Composites Market Share, Size, Trends, Growth, Segments

The Automotive Carbon Fiber Composites Parts by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Carbon Fiber Composites Parts, The automotive carbon fiber composites parts market size has grown rapidly in recent years. It will grow from $19.89 billion in 2023 to $23.26 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to weight reduction in vehicles, growing electric vehicle, sports and luxury vehicle demand, stringent emission standards, racing and motorsports.

The automotive carbon fiber composites parts market size is expected to see rapid growth in the next few years. It will grow to $42.14 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to electric and hybrid vehicle adoption, stringent fuel efficiency standards, increased use in structural components, mass production and economies of scale, demand for advanced driver assistance systems (adas). Major trends in the forecast period include increasing adoption in electric vehicles (evs), advancements in manufacturing technologies, integration in structural components, collaborations and partnerships, cost reduction initiatives, recycling and sustainability.

Surging demand for electric vehicles is significantly contributing to the automotive carbon fiber composites parts market going forward. Electric vehicles refer to vehicles that have an electric motor capable of drawing power from a battery and having the ability to receive external charging. Parts made from carbon fiber composites are used in electric vehicles to reduce weight and in turn, minimize the vehicle’s energy consumption. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the surge in demand for electric vehicles will drive the automotive carbon fiber composite parts market.

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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), Aftermarket

Product innovation is the key trend gaining popularity in the automotive carbon fiber composites parts market. Major companies operating in the automotive carbon fiber composites parts market are focusing on developing composite materials that offer advantageous properties for automobiles. For instance, in May 2022, Solvay, a Belgium-based chemical company, launched SolvaLite 714 Prepregs. It is a new generation of unidirectional carbon fibre and woven fabric goods that have already been pre-impregnated with epoxy resin SolvaLite 714. These cutting-edge prepregs have been specially designed for manufacturing automobile components, such as body panels, at quick compression-molding cycle durations in serial production runs. They also have quick cure cycles and long outlives.

The automotive carbon fiber composites parts market report table of contents includes:

Executive Summary
Automotive Carbon Fiber Composites Parts Market Characteristics
Automotive Carbon Fiber Composites Parts Market Trends And Strategies
Automotive Carbon Fiber Composites Parts Market – Macro Economic Scenario
Global Automotive Carbon Fiber Composites Parts Market Size and Growth

Global Automotive Carbon Fiber Composites Parts Market Competitive Benchmarking
Global Automotive Carbon Fiber Composites Parts Market Competitive Dashboard
Key Mergers And Acquisitions In The Automotive Carbon Fiber Composites Parts Market
Automotive Carbon Fiber Composites Parts Market Future Outlook and Potential Analysis
Appendix

Top Major Players: