The global market for automotive carbon fiber is projected to have a considerable CAGR of over 8.5% during the forecast period. The market is mainly driven by the increasing application of carbon fiber materials in automotive components, growing g adoption of lightweight vehicles across the globe. Advanced materials are essential for boosting the fuel economy of modern automobiles while maintaining safety and performance. Lightweight composites are crucial to boost the fuel economy and maintain the set safety standards and performance of modern automobiles. To accelerate a lighter object, less energy is needed rather than acceleration of heavier one, therefore lightweight composite materials, such as carbon fiber, deliver a significant potential to increase the efficiency of vehicles. Further, the carbon fiber material is increasingly used in EVs (electric vehicles) that will further provide a significant opportunity to the market.
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The global automotive carbon fiber market is segmented based on raw material, fiber type, and application. On the basis of raw material, the market is sub-segmented into PAN and petroleum pitch & rayon. Among these PAN segment is estimated to hold a significant share in the global automotive carbon fiber market. The low cost and high productivity of the PAN as a precursor for the production of carbon fiber is a key factor for the high share of the PAN in the raw material segment. Based on the fiber type, the market is further classified into virgin carbon fiber and recycled carbon fiber. Based on application the market is further segregated into the interior, exterior, structural assembly, and others.
Global Automotive Carbon Fiber Market to be Driven by Virgin Carbon Fiber
Among fiber types, the virgin carbon fiber segment held a considerable share in the market owing to high tensile strength and other mechanical properties of the virgin carbon fiber. Virgin carbon fiber can be used to produce Class A surface finish on the panels. Virgin carbon fiber is known to have long-term performance potential, in terms of wear & tear and environmental effects. Therefore, the virgin carbon fiber has found extensive applications in the automotive industry owing to its demanding thermo-structural requirements. The improved strength to weight ratio and considerable stiffness of virgin carbon fiber is another key factor for the growing application of the virgin carbon fiber in the automotive industry.
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Automotive Carbon Fiber Market Segmentation
By Raw Material
- Polyacrylonitrile (PAN)
- Petroleum Pitch & Rayon
By Fiber Type
- Virgin Carbon Fiber
- Recycled Carbon fiber
By Application
- Interior
- Exterior
- Structural Assembly
- Others (Powertrain Components)
