The automotive carbon fiber market is anticipated to grow at a CAGR of nearly 9.5% during the forecast period (2022-2028). Carbon fiber is a durable product that is used in various products starting from bicycles to backpacks. It is mostly used in the automotive industry nowadays in order to make durable and effective end products. The use of carbon fiber in the automotive industry changes the overall structure of the vehicle. It makes it light and durable. Carbon fiber is used in automotive industry as there is high demand from all over the world for a fuel efficient vehicle which is powered by a decent amount of torgue. This is possible with carbon fiber material as it is lightweight. When automotive vehicles are made to increase power, they don’t have much fuel efficiency, which in turn, drives the demand for carbon fiber. It is a material in which carbon atoms are arranged in long, thin crystal that is made with combined fabric. This can further be combined with epoxy to make them into any shape. This material is also used extensively in aerospace, oil and gas industry.
Use of carbon fiber in electric vehicles is expected to drive the market during the forecast period. For instance, in Dec 2021, BMW has launched a new series of its electric vehicle named BMW iX which is expected to hit the roads in March 2022. It has new features such as at one charge it can go upto 300 miles. It is quite powerful as it has two electric motors and battery which is 100 kilowatt-hour. The company announced its first electric vehicle in 2010. This electric vehicle of the company are built in Munich, Germany base. Company has previously launched its i3 and i8 models which are built from carbon fiber material. BMW iX is new generation vehicle which has a unique body which the company has named as carbon cage. In this model, company has mixed previous carbon body of i3 and i8 models with that of 7 series carbon core. This model is a combined hybrid design and is comparable to X5 in length and width.
Some major players in the market include Toray Industries,Inc., Mitsubishi Corp., SGL Carbon, and Teijin Ltd., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in April 2021, Bucci Composites which is based in Italy has developed a wheel rim which is made up of carbon fiber automotive. According to the company this wheel is loaded with features. Size of this wheel rim is 22 inch and Company has taken several years to develop this rim. Technical Inspection Association(TUV) has given a yes in a test that was conducted to know about the durability of the wheel rim. According to Bucci company officials, no other Carbon fiber wheel manufacturer company has passed this test. Final testing stage was done Nurburgring Germany to verify its features. This wheel rim comes with high pressure resin transfer moulding technology. This has led to a considerable cost reduction in making of this rim. This wheel is made in a way that can be used only in a high-performance vehicle. It has made a saving of around six kilograms in its making. This make it easy in suspension work.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Application
- By Vehicle type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Toray Industries,Inc., Mitsubishi Corp., SGL Carbon, and Teijin Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Automotive Carbon Fiber Market is available at: https://orionmarketreports.com/global-automotive-carbon-fiber-market/95211/
Global Automotive Carbon Fiber Market Report By Segment
- Carbon Fiber Body
- Carbon Fiber Wheel And Rims
- Carbon Fiber Interior
By Vehicle Type
- Fuel
- Electric Vehicle
Global Automotive Carbon Fiber Market Report By Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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