maintenance and repair activities and increasing adoption of online & e-commerce platforms across the globe for offering different automotive parts for service providers and vehicle owners. Furthermore, vehicle component manufacturers are rapidly expanding their regional presence by catering their products to automobile manufacturers via online platforms.

Regional Analysis of Automotive Carbon Fiber Composites Parts Market

In terms of region, the automotive carbon fiber composites parts market has been segmented into U.S., Europe, and Asia Pacific. Europe dominated the automotive carbon fiber composites parts market in 2020, due to increasing adoption of sports and luxury cars, presence of top manufacturers across the region, and rising use of automotive composite parts for different vehicle models. Moreover, consumers in Germany registered higher adoption for luxury vehicles that which included several safety and comfort features. Germany also expected to witness a significant rise in sale of premium passenger cars across all vehicle segments, which, in turn, is projected to create an opportunity for carbon composite parts manufacturers to offers several components to OEMs. Therefore, the demand for automotive carbon composite parts is anticipated to rise during the forecast period.

Automotive Carbon Fiber Composites Parts Market Players

Prominent players operating in the global automotive carbon fiber composites parts market include Plasan Carbon Composites, Faurecia SE, Toray Industries, Inc., Mitsubishi Chemical Carbon Fiber and Composites (MCCFC), SGL Carbon, Composite Resources, Hexcel Corporation, TEIJIN LIMITED, CPC SRL, Mubea, HP Composites, Cotesa, Sparco, Formaplex, Bucci Composites, CBS Composites, Cobra Advanced Composites, TOPKEY Excellence In Composites, Action Composite Technology Limited, Zhongfu Shenying Carbon Fiber Xining Co. Ltd., HengruiGroup, Martec Composite, Gigantex Corporation, and CF Composite.

Automotive Carbon Fiber Composites Parts Market: Segmentation

  • Automotive Carbon Fiber Composites Parts Market, by Part
    • Brake Discs
    • Brake Pads
    • Battery Housing
    • Mirror Housing
    • Chassis
    • Pillars
    • Rear Spoiler
    • Liftgate
    • Hood
    • Door Panels
    • Roof & Floor Structures
    • Coating
    • Dashboards
    • Consoles
    • Upholstery
    • Battery Boxes/Battery Frames
    • Monocoques
    • Transmission Housing
    • Propeller Shaft
    • Wheels and Rims Shipping Trailers
    • Front Bumpers
    • Side Skirts
    • Front Grille
    • Air Vents
    • Two Wheeler Parts
      • Exhaust
      • Chassis
      • Handlebar
      • Wheels and Rims
      • Mirror Extension Set
      • Front Axel Pads
      • Motorpads
      • Brake Lever
      • Crash Pads
      • Others
  • Automotive Carbon Fiber Composites Parts Market, by OEM/Model
    • OEM 1
      • Model 1
      • Model 2
      • Model 3
      • Model 4
      • Others
    • OEM 2
      • Model 1
      • Model 2
      • Model 3
      • Model 4
      • Others
    • OEM 3
      • Model 1
      • Model 2
      • Model 3
      • Model 4
      • Others
    • OEM 4
      • Model 1
      • Model 2
      • Model 3
      • Model 4
      • Others
    • OEM 5
      • Model 1
      • Model 2
      • Model 3
      • Model 4
      • Others
    • Others
  • Automotive Carbon Fiber Composites Parts Market, by Sales Channel
    • OEM
    • Aftermarket
  • Automotive Carbon Fiber Composites Parts Market, by Region
    • U.S.
    • Europe
    • Asia Pacific

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