Automotive carbon fiber composites parts are components of vehicles that are made from carbon fiber reinforced polymers. These composites are characterized by their exceptionally high strength-to-weight ratio, superior stiffness, and resistance to corrosion and fatigue, making them highly valuable in high-performance and luxury automotive applications.
Carbon fiber composites are increasingly used in the production of body panels, frames, wheels, and interior components to reduce vehicle weight, enhance fuel efficiency, and improve overall performance. The automotive carbon fiber composites parts market is projected to expand at a compound annual growth rate (CAGR) of 14.95% from 2024 to 2032. This rapid growth is driven by the automotive industry's ongoing shift towards lightweight materials as a means to comply with increasingly stringent global regulations on carbon emissions and fuel economy.
This regulatory pressure is mirrored in other major markets, including the United States, where Corporate Average Fuel Economy (CAFE) standards push for more fuel-efficient vehicles. As these environmental and efficiency standards become tighter, the demand for advanced materials capable of reducing vehicle weight without compromising safety or performance is expected to surge.
The expansion of the EV market, spurred by consumer demand and supportive government policies aiming to decrease carbon emissions, is thus expected to drive considerable growth in the demand for carbon fiber composites. As EVs continue to capture a larger share of the automotive market, carbon fiber composites are anticipated to become increasingly integral to automotive manufacturing processes, particularly for structural components and exteriors where weight reduction is paramount.
Moreover, the intricate processes required for handling and manufacturing carbon fiber components can lead to higher labor and development costs, further impacting the overall affordability of vehicles incorporating these materials. As a result, while carbon fiber composites offer substantial benefits in terms of performance and emissions reduction, their widespread adoption in the automotive industry is hampered by their impact on the final cost of vehicles.
The scaling issue is compounded by the need for significant investment in research and development to innovate cheaper and faster production methods without compromising the quality and performance characteristics of carbon fiber composites. As the automotive industry moves towards greater use of these materials, particularly in mass-market vehicles, the challenge will be to develop production capabilities that can efficiently produce high volumes of carbon fiber composites parts at a lower cost, while maintaining the material’s superior properties.
Among these, the chassis and monocoques segments are projected to register the highest compound annual growth rate (CAGR) from 2024 to 2032, driven by the critical role these parts play in vehicle structure and safety, combined with the significant weight reductions they offer when constructed from carbon fiber composites. However, the hood and door panels segments currently generate the highest revenue within the market. These parts are among the first to be adopted in mainstream production due to their substantial impact on reducing overall vehicle weight and improving fuel efficiency and performance, making them prevalent in a broader range of vehicles, including both luxury and increasingly in mass-market models.
Meanwhile, OEM 5, representing newer or more technologically innovative manufacturers focusing on electric vehicles, is expected to experience the highest CAGR. This growth is propelled by the increasing adoption of carbon fiber components to reduce vehicle weight, which is especially crucial for extending the range and efficiency of electric vehicles. As more automakers shift towards electric models, the demand within these segments is poised to accelerate significantly.
Asia-Pacific is expected to witness the highest compound annual growth rate (CAGR) from 2024 to 2032, driven by rapid industrial growth, increasing adoption of electric vehicles, and expanding production capacities in countries such as China and Japan. The region’s growing middle class and their increasing purchasing power are likely to escalate demand for vehicles that incorporate advanced materials like carbon fiber composites to improve fuel efficiency and performance.
In 2023, these companies emphasized technological advancements, capacity expansions, and strategic partnerships to meet the growing demand. They invested heavily in research and development to innovate and improve the quality and applications of carbon fiber composites in automotive parts, focusing particularly on reducing costs and enhancing production efficiencies. From 2024 to 2032, these companies are expected to continue their focus on innovation, particularly aiming to scale up production processes and reduce costs associated with carbon fiber materials.
They are also likely to explore new applications within the electric vehicle market, which presents substantial growth opportunities due to the critical importance of weight reduction in EVs. Strategic collaborations with automotive manufacturers to develop bespoke solutions and joint ventures to tap into local markets, particularly in Asia-Pacific, will be crucial for accessing emerging markets and leveraging new technological advancements. These efforts are anticipated to be vital in maintaining their competitive edge and capturing a larger share of a rapidly evolving market.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
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Carbon fiber composites are increasingly used in the production of body panels, frames, wheels, and interior components to reduce vehicle weight, enhance fuel efficiency, and improve overall performance. The automotive carbon fiber composites parts market is projected to expand at a compound annual growth rate (CAGR) of 14.95% from 2024 to 2032. This rapid growth is driven by the automotive industry's ongoing shift towards lightweight materials as a means to comply with increasingly stringent global regulations on carbon emissions and fuel economy.
