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The automotive carbon fiber components market share is expected to increase by 2088.81 MT from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.36%. This automotive carbon fiber components market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The automotive carbon fiber components market report also offers information on several market vendors, including Altair Engineering Inc., DuPont de Nemours Inc., Hexcel Corp., Mitsubishi Chemical Corp., Plasan Carbon Composites Inc., SGL Carbon SE, Solvay SA, Teijin Ltd., Toray Industries Inc., and Voith GmbH & Co. KGaA among others. Furthermore, this report extensively covers automotive carbon fiber components market segmentation by application (powertrain, exterior, and interior) and geography (APAC, Europe, North America, South America, and MEA).
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing use of carbon fiber materials in the automotive industry is notably driving the automotive carbon fiber components market growth, although factors such as high price of carbon fibers and expensive r&d may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive carbon fiber components industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Carbon Fiber Components Market Driver
The growing use of carbon fiber materials in the automotive industry is a major driver fueling the automotive carbon fiber components market growth. Carbon fibers are highly preferred materials for automotive applications owing to their high strength-to-weight ratio to metals, and because of this fact, they are 20% lighter than conventional materials, such as aluminum and titanium. This property of carbon fibers offers fuel efficiency and improves agility, maneuverability, and vehicle safety. Carbon fibers have wide applications in performance sports cars and SUVs. The rise in demand for supercars and the growing popularity of hypercars are fueling the sales of the global automotive carbon fiber components market. The properties of reinforced carbon fiber such as light-weightiness, high stiffness, strength, and outstanding fatigue and abrasion resistance have increased the scope of its use in various sports car components. The application of carbon fibers is increasing in the automotive industry, with the growing integration of reinforced carbon fiber body panels and monocoque chassis in numerous high-performance cars and few SUVs. In addition, different forms of carbon fiber, such as epoxy-based carbon fibers, are used in automotive applications for enhanced toughness. Carbon fibers used, along with bismaleimide-based products, offer high thermal resistance. All these factors are driving the use of carbon fibers in automotive component designs.
Key Automotive Carbon Fiber Components Market Trend
The growing use of nanotechnology in drive shafts for better performance is another driver of automotive carbon fiber components market growth. The axial and hoop moduli of carbon fiber materials, such as drive shaft, do not depend only on the winding pattern but also on the resin matrix modulus, which affects the lamina transverse and shear stiffness strongly. The use of nanotechnology in carbon fiber materials will improve their performance by increasing the component's longitudinal and hoop stiffness for a specific winding pattern. For instance, QA1, which is one of the automotive drive shaft manufacturers, has worked closely with 3M Aerospace and Commercial Transportation Division for testing and developing a 3M's 4831 epoxy. It contains silica nanoparticles such as Nano silica, which increase the shaft's longitudinal and hoop stiffness for a fixed winding pattern, fiber type, and fiber content. 4831 epoxy can be used to manufacture an automotive component that is more durable and has greater abrasion resistance than the components made with an unmodified resin. The company has used T700 standard-modulus polyacrylonitrile carbon fiber, whereas other types of fiber are under evaluation. The company has researched the use of high-stiffness, pitch-based carbon fiber, and a combination of fibers of different modules in a single part to increase the performance. Though this incurs high manufacturing costs, the demand for high performance can be achieved without any compromise. This trend is expected to positively impact the global automotive carbon fiber components market during the forecast period.
Key Automotive Carbon Fiber Components Market Challenge
The increasing application of advanced manufacturing technologies is a major hindrance to automotive carbon fiber components market growth. The high costs associated with the design and development of carbon fibers limit their applications across the global automotive industry. The R&D and manufacturing of carbon fibers are highly expensive than that of other conventional materials such as cast iron or steel. Rising prices of raw materials such as resins and carbon fibers have increased the procurement costs for vendors. A minor share of the increased procurement costs is absorbed by vendors of carbon fibers, with the major share being translated to higher prices for customers. Hence, this is foreseen to be a challenge in the future. Moreover, the large volume production of these products can become challenging with the increasing demand. Technological advances have enabled the automated production processes of carbon fibers. However, manual processes dominate the market and contribute to increased product costs, thereby hindering the wide-scale adoption of carbon fiber components. Moreover, with the increasing demand from automotive applications, the large volume production of carbon fibers at economical prices will become a challenge.
This automotive carbon fiber components market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive carbon fiber components market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive carbon fiber components market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive carbon fiber components market encompasses successful business strategies deployed by the key vendors. The automotive carbon fiber components market is fragmented and the vendors are deploying growth strategies such as product launches and business expansions to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive carbon fiber components market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive carbon fiber components market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global automotive components and accessories market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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