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What’s Behind the Strong Growth of the Automotive Carbon Fiber Composites Parts Market Size in the Last 5 Years?
The market for carbon fiber composites parts in the automotive sector has seen rapid expansion lately. Its market value is forecasted to increase from $22.96 billion in 2024 to $26.7 billion in 2025, displaying a compound annual growth rate (CAGR) of 16.3%.
Factors like the craving for weight reduction in vehicles, escalating demand for electric, sports, and luxury vehicles, strict emission standards, as well as racing and motorsports are contributing to growth in the historic period.
Expectations are high for the automotive carbon fiber composites parts market, as it’s projected to experience significant growth in the coming years. By 2029, the market is set to expand to $48.38 billion, with a compound annual growth rate (CAGR) of 16.0%.
This predicted growth throughout the forecast period is due to a variety of factors including the implementation of electric and hybrid vehicles, stricter fuel efficiency standards, amplified utilization in structural components, mass production, economies of scale, and an increased demand for advanced driver assistance systems (ADAS). Other notable trends during the forecast period comprise growing adoption in electric vehicles (EVs), progression in manufacturing technologies, incorporation in structural components, increased collaboration and partnerships, initiatives to reduce costs, recycling efforts, and sustainability.
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What Drivers Are Powering the Rise of the Automotive Carbon Fiber Composites Parts Market?
The heightened inclination towards electric vehicles is substantially driving the growth of the automotive carbon fiber composites parts market. An electric vehicle is characterized by an electric motor which draws power from a battery and can get externally charged.
The utilization of carbon fiber composites in the manufacturing of parts for electric vehicles serves to decrease weight and subsequently, the vehicle’s energy utilization. As an illustration, in November 2023, data from the U.S.
Energy Information Administration, a government organization from the United States, showed that the proportion of battery-electric vehicles (BEVs) in new light-duty vehicle sales rose to 17.7% in the third quarter of 2023.
The BEVs accounted for 16.0% of the total new vehicle sales throughout the year, which is a significant rise from 12.5% in 2022 and 9.0% in 2021.
As a result, the increasing demand for electric vehicles is likely to act as a catalyst for the growth of the automotive carbon fiber composite parts sector.
How Is the Automotive Carbon Fiber Composites Parts Market Structured Across Key Segments?
The automotive carbon fiber composites parts market covered in this report is segmented –
1) By Type: Brake Discs, Brake Pads, Battery Housing, Mirror Housing, Chassis, Pillars, Other Types
2) By Resin: Thermoplastic, Thermoset
3) By Application: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Brake Discs: Solid Brake Discs, Ventilated Brake Discs
2) By Brake Pads: Semi-Metallic Brake Pads, Organic Brake Pads, Ceramic Brake Pads
3) By Battery Housing: EV Battery Enclosures, Hybrid Battery Housing
4) By Mirror Housing: Side Mirror Casings, Rearview Mirror Casings
5) By Chassis: Structural Chassis Components, Lightweight Chassis Frames
6) By Pillars: A-Pillars, B-Pillars, C-Pillars
7) By Other Types: Body Panels, Interior Components, Structural Reinforcements
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How Will Market Trends Drive Strategic Shifts in the Automotive Carbon Fiber Composites Parts Sector?
In the current climate of the automotive carbon fiber composites parts market, product innovation is a leading trend that is garnering significant attention. Major market players are primarily targeting the development of composite materials with beneficial properties for automotive applications.
For instance, in May 2022, Solvay, a company specializing in chemicals based in Belgium, brought to market SolvaLite 714 Prepregs, a novel generation of unidirectional carbon fiber and woven fabric products pre-impregnated with SolvaLite 714 epoxy resin. These advanced prepregs are purpose-built for creating automobile parts such as body panels, through rapid compression-molding cycles during continuous production.
They also exhibit fast curing cycles and extended life-spans.
Where Is the Automotive Carbon Fiber Composites Parts Market Experiencing the Fastest Regional Growth?
Europe was the largest region in the automotive carbon fiber composites parts market in 2024. The regions covered in the automotive carbon fiber composites parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Leading Players Shaping the Future of the Automotive Carbon Fiber Composites Parts Industry
Major companies operating in the automotive carbon fiber composites parts market include Plasan Carbon Composites Inc., Faurecia SE, Toray Industries Inc., Mitsubishi Chemical Carbon Fiber and Composites, SGL Carbon, Composite Resources Inc., Hexcel Corporation, Teijin Limited, BUCCI COMPOSITES S.p.A., CBS Composites, Cobra Advanced Composites Co. Ltd., TOPKEY Excellence In Composites, Action Composite Technology Limited, Zhongfu Shenying Carbon Fiber Xining Co.
Ltd., Jiangsu Hengrui Pharmaceuticals Co. Ltd., Martec Spa, Gigante Technologies Pvt.
Ltd., Cytec Industries Incorporated, ACP Composites Inc., Clearwater Composites LLC, Owens Corning, HITCO Carbon Composites Inc., Polar Manufacturing Limited, Rock West Composites Inc., Zoltek Companies Inc., Gurit Holding AG, Solvay S.A., Continental Structural Plastics Inc., Magna International Inc., Toho Tenax Co. Ltd., Formtech Composite Limited, Quantum Composites Inc., PlastiComp Inc., TenCate Advanced Composites, Fiberforge Corporation, Albany Engineered Composites Inc., BASF SE, DSM Composite Resins AG
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