Increasing Environmental Regulations
The intensification of global environmental regulations is a significant driver for the automotive carbon fiber composites parts market. Governments worldwide are imposing stricter fuel efficiency and emissions standards, compelling automotive manufacturers to innovate in vehicle design and materials to reduce overall vehicle weight. Carbon fiber composites, with their superior strength-to-weight ratio, play a crucial role in achieving these goals. For instance, the European Union’s stringent CO2 emissions targets for new cars, which mandate a fleet average of no more than 95 grams per kilometer by 2021, have accelerated the adoption of lightweight materials like carbon fiber composites.This regulatory pressure is mirrored in other major markets, including the United States, where Corporate Average Fuel Economy (CAFE) standards push for more fuel-efficient vehicles. As these environmental and efficiency standards become tighter, the demand for advanced materials capable of reducing vehicle weight without compromising safety or performance is expected to surge.
Electrification of Vehicles
The ongoing shift towards electric vehicles (EVs) presents a significant opportunity for the growth of the automotive carbon fiber composites parts market. EV manufacturers are particularly focused on extending the driving range of their vehicles, which can be substantially enhanced by reducing vehicle weight. Carbon fiber composites are ideal for this purpose due to their low weight and high durability, making them essential for achieving longer ranges.The expansion of the EV market, spurred by consumer demand and supportive government policies aiming to decrease carbon emissions, is thus expected to drive considerable growth in the demand for carbon fiber composites. As EVs continue to capture a larger share of the automotive market, carbon fiber composites are anticipated to become increasingly integral to automotive manufacturing processes, particularly for structural components and exteriors where weight reduction is paramount.
High Cost of Carbon Fiber Composites
Despite their advantages, the high cost of carbon fiber composites remains a significant restraint in the automotive market. The production of carbon fiber materials is capital-intensive, involving complex manufacturing processes and costly raw materials. This high cost limits their use primarily to luxury and high-performance vehicles, restricting broader market penetration in more cost-sensitive vehicle segments.Moreover, the intricate processes required for handling and manufacturing carbon fiber components can lead to higher labor and development costs, further impacting the overall affordability of vehicles incorporating these materials. As a result, while carbon fiber composites offer substantial benefits in terms of performance and emissions reduction, their widespread adoption in the automotive industry is hampered by their impact on the final cost of vehicles.
Scaling Production Challenges
Scaling production to meet the growing demand for automotive carbon fiber composites parts poses a considerable challenge. While carbon fiber composites are highly sought after for their beneficial properties, the manufacturing process is not only costly but also technically challenging. It requires specialized equipment and skilled labor, which are not as readily available as those for traditional automotive materials like steel or aluminum.The scaling issue is compounded by the need for significant investment in research and development to innovate cheaper and faster production methods without compromising the quality and performance characteristics of carbon fiber composites. As the automotive industry moves towards greater use of these materials, particularly in mass-market vehicles, the challenge will be to develop production capabilities that can efficiently produce high volumes of carbon fiber composites parts at a lower cost, while maintaining the material’s superior properties.
Market Segmentation by Part
In the automotive carbon fiber composites parts market, the segmentation by part includes a wide range of components such as brake discs, battery housing, mirror housing, chassis, pillars, rear spoiler, liftgate, hood, door panels, roof and floor structures, coatings, 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, and two-wheeler parts.Among these, the chassis and monocoques segments are projected to register the highest compound annual growth rate (CAGR) from 2024 to 2032, driven by the critical role these parts play in vehicle structure and safety, combined with the significant weight reductions they offer when constructed from carbon fiber composites. However, the hood and door panels segments currently generate the highest revenue within the market. These parts are among the first to be adopted in mainstream production due to their substantial impact on reducing overall vehicle weight and improving fuel efficiency and performance, making them prevalent in a broader range of vehicles, including both luxury and increasingly in mass-market models.
Market Segmentation by OEM/Model
Segmentation by OEM/model in the automotive carbon fiber composites parts market includes various car manufacturers and model lines, often designated as OEM 1, OEM 2, OEM 3, OEM 4, OEM 5, and so forth. Each OEM's commitment to integrating carbon fiber composites varies based on their brand positioning, customer base, and engineering capabilities. Typically, OEMs known for performance and luxury vehicles might exhibit a stronger integration of carbon fiber components. In this market, OEM 1, typically a high-performance luxury car manufacturer, shows the highest revenue due to its early and extensive adoption of carbon fiber composites in various car parts, including structural and aesthetic components.Meanwhile, OEM 5, representing newer or more technologically innovative manufacturers focusing on electric vehicles, is expected to experience the highest CAGR. This growth is propelled by the increasing adoption of carbon fiber components to reduce vehicle weight, which is especially crucial for extending the range and efficiency of electric vehicles. As more automakers shift towards electric models, the demand within these segments is poised to accelerate significantly.
