Carbon fiber has a high strength to weight ratio and improves vehicle efficiency. Globally increasing production of lightweight automobiles is driving up demand for carbon fibers in the automotive industry. This is explained by the fact that automobiles made of materials with great strength and low weight have better fuel economy and longer driving distance.
Significant factors impacting the growth of the automotive carbon fiber market include adoption of carbon fiber in automobiles, stringent government regulations on emission norms. However, the high cost of carbon fibers hampers market growth. In addition, growth in sales of zero emission vehicles presents significant opportunities for market expansion.
Enhancing the fuel efficiency of automobiles along with maintaining safety and performance relies significantly on advanced materials. The potential for increased vehicle efficiency lies in the use of lightweight materials, as it requires less energy to accelerate a lighter object compared to a heavier one. A 10% decrease in vehicle weight has the potential to yield a 6%-8% improvement in fuel economy. Carbon fibers are lighter compared to steel and aluminium due which it is replacing the same for vehicle part production.
The market is experiencing growth driven by a rising need for vehicle stability on roads and a focus on enhancing the durability and performance of vehicles to ensure efficient fuel consumption across the regions. Additionally, strict pollution regulations in North America and Europe have compelled manufacturers to incorporate lightweight materials in the production process, thereby bolstering market growth.
Increase in global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in major cities have created a significant demand for electric vehicles. This involves the use of electric vehicles that do not use gas and are more economical than conventional vehicles. Carbon fibers are widely used to manufacture parts of the electric vehicles such as clutch plates, breaks, and other parts as it saves energy reduces emissions. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only manages to convert about 17%-21% of the energy stored in gasoline.
PAN-based carbon fiber materials are preferred for use in the automotive industry owing to their high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity. There is no significant growth in technology used to manufacture PAN precursors and carbon fibers, and thus there is high scope for improvement in process and product areas. This factor is expected to enhance the overall market demand for PAN-based carbon fiber market.
The demand for fuel-efficient vehicles has increased recently, owing to the rise in the price of petrol and diesel. This is due to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from oil reserves. Thus, these factors give rise to the need for advanced fuel-efficient technologies, leading to a surge in demand for carbon fiber for vehicle parts production.
The automotive carbon fiber market is segmented into material, vehicle type, application, sales channel and region. On the basis of material, the market is classified into Polyacrylonitrile (PAN) and Pitch. On the basis of vehicle type, it is categorized into two-wheelers, passenger vehicle and commercial vehicle. By application, the market is divided into structural assembly, powertrain component, interior and exterior. On the basis of sales channel, the market is segmented into OEM and aftermarket. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include DowAksa Advanced Composite Material Industries Limited, Mitsubishi Chemical Corporation, Toray Industries, Inc., Nippon Graphite Fiber Co., Ltd., Hyosung Advanced Materials, Hexcel Corporation, Teijin Limited, Formosa Plastics Corporation, SGL Carbon, Solvay S.A.
Significant factors impacting the growth of the automotive carbon fiber market include adoption of carbon fiber in automobiles, stringent government regulations on emission norms. However, the high cost of carbon fibers hampers market growth. In addition, growth in sales of zero emission vehicles presents significant opportunities for market expansion.
Enhancing the fuel efficiency of automobiles along with maintaining safety and performance relies significantly on advanced materials. The potential for increased vehicle efficiency lies in the use of lightweight materials, as it requires less energy to accelerate a lighter object compared to a heavier one. A 10% decrease in vehicle weight has the potential to yield a 6%-8% improvement in fuel economy. Carbon fibers are lighter compared to steel and aluminium due which it is replacing the same for vehicle part production.
The market is experiencing growth driven by a rising need for vehicle stability on roads and a focus on enhancing the durability and performance of vehicles to ensure efficient fuel consumption across the regions. Additionally, strict pollution regulations in North America and Europe have compelled manufacturers to incorporate lightweight materials in the production process, thereby bolstering market growth.
Increase in global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in major cities have created a significant demand for electric vehicles. This involves the use of electric vehicles that do not use gas and are more economical than conventional vehicles. Carbon fibers are widely used to manufacture parts of the electric vehicles such as clutch plates, breaks, and other parts as it saves energy reduces emissions. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only manages to convert about 17%-21% of the energy stored in gasoline.
PAN-based carbon fiber materials are preferred for use in the automotive industry owing to their high strength, low heat expansion, moisture absorption, lightweight, specific strength, ease of use, and thermal conductivity. There is no significant growth in technology used to manufacture PAN precursors and carbon fibers, and thus there is high scope for improvement in process and product areas. This factor is expected to enhance the overall market demand for PAN-based carbon fiber market.
The demand for fuel-efficient vehicles has increased recently, owing to the rise in the price of petrol and diesel. This is due to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from oil reserves. Thus, these factors give rise to the need for advanced fuel-efficient technologies, leading to a surge in demand for carbon fiber for vehicle parts production.
The automotive carbon fiber market is segmented into material, vehicle type, application, sales channel and region. On the basis of material, the market is classified into Polyacrylonitrile (PAN) and Pitch. On the basis of vehicle type, it is categorized into two-wheelers, passenger vehicle and commercial vehicle. By application, the market is divided into structural assembly, powertrain component, interior and exterior. On the basis of sales channel, the market is segmented into OEM and aftermarket. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include DowAksa Advanced Composite Material Industries Limited, Mitsubishi Chemical Corporation, Toray Industries, Inc., Nippon Graphite Fiber Co., Ltd., Hyosung Advanced Materials, Hexcel Corporation, Teijin Limited, Formosa Plastics Corporation, SGL Carbon, Solvay S.A.
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Key Market Segments
By Sales Channel
- OEM
- Aftermarket
By Application
- Structural Assembly
- Powertrain Components
- Interior and Exterior
By Material
- Polyacrylonitrile (PAN)
- Pitch
By Vehicle Type
- Two-Wheeler
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest Of The Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle-East
- Africa
- TORAY INDUSTRIES, INC.
- Hexcel Corporation
- Solvay S.A.
- Mitsubishi Chemical Corporation
- TEIJIN LIMITED.
- Nippon Graphite Fiber Co., Ltd.
- DowAksa Advanced Composites Holdings BV
- HYOSUNG ADVANCED MATERIALS
- SGL Carbon
- Formosa Plastics Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE CARBON FIBER MARKET, BY MATERIAL
CHAPTER 5: AUTOMOTIVE CARBON FIBER MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE CARBON FIBER MARKET, BY SALES CHANNEL
CHAPTER 7: AUTOMOTIVE CARBON FIBER MARKET, BY APPLICATION
CHAPTER 8: AUTOMOTIVE CARBON FIBER MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- TORAY INDUSTRIES, INC.
- Hexcel Corporation
- Solvay S.A.
- Mitsubishi Chemical Corporation
- TEIJIN LIMITED.
- Nippon Graphite Fiber Co., Ltd.
- DowAksa Advanced Composites Holdings BV
- HYOSUNG ADVANCED MATERIALS
- SGL Carbon
- Formosa Plastics Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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