Geographic Segment
The automotive carbon fiber composites parts market exhibits distinct geographic trends with Europe leading in terms of revenue generation in 2023. This dominance is largely due to the stringent environmental regulations and high demand for luxury and performance vehicles in European countries, which have traditionally been quick to adopt advanced materials for enhancing vehicle performance and reducing emissions. Additionally, Europe’s leadership in automotive engineering and design further supports the integration of carbon fiber composites across various automotive applications.Asia-Pacific is expected to witness the highest compound annual growth rate (CAGR) from 2024 to 2032, driven by rapid industrial growth, increasing adoption of electric vehicles, and expanding production capacities in countries such as China and Japan. The region’s growing middle class and their increasing purchasing power are likely to escalate demand for vehicles that incorporate advanced materials like carbon fiber composites to improve fuel efficiency and performance.
Competitive Trends
In the competitive landscape of the automotive carbon fiber composites parts market, top players including Plasan Carbon Composites, Faurecia, Toray Industries, Inc., Mitsubishi Chemical Carbon Fiber and Composites (MCCFC), SGL Carbon, Composite Resources, Hexcel Corporation, TEIJIN LIMITED, and others like 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 have demonstrated strategic initiatives aimed at expanding their market presence.In 2023, these companies emphasized technological advancements, capacity expansions, and strategic partnerships to meet the growing demand. They invested heavily in research and development to innovate and improve the quality and applications of carbon fiber composites in automotive parts, focusing particularly on reducing costs and enhancing production efficiencies. From 2024 to 2032, these companies are expected to continue their focus on innovation, particularly aiming to scale up production processes and reduce costs associated with carbon fiber materials.
They are also likely to explore new applications within the electric vehicle market, which presents substantial growth opportunities due to the critical importance of weight reduction in EVs. Strategic collaborations with automotive manufacturers to develop bespoke solutions and joint ventures to tap into local markets, particularly in Asia-Pacific, will be crucial for accessing emerging markets and leveraging new technological advancements. These efforts are anticipated to be vital in maintaining their competitive edge and capturing a larger share of a rapidly evolving market.
Historical & Forecast Period
This study report represents an analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Automotive Carbon Fiber Composites Parts market are as follows:- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users & consumption volume, price, and value.
- Geographical revenues generate by countries considered in the report
- Micro and macro environment factors that are currently influencing the Automotive Carbon Fiber Composites Parts market and their expected impact during the forecast period.
Market Segmentation
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
OEM/Model
- OEM 1
- OEM 2
- OEM 3
- OEM 4
- OEM 5
- Others
Sales Channel
- OEM
- Aftermarket
Region Segment (2023 - 2033; US$ Million)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Automotive Carbon Fiber Composites Parts market?
- What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2033.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Automotive Carbon Fiber Composites Parts market?
- Which is the largest regional market for Automotive Carbon Fiber Composites Parts market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Automotive Carbon Fiber Composites Parts market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Carbon Fiber Composites Parts market worldwide?
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Table of Contents
1. Preface
2. Executive Summary
3. Automotive Carbon Fiber Composites Parts Market: Competitive Analysis
4. Automotive Carbon Fiber Composites Parts Market: Macro Analysis & Market Dynamics
5. Automotive Carbon Fiber Composites Parts Market: By Part, 2023-2033, USD (Million)
6. Automotive Carbon Fiber Composites Parts Market: By OEM/Model, 2023-2033, USD (Million)
7. Automotive Carbon Fiber Composites Parts Market: By Sales Channel, 2023-2033, USD (Million)
8. North America Automotive Carbon Fiber Composites Parts Market, 2023-2033, USD (Million)
9. UK and European Union Automotive Carbon Fiber Composites Parts Market, 2023-2033, USD (Million)
10. Asia Pacific Automotive Carbon Fiber Composites Parts Market, 2023-2033, USD (Million)
11. Latin America Automotive Carbon Fiber Composites Parts Market, 2023-2033, USD (Million)
12. Middle East and Africa Automotive Carbon Fiber Composites Parts Market, 2023-2033, USD (Million)
13. Company Profile
List of figures
List of Tables
Companies Mentioned
- Plasan Carbon Composites
- Faurecia
- 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
- CF Composite
